Qudos Bank Personal Loans
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Formerly known as Qantas Credit Union, Qudos Bank has delivered financial services to customers in Australia for over 55 years. Originally serving as a credit union for Qantas employees, today it serves members of the general public.
Qudos Bank offers Australians personal loans, home loans, credit cards, savings accounts, everyday bank accounts, term deposits, wealth management services and other banking products.
Qudos Bank has 11 branches for its 100,000-plus members to visit.
Qudos Bank personal loan repayment calculator
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Qudos Bank personal loans rates
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- No ongoing fees
- No early exit penalty fee
- Multiple repayment options
- Low interest rates not available
- Lack of loan options
- Upfront fee charged
Features of a Qudos Bank personal loan
Qudos Bank has only one personal loan option available to its members. This is an unsecured loan and comes with a variable interest rate.
Personal loan interest rates from Qudos Bank are moderate in comparison to other personal loans in Australia.
Loan terms of up to seven years are available. Customers of Qudos Bank can borrow up to $25,000 or as little as $5,000.
Potential borrowers should anticipate paying an upfront fee to begin their loan. However, there are no ongoing fees on Qudos Bank personal loans.
Qudos Bank borrowers have weekly, fortnightly and monthly repayment options for their personal loans.
Qudos Bank personal loans - customer service
Qudos Bank has 11 branches for its members to visit, with most offices located in New South Wales.
Members who are unable to visit Qudos Bank branches can receive assistance by phone or online.
Who is eligible for a Qudos Bank personal loan?
The following eligibility criteria applies to Qudos Bank personal loans:
- Must be at least 18
- Must be a resident of Australia
- Must show a history of income and employment
- Must pass a credit check
How to apply for a Qudos Bank personal loan?
Applications for Qudos Bank personal loans are accepted via the following avenues:
- In branch
- Over the internet
- By phone
Qudos Bank personal loans review
Qudos Bank offers personal loans between $5,000 and $25,000. As such, Qudos Bank personal loans may be appropriate for expenses such as a holiday or a wedding but not for small personal items like a computer or an instrument.
Qudos Bank personal loan rates are considered moderate when compared to the rest of the market. Members looking to save money should use RateCity to find the best personal loan rates available for their circumstances.
Qudos Bank personal loans do not come with any ongoing fees, which may provide some cost savings. However, borrowers should expect to pay a moderate upfront fee to start their loan.
Borrowers anticipating an improvement in their financial situation could take advantage of no early exit penalty fees from Qudos Bank by paying off their loan early.
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Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.
While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other information, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
If you’re having trouble being approved for a loan of less than $2000, and urgently need to purchase household essentials, there may be emergency loan options available to you.
For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.
For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007
Many medium amount loans for $4000 have no credit checks and are instead assessed based on your current ability to repay the loan, rather than by looking at your credit history. While these loans can appear attractive to bad credit borrowers, it’s important to remember that they often have high fees and can prove less affordable than other options.
Personal loans for $4000 are more likely to have longer loan terms and will require a credit check as part of the application process. Bad credit borrowers may see their $4000 loan applications declined or have to pay higher interest rates than good credit borrowers.
Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or even the same day, in some cases.
Most lenders will need to you provide the following information in your application for a fast loan:
- Proof of identity
- Proof of residence
- Proof of income
- Details of any assets you own (e.g. car, home etc.)
- Details of any liabilities you owe (other personal loans, credit cards, mortgages etc.)
- How much you want to borrow
- How long you want to pay it back
- Purpose of your loan
If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.
Some lenders will offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.
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.
When many lenders assess a borrower’s income to determine whether they can afford a loan’s repayments without ending up in financial stress, they may not count Centrelink payments as income for this purpose.
Before applying for an emergency loan, it may be worth contacting a potential lender to find out if they accept applications from borrowers on Centrelink.
The No Interest Loans Scheme (NILS) allows low income borrowers to take out no-interest loans for up to $1500 to purchase essential goods and services.
There are also similar low-interest loan schemes available to borrowers in financial hardship who are having a tough time getting finance approved.