RACV was established in Melbourne in 1903 as a motorists’ social club. The club operated to encourage and develop the motoring industry and actively sought to protect the rights of motorists. Today RACV supports their 2.2 million members and the wider community through their motor insurance products, personal and car loans, as well as the RACV Community Foundation.
RACV personal loans are suited to a wide range of borrowers and can be used for a variety of purposes like renovations, holidays, debt consolidation, caravan and car purchases. Existing RACV members may be eligible for discounts depending on their level of membership.
RACV personal loan repayment calculator
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Pros and cons
- Features a moderately low rate
- No ongoing fees
- Can apply online
- Upfront establishment fee
- Early exit penalty fee
- Only secured personal loans available
RACV personal loans rates
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based on $30,000 loan amount for 5 years
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Features of an RACV personal loan
Whether it’s a caravan, car, holiday or home improvement, RACV personal loans can be used for a range of purposes. RACV provides secured fixed-rate personal loans to its members and borrowers who wish to become members. Its loan terms range between one to seven years and have a minimum loan amount of $5,000.
Some of the main features of an RACV personal loan include no account-keeping fees, easy online application and fast approval, often within five working hours. It’s worth mentioning that borrowers wishing to pay out their personal loan before the term will face a penalty. In some circumstances, there’s no need for a deposit.
RACV personal loans can be used for a range of different purposes including:
- Student fees
- Debt consolidation
- Medical bills
RACV personal loans – customer service
Customers looking to contact RACV customer service can do so via:
- Phone, 9am to 5pm (AEST) weekdays
- Branch (Victoria only)
Who is eligible for an RACV personal loan?
To be eligible for an RACV 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 a good credit rating
- Have not filed for bankruptcy in the past seven years
- Be looking to borrow a minimum of $5,000
How to apply for an RACV personal loan?
To apply for an RACV personal, borrowers can apply online through the RACV website, over the phone or in store. The application process takes around 10 minutes and involves the following steps:
- Once you’ve compared and selected an RACV personal loan, you can get the application started online.
- Once you’ve submitted your application, RACV will review your application and reply within five working hours of receiving your application.
- If your application is approved, RACV will call you to talk through the details.
- Upon final approval, the funds will be credited to your loan account usually within 24 hours.
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
RACV personal loans review
RACV personal loans may appeal to borrowers who are already members or would like to become a member. Under the RACV membership benefits scheme, existing members may be eligible for a discount and should check before applying.
The RACV secured fixed-rate personal loan has a moderately low interest rate and has no ongoing fees. Borrowers have the option to make additional repayments, however there is a fee for paying out the loan before its term. It’s worth mentioning that there is a high upfront application fee for the RACV personal loan in addition to a late payment fee.
The RACV personal loan allows borrowers to choose either fortnightly or monthly repayments.
While RACV do have a number of branches in areas of Victoria, borrowers who do not live near a branch can contact the lender by phone and email.
Learn more about RACV
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.
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.
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.
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.
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
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.
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.
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.
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.
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 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 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.
Can I get a $4000 personal loan if I’m unemployed or on Centrelink?
Before most providers of personal loans or medium amount loans will approve an application, they’ll want to know you can afford the loan’s repayments on your current income without ending up in financial stress. Several lenders don’t count Centrelink benefits when assessing a borrower’s income for this purpose, so these borrowers may find it more difficult to be approved for a loan.
If you’re unemployed, self-employed, or if more than 50% of your income come from Centrelink, consider contacting a potential lender before applying to find out whether they accept borrowers on Centrelink.
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.
Can I get guaranteed approval for a bad credit personal loan?
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 be approved faster, while a borrower with bad credit is less likely to have a loan approved and, if they are approved, may be approved slower.