The Mac Personal Overdraft | Review & Compare Personal Loans

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6.89%

Variable

8.89%*

Secured

Low Rate Secured Loan

4.69%

Variable

7.16%

Features a low rate
No early exit penalty
Can apply online
Can apply in branch

Major Banks

Unsecured Personal Loan

Headline rate

12.69%

Variable

13.56%

No early exit penalty
Can apply online
Can apply in branch
Available for 457 visa holders

Generic

Discount Personal Loan

10.89%

Variable

11.15%

No ongoing fees
No early exit penalty
Can apply online
Can apply in branch

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.

FAQs

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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.

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.

A person is deemed to have ‘bad credit’ when they have a poor history of repaying debts.

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.

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.

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.

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.

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.

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.