RACQ was formed in 1905 as a Queensland-based club for motorists. It was originally called the Automobile Club of Queensland and designed to advocate the rights of drivers. As it evolved, it began to offer a range of products to members, including car loans and personal loans.
RACQ has a number of branches in areas of Queensland. Customers who don’t live near a branch can contact the lender by phone and online seven days a week.
RACQ Bank personal loan repayment calculator
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at interest rate 9.34 %
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Pros and cons
- Online application
- No early pay-out fee
- Flexible payment options
- Application fee charged
- No redraw facility
- Limited branch access
RACQ Bank personal loans rates
based on $30,000 loan amount for 5 years at 9.75%
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Total repayments for a 5-year, $30,000 loan at 9.75% would be $37,663*. Terms from - years
How to Apply
RACQ personal loans – customer service
Customers looking to contact RACQ customer service can do so via the 24/7 call centre, through an online enquiry form or pop into a branch in Queensland. Borrowers can also contact customer service via:
- Online enquiry
Features of an RACQ personal loan
RACQ offers fixed- rate personal loans to its members and borrowers who wish to become members. Its loan terms range from one to seven years. RACQ will consider most personal loan amounts, provided the purpose is worthwhile – such as the purchase of a new or used car, caravan or motorcycle, a home renovation or debt consolidation.
Some of the main features of an RACQ personal loan include no account-keeping fees, flexible repayment options – including the choice to make extra repayments and make payments fortnightly or monthly – and discounts on various items, such as theme parks and movie tickets.
RACQ personal loans can be used for a range of different purposes including:
- Student loans
- Debt consolidation
- Medical bills
Who is eligible for an RACQ personal loan?
To be eligible for an RACQ personal loan, you’ll need to meet the following criteria:
- Be at least 18 years old
- Be an Australian citizen, permanent resident or have a valid visa
- Have a regular income
- Have the capacity to meet the loan repayments
How to apply for an RACQ personal loan?
To apply for an RACQ personal, borrowers can apply online through the RACQ website. The application process takes around 10 minutes and involves the following steps:
- Once you’ve compared and selected a personal loan, you can get the application started through the RACQ website
- Once you’ve submitted your application, RACQ will review your application and reply within one business day
- If your application is approved, RACQ will send over some paperwork for you to complete and send back
- Upon final approval, the funds will be credited to your loan account
At the time of application, you’ll need to provide the following documentation:
- Proof of identity
- Proof of income and employment (including payslips)
- Details of any other financial commitments
RACQ personal loans review
RACQ personal loans may appeal to borrowers who are already members, or would like to become a member, of RACQ. Borrowers may be attracted to the flexible repayment options as well as the lack of ongoing fees. However, the interest rates vary based on the borrower’s profile, so before committing to an RACQ loan, it’s worth speaking to the lender about whether you’re a candidate for a lower rate.
RACQ personal loans can be used for a variety of purposes, like weddings, cars, caravans, boats, refinancing and debt consolidation.
While the interest rate is on the high side, borrowers can make unlimited additional repayments with no fees and can choose to pay out the loan early without penalty.
RACQ has a number of branches in areas of Queensland. Borrowers who don’t live near a branch can contact the lender by phone and online seven days a week.
Learn more about personal loans
Can you refinance a $5000 personal loan?
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
Can single mothers get personal loans online?
Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.
What are the Westpac personal loan eligibility criteria?
The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:
- You should be over 18 years old
- You must be a permanent resident or hold a valid visa with confirmed employment in Australia
- You should earn a regular and permanent income of at least $35,000 before taxes
If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:
- Personal details including name, contact information, and residential address
- Proof of identity such as drivers licence or passport details
- If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
- If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips
Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
How long does it take to get a student personal loan?
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, in some cases, the same day.
Can unemployed single parents get personal loans?
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.
How much can you borrow with a bad credit personal loan?
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 and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
What do single parents need for a personal loan application?
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
Do student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.
Are there low doc personal loans?
Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.
It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.
What is a personal loan?
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 typically 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.
Is a personal loan a variable or fixed-rate loan?
Depending on the personal loan lender, you may be able to choose between a fixed and a variable interest rate. But, there are a few distinct differences between the two, so it’s important to weigh up the pros and cons before deciding on what’s right for you.
A fixed interest rate loan gets you the convenience of knowing exactly how much you need to repay each fortnight or month. On the other hand, you generally won’t be able to make lump sum or advanced payments to close your personal loan early - or at least not without a penalty.
With a variable interest rate personal loan, you may be able to get a longer loan repayment term, with the option of paying off the loan early. You typically won’t need to pay any additional charges for an early full repayment either. The potential disadvantage with an interest rate that can change is that your repayment is not entirely predictable, as it can fluctuate with the market. However, you’ll likely have more options as more lenders offer a variable interest rate personal loan.
How can I get a $3000 loan approved?
Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.
Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.