Commercial disclosure
RACV
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.
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
Advertised Rate 6.49 % p.a Fixed | Comparison Rate* 7.19 % p.a Fixed | Repayment $587 based on $30,000 loan amount for 5 years at 6.49% | Upfront Fee $499 | Features Redraw facility Extra repayments Fully drawn advance Secured | Go to site |  Total repayments for a 5-year, $30,000 loan at 7.19% would be $35,211*. Terms from - years | More details | Highlighted |
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 loans compare with other options.
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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
- Renovations
- Shares
- Holidays
- Medical bills
- Weddings
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 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.
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.
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
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.
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.
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.
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.
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 include my spouse’s income on a personal loan?
If you apply for a joint personal loan with your spouse, you can include their income on the application. If approved, they then become jointly liable for the loan.
Both you and your spouse need to meet the eligibility criteria, such as income, age, and residency requirements, as stipulated by the lender. A joint loan could increase your chance of approval for a higher amount, as both borrowers’ incomes are assessed when determining borrowing capacity.
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.
