Summerland Credit Union
Summerland Credit Union is a mutual financial institution, which means that it is owned and operated by its members rather than by external stakeholders. All profits made by Summerland Credit Union are reinvested into the organisation.
Summerland Credit Union has operated in Australia since 1964. It currently operates branches across regional New South Wales and Queensland.
Summerland Credit Union personal loan repayment calculator
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Pros and cons
- Secured and unsecured loans available
- Flexible security options
- Allows additional repayments
- Charges an establishment fee
- May charge above-average interest rates
- Limited branch access
Summerland Credit Union personal loans rates
based on $30,000 loan amount for 5 years at 5.64%
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based on $30,000 loan amount for 5 years at 6.69%
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Winner of Excellent credit personal loans, RateCity Gold Awards 2021
based on $30,000 loan amount for 5 years at 8.10%
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based on $30,000 loan amount for 5 years at 12.24%
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Features of a Summerland Credit Union personal loan
Summerland Credit Union is a personal loan lender that offers both unsecured and secured personal loans. Summerland Credit Union provides personal loans for home renovations, large purchases, holidays and vehicles.
Summerland Credit Union personal loan rates vary greatly depending on whether you choose an unsecured or secured loan, and whether you secure your loan with cash, home equity or a motor vehicle.
Borrowers are charged a one-off establishment fee if their application is approved.
Summerland Credit Union personal loans – customer service
Customers can contact Summerland Credit Union by phone, online enquiry form or by popping into a branch. Members also have access to internet banking to manage their Summerland Credit Union products.
Who is eligible for a Summerland Credit Union personal loan?
- Must be an Australian citizen or permanent resident
- Must be aged 18 years or over
- Must currently be in paid employment
How to apply for a Summerland Credit Union personal loan?
- Click ‘Apply Online’
- Click ‘Start New’
- Complete the online application form
- Submit the online application form
Summerland Credit Union personal loans review
Summerland Credit Union provides a selection of personal loans including both secured and unsecured options. Members making eco-friendly purchases also have access to a special rate through Summerland Credit Union’s green loan.
Summerland Credit Union charges an establishment fee, which is charged when the loan account is created. Summerland Credit Union personal loans allow additional repayments and early payout.
Summerland Credit Union personal loan rates vary significantly between and within its loan offers. Its personal loan interest rates range from very low to high depending on whether the loan is secured or unsecured. Personal loan interest rates also depend on the type of security used when taking out a secured loan.
To find the best personal loan rates for your financial situation, it’s advisable to compare personal loan rates from several different lenders before applying.
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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.
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 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.
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.
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.
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.
Can I get a bad credit personal loan with a guarantor?
Some lenders will consider personal loan applications from a borrower with bad credit if the borrower has a family member with good credit willing to guarantee the loan (a guarantor).
If the borrower fails to pay back their personal loan, it will be their guarantor’s responsibility to cover the repayments.
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.
What do credit scores have to do with personal loan interest rates?
There is a strong link between credit scores and personal loan interest rates because many lenders use credit scores to help decide what interest rates to offer to potential borrowers.
If you have a higher credit score, lenders will probably classify you as a lower-risk borrower. That means they’ll be keen to win your business, so they may offer you a lower interest rate if you apply for a personal loan.
If you have a lower credit score, lenders will probably classify you as a higher-risk borrower. That means they might be concerned about you defaulting on the loan and costing them money. As a result, they might protect themselves by charging you a higher interest rate.
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 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.
What is a secured bad credit personal loan?
A bad credit personal loan is 'secured' when the borrower offers up an asset, such as a car or jewellery, as collateral or security. If the borrower fails to repay the loan, the lender can then seize the asset to recoup its losses.
Do $4000 loans have no credit checks?
Many medium amount loans for $4000 have no credit checks and are instead assessed based on your current ability to repay the loan, rather than by looking at your credit history. While these loans can appear attractive to bad credit borrowers, it’s important to remember that they often have high fees and can be costlier than other options.
Personal loans for $4000 are more likely to have longer loan terms and will require a credit check as part of the application process. Bad credit borrowers may see their $4000 loan applications declined or have to pay higher interest rates than good credit borrowers.
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.