The Capricornian is a community-owned bank that is 100 per cent owned by its members, and is Central Queensland’s only local customer-owned bank.
As a small financial institution, The Capricornian only has six branches for its members to visit, all located in Central Queensland.
In addition to personal loans, The Capricornian also offers members products such as savings accounts, bank accounts, credit cards, insurance and home loans.
The Capricornian personal loan repayment calculator
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Pros and cons
- No ongoing fees
- No early payment penalty fee
- No redraw fees
- High interest rates may apply
- Maximum loan terms of five years
- Establishment fee charged
The Capricornian personal loans rates
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Variable up to 20.95%
based on $30,000 loan amount for 5 years
Fully drawn advance
Features of a The Capricornian personal loan
Members of The Capricornian have access to a variety of personal loan options. Secured and unsecured loans are available with variable interest rates.
There is an establishment fee payable for The Capricornian personal loans. However, the fee amount is on par with what members would find at the major banks.
The Capricornian personal loans have no ongoing fees. There is also no penalty fee for early repayments, and redraw facilities are available for members with a The Capricornian personal loan.
The Capricornian personal loan interest rates range from moderately high to high depending on the loan type. Use RateCity to compare personal loan rates from The Capricornian and other Australian personal lenders.
The Capricornian personal loans - customer service
With only six branches to visit, The Capricornian members will need to live in Central Queensland to receive face-to-face customer service.
Members can also handle their banking needs online or over the phone.
Who is eligible for a The Capricornian personal loan?
The following criteria must be met to be eligible for a personal loan from The Capricornian:
- Over 18
- Member of The Capricornian
- Permanent Australian resident
- Provision of income verification, evidence of debts and history of savings
How to apply for a The Capricornian personal loan
Members of The Capricornian can apply for a personal loan via the following methods:
- In person at a branch
- By phone
The Capricornian personal loans review
The Capricornian has a range of personal lending products for its members to choose from. This includes secured and unsecured loans with variable interest rates.
These loans could be used for expenses such as holidays, weddings or cars, or for debt consolidation.
Borrowers looking for cost-savings might not be satisfied with personal loan interest rates from The Capricornian. Depending on the loan type, rates range from moderately high to high. Those shopping around for a personal loan can use RateCity to find the best personal loan rates for their circumstances.
Borrowers can expect to pay an establishment fee when starting their personal loan with The Capricornian. However, this fee is about the same as what is charged by the major banks.
Redraw facilities with no fees are available for borrowers who would like to take out money already paid back on their personal loan.
Learn more about The Capricornian
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 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.
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.
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.
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 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.
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.
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 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 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.
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.
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 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 repay a $3000 personal loan early?
If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.
Check your loan’s terms and conditions before paying extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.
What are the pros and cons of personal loans?
The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.
One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.