Secured Eco Personal Loan Fixed
- Last updated on 03 Aug 2020
6.79%
Fixed
7.39%
$150
$0 to $75k
based on $20,000 loan amount for 3 years
Pros
- No early repayment fees
- Can apply online
- Can apply in branch
- Redraw facility available
Cons
- Monthly fee charged
- Application fee charged
- Requires security to be held
- Has ongoing fees
New Car | Total repayments $35,464 |
Used Car | Early Exit Penalty Fee $0 |
Motorcycle | Missed Payment Penalty $30 |
Boat | Redraw Activation Fee $0 |
Student Loan | Repayment Type Fixed |
Debt Consolidation | Loan Type Secured |
Renovation | Available to 457 Visa Holders |
Shares | Redraw Facility |
Holidays | Extra Repayments |
Medical Bill | Line Of Credit |
Wedding | Upfront Fee $150 |
Ongoing Fee $5 Monthly | Borrowing range $0 - $75k |
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Service One Alliance Bank is a customer-owned mutual, which means the financial institution is owned and operated by its members rather than by external shareholders.
It began as a community credit union in the South Coast region of New South Wales nearly 60 years ago. Since its inception, Service One has undergone expansion and mergers, growing to serve members across the country.
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FAQs
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.
It is hard, but not impossible, to qualify for a personal loan if you receive Centrelink payments.
Some lenders won’t lend money to people who are on welfare. However, other lenders will simply consider Centrelink payments as another factor to weigh up when they assess a person’s capacity to repay a loan. You should check with any prospective lender about their criteria before making a personal loan application.
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process:
- First, find a lender willing to give you a bad credit personal loan. This process will be simplified if you go through a finance broker or use a comparison website like RateCity.
- Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced.
- Third, instead of spending those savings, use them to pay off the new 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.
Some lenders are able to approve applications with little documentation and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.
Failing to repay loans and bills will damage your credit score. So will falling behind on your repayments. Your credit score will also suffer if you apply for credit too often or have credit applications rejected.
You're entitled to one free credit report per year from credit reporting bodies like Equifax, Dun & Bradstreet, Experian and the Tasmanian Collection Service. You can also get a free report if you’ve been refused credit in the past 90 days.
Credit reporting bodies have up to 10 days to provide reports. If you want to access your report sooner, you’ll probably have to pay.
Different credit reporting bodies may use different formulas to calculate credit scores. However, they use the same type of information: credit history and demographic profile.
They’re likely to look at how many credit applications you’ve made, which lender the applications were for, what purpose they were for, how much they were for and your repayment record. They’ll also look at your age and postcode. They’ll also look to see if you’ve had any bankruptcies or other relevant legal judgements against you.
Your score can change if your demographic profile changes or new information is added to your file (such as a new loan application) or existing information is removed from your file (i.e. because it has reached its expiry date).
Your credit history covers everything to do with applying for loans. It includes the number of loans you’ve applied for, the amounts you’ve borrowed and your record of meeting repayment schedules.
A person is deemed to have ‘bad credit’ when they have a poor history of managing credit and repaying debts.