The Mac personal loan repayment calculator

Thinking about taking out a personal loan with The Mac? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how The Mac 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

Pros
  • No early exit fees
  • No redraw fees
  • No ongoing fees
Cons
  • High interest rates
  • Few branches
  • Upfront fee

The Mac personal loans rates

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

12.99%

Variable

13.33%

$682

based on $30,000 loan amount for 5 years

$265

Redraw facility
Extra repayments
Fully drawn advance
Secured
The Mac
More details

15.55%

Variable

15.64%

$722

based on $30,000 loan amount for 5 years

$250

Redraw facility
Extra repayments
Fully drawn advance
Secured
The Mac
More details

15.99%

Variable

16.29%

$729

based on $30,000 loan amount for 5 years

$250

Redraw facility
Extra repayments
Fully drawn advance
Secured
The Mac
More details

Features of a The Mac personal loan

The Mac personal loans come with variable interest rates in the form of secured and unsecured loans.

Personal loan interest rates from The Mac are high no matter which lending option its members choose. Borrowers can use RateCity’s personal loan comparison tool to find the most competitive personal loan interest rates.

Members of The Mac can expect to pay an upfront fee when starting their loan. The fee amount is less than what customers are likely to pay at a major bank.

There is no early exit penalty fee from The Mac, nor are there any ongoing fees associated with its personal loans.

Redraw facilities are available with no additional fees for The Mac members.

The Mac personal loans - customer service

Customers living in or near Western Sydney can visit one of The Mac’s four local branches.

All members also have access to customer support and banking services via The Mac’s online banking portal and phone line.

Who is eligible for a The Mac personal loan?

To be eligible for a The Mac personal loan, borrowers must meet the following criteria:

  • Be a member of The Mac
  • Be a permanent resident of Australia
  • Be over 18
  • Have a history of employment and income
  • Show a statement of personal debt, if applicable

How to apply for a The Mac personal loan

The Mac members can apply for personal loans through the following avenues:

  • Visit a branch
  • Fill out an online application form
  • Apply by phone

The Mac personal loans review

Members who choose to obtain a personal loan from The Mac will find a limited range of options. These loans are available in secured and unsecured forms and come with variable personal loan interest rates.

The Mac personal loan interest rates are high when compared to other lenders in Australia. This could deter borrowers who are looking to save money over the life of their loan. Use RateCity to compare personal loan rates and find the best available for your circumstances.

There is an upfront fee when starting a loan with The Mac, but it is lower than what the major banks charge.

Personal loans from The Mac do not come with ongoing monthly fees nor fees for early payments. This could offer some savings to borrowers, and encourage them to pay off their debt ahead of schedule.

Learn more about The Mac

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.

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.

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.

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 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.

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.

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

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.

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 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.