Latitude offering lower rates for safer borrowers
Need a personal loan? You may be able to secure a lower interest rate if you own your own home and have an excellent credit rating.
The Mac Personal Loans
RateSetter Unsecured Personal Loan
specialRate Promise: Found a cheaper personal loan? RateSetter will match it & pay $200 towards your loan. T&Cs apply.
Enjoy a low rate personal loan that is 100% made for you
Advertised Rate
6.89%
Variable
Comparison Rate*
8.89%*
Unsecured Personal Loan (Excellent Credit Rating) (3 Years Term)
Features a low rateNo early exit penalty
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 | 13.33% | $682 monthly over 5 years | $265 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
15.55% Variable | 15.64% | $722 monthly over 5 years | $250 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
15.99% Variable | 16.29% | $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.
Nick Bendel is RateCity’s property and personal finance editor, and covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Smart Property Investment, Elite Agent, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
Similar personal loans searches
Today's top personal loans products
Find popular personal loans lenders from a wide range of Australian. View All >
Related articles
View All >
Popular personal loans searches
Find popular personal loans searches from a wide range of Australian. View All >
FAQs
View All >
What is comprehensive credit reporting?
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.
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.
What is bad credit?
A person is deemed to have ‘bad credit’ when they have a poor history of repaying debts.
How long will I have bad credit?
Most negative events that appear on a personal’s credit file will stay in their credit history for up to seven years.
You may be able to improve your credit score by correcting errors in your credit report, clearing outstanding debts, and maintaining good financial habits over time.
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 fast loan with bad credit?
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.
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.
Will comprehensive credit reporting change my credit score?
Comprehensive credit reporting may change your credit score – either positively or negatively.
Under comprehensive credit reporting, credit providers will share more information about how you and other Australians manage credit products. That means credit reporting bureaus will be able to make a more thorough assessment of everyone’s credit behaviour. For some consumers, that will lead to higher scores; for others, lower scores.
What can quick loans be used for?
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.
Can you get an emergency loan on Centrelink?
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.