The Mac Personal Loans
ING Personal Loan
All rates shown are per annum. ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823.
Fixed
8.99%
9.13%
Fixed Rate Personal Loan
For 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
Total interest paid
$8,245
Total amount to pay
$38,245
The Mac personal loans rates
Product | Advertised Rate | Comparison Rate* | Company | Repayment | Upfront Fee | Features | Go to site | |
|---|---|---|---|---|---|---|---|---|
Variable 12.99% | 13.33% | Personal Loan Secured | $682 based on $30,000 loan amount for 5 years | $265 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
Variable 15.55% | 15.64% | Personal Overdraft | $722 based on $30,000 loan amount for 5 years | $250 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
Variable 15.99% | 16.29% | Personal Loan Unsecured | $729 based on $30,000 loan amount for 5 years | $250 | Redraw facility Extra repayments Fully drawn advance Secured | More details |
- No early exit fees
- No redraw fees
- No ongoing fees
- 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
It is possible for students with no available history of borrowing or managing money to get a personal loan, though it may be more difficult and/or expensive than for borrowers with a good credit history.
Having no credit history means having no credit score. While many lenders may consider having no credit score to be better than having a bad credit score, they may still consider it riskier to lend to an unknown borrower and may charge higher interest rates or fees than to borrowers with good credit scores.
While some lenders will require you to provide paperwork in person, many lenders will allow you to make a quick personal loan application online. You’ll still need to provide information on your identity, income, and loan purpose in most cases.
Many borrowers use quick loans to cover short-term costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics.
Before applying for a quick loan, consider whether other options are available, such as working out a payment plan or applying for an advance or extension.
When many lenders assess a borrower’s income to determine whether they can afford a loan’s repayments without ending up in financial stress, they may not count Centrelink payments as income for this purpose.
Before applying for an emergency loan, it may be worth contacting a potential lender to find out if they accept applications from borrowers on Centrelink.
A person is deemed to have ‘bad credit’ when they have a poor history of repaying debts.
Comprehensive credit reporting means including both positive and negative information on a person’s credit file. Before comprehensive credit reporting was introduced, only negative information was included.
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.
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.
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.
Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford their loans on your income.