The Capricornian

Unprotected Unsecured Student Loan

Real Time Rating™

2.62

/ 5
Advertised Rate

15.95%

Variable

Comparison Rate*

16.35%

Upfront Fee

$250

Loan amount

$10k to $75k

Real Time Rating™

2.62

/ 5
Repayment

based on $20,000 loan amount for 3 years

Highlighted

7.95%

Fixed up to 8.5%

8.78%

Wisr

$626

3 years

3.63

/ 5
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RateCity Says: Tech-savvy borrowers can join this digital lender, without needing to put down security.

Calculate repayment for The Capricornian product

Advertised Rate

15.95%

Variable

Comparison Rate*

16.35%

Upfront Fee

$250

Loan amount

$10k to $75k

I'd like to borrow

$

Loan term

years

Your estimated repayment

$703

based on $20,000 loan amount for 3 years

Pros and Cons

Pros and Cons

  • No ongoing fees
  • Unlimited extra repayments
  • Flexible repayment options
  • No security required
  • Can apply online
  • Can apply in branch

The Capricornian Features and Fees

The Capricornian Unprotected Unsecured Student Loan Features and Fees

Details

Total repayments
Interest rate type
Variable
Borrowing range
$10k - $75k
Security type
Unsecured
Loan term

0 year to 5 years

Secured by
Loan type
Is Fully Drawn Advance
Repayment frequency
Weekly, Fortnightly, Monthly

Features

Extra repayments
Yes
Redraw facility

redraw activation fee of $0

Instant approval
Time to funding
null hours

Fees

Upfront Fee

$250

Ongoing Fee
$0
Missed Payment Penalty
$15
Early Exit Penalty Fee
$0

Permitted Loan Purposes

New Car
Used Car
Motorcycle
Boat
Debt Consolidation
Renovation
Holidays
Medical Bill
Shares
Student Loan
Wedding

Application method

Online
Phone

Broker
In branch

Pros and Cons

  • No ongoing fees
  • Unlimited extra repayments
  • Flexible repayment options
  • No security required
  • Can apply online
  • Can apply in branch

The Capricornian Unprotected Unsecured Student Loan Features and Fees

Details

Total repayments
Interest rate type
Variable
Borrowing range
$10k - $75k
Security type
Unsecured
Loan term

0 year to 5 years

Secured by
Loan type
Is Fully Drawn Advance
Repayment frequency
Weekly, Fortnightly, Monthly

Features

Extra repayments
Yes
Redraw facility

redraw activation fee of $0

Instant approval
Time to funding
null hours

Fees

Upfront Fee

$250

Ongoing Fee
$0
Missed Payment Penalty
$15
Early Exit Penalty Fee
$0

Permitted Loan Purposes

New Car
Used Car
Motorcycle
Boat
Debt Consolidation
Renovation
Holidays
Medical Bill
Shares
Student Loan
Wedding

Application method

Online
Phone

Broker
In branch

FAQs

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.

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.

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.

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.

How are personal loans regulated?

Personal lenders in Australia are regulated by ASIC (the Australian Securities & Investments Commission) and must follow responsible lending rules. That means they can’t lend money without making “reasonable inquiries” about a borrower’s financial situation and ensuring the loan is “not unsuitable” for them.

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 I borrow with a personal loan?

It’s unusual for a lender to provide a personal loan of above $100,000, although there is no formal limit. As with all lending products, each lender sets its own policies, while each borrower is assessed on a case-by-case basis.

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.

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.

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 do personal loans take?

Depending on the lender, some personal loan applications can be approved in as little as one hour, or you may need to wait until the next business day. If approved, you may receive your money on the same day, the next business day, or within the week.

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.

How do you get a bad credit personal loan?

You can get a bad credit personal loan by applying directly to a lender, by going through a mortgage broker or by using a comparison website like RateCity.

Can I get an easy/instant personal loan?

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.

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.

Which lenders offer bad credit personal loans?

Several dozen lenders offer bad credit personal loans in Australia. These are generally smaller lenders that aren’t household names.

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.

What causes bad credit ratings/scores?

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.

How long does it take to get a bad credit personal loan?

In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours. However, if a lender needs more information or needs more time to verify the provided documents, the application process may take longer.