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’s support their 1.9 million members and community through their car insurance products and the RACV 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, caravans and cards. Existing RACV members may be eligible for discounts depending on their level of membership.

RACV personal loan repayment calculator

Thinking about taking out a personal loan with RACV? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how RACV personal loan compare with various products.

I want to borrow

Loan Term

years

Repayment Frequency

Monthly Fortnightly Weekly

RACV Personal Loans rates

Product	Advertised Rate	Comparison Rate	Repayment	Upfront Fee	Features	Go To Site

Fast Approval Secured Personal Loan	Advertised Rate 7.49% fixed	Comparison Rate 8.06%	Repayment $601 monthly over 5 years	Upfront Fee $399	Features Redraw facility Extra repayments Fully drawn advance Secured	Details Compare	More details
Unsecured Personal Loan	Advertised Rate 9.95% fixed	Comparison Rate 10.48%	Repayment $637 monthly over 5 years	Upfront Fee $399	Features Redraw facility Extra repayments Fully drawn advance Secured	Details Compare	More details

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 offers secured and unsecured 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 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
Renovations
Shares
Holidays
Medical bills
Weddings

RACV personal loans – customer service

Customers looking to contact RACV customer service can do so via the call centre, through online chat or pop into a branch in Victoria. Borrowers can also contact customer service via:

Phone
Email
Online chat
Branch

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 online seven days a week.