Queensland Country Credit Union Personal Loans
Queensland Country Credit Union is an independent, customer-owned credit union. It was founded in Mount Isa in 1971 as the Isa Mine Employees’ Credit Union Limited.
More recently, Queensland Country Credit Union has evolved to serve all Queenslanders. Queensland Country Credit Union operates several bank branches across Queensland, but does not run branches in other states in Australia.
Queensland Country Credit Union is a personal loan lender that offers a range of personal loans.
Queensland Country Bank personal loan repayment calculator
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Queensland Country Bank personal loans rates
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- Very low interest rates available
- Additional repayments allowed
- Secured and unsecured loan options
- Charges an establishment fee
- Charges ongoing monthly fees
- No branch access outside Queensland
Features of a Queensland Country Credit Union personal loan
Queensland Country Credit Union provides several loan options to its customers. Customers can choose between secured, unsecured, renovation and car loans.
Queensland Country Credit Union personal loans vary in their features. Typically, customers can make additional repayments without penalty and choose between weekly, fortnightly or monthly payments.
Queensland Country Credit Union personal loans have a maximum amount of $50,000 and a maximum term of seven years.
The fees for Queensland Country Credit Union personal loans tend to be above average. Queensland Country Credit Union charges a one-off establishment fee as well as ongoing maintenance fees.
Queensland Country Credit Union personal loans – customer service
Customers can contact Queensland Country Credit Union by phone, online enquiry, email or by visiting a branch.
Queensland Country Credit Union operates telephone customer service from Monday to Saturday.
Who is eligible for a Queensland Country Credit Union personal loan?
- Must be at least 18 years old
- Must be an Australian citizen or permanent resident
- Must currently be in paid employment
- Must not have been bankrupt
How to apply for a Queensland Country Credit Union personal loan?
- Choose to apply online, by phone or in store
- Click ‘Apply Online’ or call Queensland Country Credit Union
- Confirm your eligibility
- Complete the application
- Submit the application
Queensland Country Credit Union personal loan review
Queensland Country Credit Union offers a variety of personal loans to its customers. Queensland Country Credit Union provides unsecured, secured, renovation and car loans.
Queensland Country Credit Union personal loans allow additional repayments without a penalty, which means customers can pay their loan out early if they choose.
The fees associated with Queensland Country Credit Union personal loans tend to be above average. Customers must pay an establishment fee and ongoing loan maintenance fees.
Queensland Country Credit Union personal loan rates vary from very low to moderate. Its personal loan interest rates are lower on secured loans than unsecured loans.
Because so many personal loan lenders exist, it’s important to compare personal loan rates between several lenders. This will allow you to find the best personal loan rates for your current situation.
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In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours.
Lenders aren’t allowed to charge interest on loans of $2,000 and under. Instead, they make their money by charging a one-off establishment fee of up to 20 per cent and a monthly account-keeping fee of up to four per cent. Lenders might also ask you to pay a government fee.
For loans between $2,001 and $5,000, lenders can make their money in only two ways: a one-off fee of $400 and annual interest rates of up to 48 per cent.
For loans of $5,001 and above, or for loans that have terms longer than two years, lenders can charge annual interest rates of up to 48 per cent. (Those fee caps don’t apply to loans offered by authorised deposit-taking institutions such as banks, building societies or credit unions – although such institutions are highly unlikely to charge interest rates of anywhere near 48 per cent.)
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process. First, find a lender willing to give you a bad credit personal loan – this process will be simplified if you go through a mortgage broker or use a comparison website like RateCity. Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced. Third, instead of spending those savings, use them to repay the new loan.
A bad credit personal loan is ‘secured’ when the borrower offers up an asset (such as a car or jewellery) as collateral or security. The lender can then seize the asset if the borrower fails to repay the loan.
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts in such a way that it makes it easier for them to repay those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate.
However, this strategy can backfire if the borrower spends the extra money instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes usually range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit, because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.
It’s unusual for a lender to make a personal loan above $100,000, although there is no formal limit. As with all lending products, each lender sets its own policies, while each borrower is assessed on a case-by-case basis.
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans – they also get loaned less money. Each lender has its own policies, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.