G&C Mutual Bank personal loan repayment calculator

Thinking about taking out a personal loan with G&C Mutual Bank? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how G&C Mutual Bank personal loans compare with other options.

I'd like to borrow

$

Loan term

Credit Score ()

Your estimated repayment

at interest rate 10.00 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • Very low interest rates available
  • No ongoing fees
  • Redraw facility available
  • Application fee charged
  • Limited service centres
  • No fixed-rate option

G&C Mutual Bank personal loans rates

Product
Advertised Rate
Comparison Rate*
Repayment
Upfront Fee
Features
Go to site
Company

5.99%

Variable

6.20%

$580

based on $30,000 loan amount for 5 years

$150

Redraw facility
Extra repayments
Fully drawn advance
Secured
G&C Mutual Bank
More details

7.99%

Variable

8.20%

$608

based on $30,000 loan amount for 5 years

$150

Redraw facility
Extra repayments
Fully drawn advance
Secured
G&C Mutual Bank
More details

8.99%

Variable

9.20%

$623

based on $30,000 loan amount for 5 years

$150

Redraw facility
Extra repayments
Fully drawn advance
Secured
G&C Mutual Bank
More details

10.99%

Variable

11.21%

$652

based on $30,000 loan amount for 5 years

$150

Redraw facility
Extra repayments
Fully drawn advance
Secured
G&C Mutual Bank
More details

16.99%

Variable

17.22%

$745

based on $30,000 loan amount for 5 years

$150

Redraw facility
Extra repayments
Fully drawn advance
Secured
G&C Mutual Bank
More details

Features of a G&C Mutual Bank personal loan

There is a variety of G&C Mutual Bank personal loan options available. However, the availability of each loan depends on the credit score of the borrower.

All available loans from G&C Mutual Bank are unsecured and come with variable interest rates.

Current personal loan interest rates from G&C Mutual Bank range from very low to high depending on the borrower’s credit score.

Loans as low as $1,000 are available for members who wish to borrow from G&C Mutual Bank.

The upfront fee for a personal loan is on par with what is charged by the major banks in Australia. Additionally, there are no ongoing fees throughout the loan term.

Redraw facilities are available to G&C borrowers with no activation fee.

G&C Mutual Bank personal loans - customer service

There are only eight services centres for members to visit. Those living near a service centre can arrange a personal visit from one of G&C Mutual Bank’s local business managers.

Those not living near a service centre have online, mobile and phone banking customer service options.

Who is eligible for a G&C Mutual Bank personal loan?

G&C Mutual Bank personal loans come with the following eligibility criteria:

  • Must be at least 18
  • Must be a member of G&C Mutual Bank
  • Applicant’s credit score impacts his or her loan options

How to apply for a G&C Mutual Bank personal loan

G&C Mutual Bank members can apply for a personal loan through the following avenues:

  • In person at a service centre
  • By phone
  • Online or by mobile app
  • Schedule a visit from a local business manager

G&C Mutual Bank personal loans review

G&C Mutual Bank personal loan rates depends on the applicant’s credit score. Very low interest rates are available for members but can only be obtained by those with a solid credit history.

For those borrowers who lack a strong credit score, there are still personal loan options available from G&C Mutual Bank. However, there is a possibility that such a loan will come with a high interest rate.

Loans as low as $1,000 are available, which may appeal to borrowers who want to buy smaller personal items such as a computer or an instrument.

G&C Mutual Bank borrowers can expect an average upfront fee on their personal loan but no ongoing fees. The lack of ongoing fees or activation fees for redraws could be appealing to members who want to save on their bills.

Learn more about G&C Mutual Bank

Where can I get a personal loan?

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.

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.

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.

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.

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.

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.

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.

Can I get a no credit check personal loan?

Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.

Are there emergency loans with no credit checks?

While many personal loans require a credit check as part of the application process, some personal loans and payday loans have no credit checks, which may appeal to some borrowers with a bad credit score.

Keep in mind that even if a loan is available with no credit check, the lender will likely want to confirm that you can afford the repayments on your current income.

What do single mothers need to apply for a personal loan?

Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).

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.

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.

What are the pros and cons of bad credit personal loans?

In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts, which can help make it easier for them to clear those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate and potentially fewer fees.

However, this strategy can backfire if the borrower spends the loaned funds instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.

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.