Personal Loans Guide
Get some of the best personal loan tips by reading the RateCity Home Loans Guide.
RateCity Staff( 0 min read )
The Mac Personal Loans
Fixed Low Rate (Excellent Credit Rating)
Apply for a personal loan now!
Advertised Rate
9.99%
Fixed
Comparison Rate
11.24%
Secured Fixed Low Rate (Excellent Credit Rating)
Can apply online
Go to siteFor over 45 years, The Mac, also known as Macarthur Credit Union, has been providing financial services to Australians.
Since starting in 1971 as a credit union for miners and truckers, The Mac has expanded its services and customer base. However, it remains a small financial institution, with only four branches that are all located in Western Sydney, NSW.
Over 13,000 members have financial products such as personal loans, home loans, banks accounts and savings accounts from The Mac.
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.
Your estimated monthly repayments would be
Total interest paid
$8,245
Total amount to pay
$38,245
The Mac Personal Loans rates
Now showing 1 - 3 of 3 personal loans
Sort by
Product | Advertised Rate | Comparison Rate | Repayment | Upfront Fee | Features | Go to site | |
|---|---|---|---|---|---|---|---|
12.99% Variable | 13.39% | $682 monthly over 5 years | $265 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
15.55% Variable | 15.93% | $722 monthly over 5 years | $250 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
15.99% Variable | 16.37% | $729 monthly over 5 years | $250 | Redraw facility Extra repayments Fully drawn advance Secured | More details |
Pros
- No early exit fees
- No redraw fees
- No ongoing fees
Cons
- High interest rates
- Few branches
- Upfront fee
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.
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FAQs
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How much can I borrow with a personal loan?
It’s unusual for a lender to make a personal loan 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.
Can I get a personal loan if I receive Centrelink payments?
It is hard, but not impossible, to qualify for a personal loan if you receive Centrelink payments. Some lenders won’t lend money to people who are on welfare. However, other lenders will simply consider Centrelink payments as another factor to weigh up when they assess a person’s capacity to repay a loan.
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. They have higher interest rates than regular personal loans and are also harder to access.
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, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
Which lenders offer bad credit personal loans?
Several dozen lenders offer bad credit personal loans. These are generally smaller lenders that aren’t household names.
What documentation is needed for a self-employed personal loan?
Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.
While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other information, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
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).
Can you refinance a $5000 personal loan?
Many personal loans, much like home 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 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 get a self-employed personal loan with bad credit?
It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full time employment, so several self-employed personal loans require borrowers to have excellent credit.
If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.