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9.99%
Fixed
11.22%
Secured Fixed Low Rate (Excellent Credit Rating)
15.55%
Variable
15.64%
$250
$1k to $100k
monthly over 3 years
Pros
Cons
New Car | Total repayments $37,730 |
Used Car | Early Exit Penalty Fee $0 |
Motorcycle | Missed Payment Penalty $0 |
Boat | Redraw Activation Fee $0 |
Student Loan | Repayment Type Variable |
Debt Consolidation | Loan Type Unsecured |
Renovation | Available to 457 Visa Holders |
Shares | Redraw Facility |
Holidays | Extra Repayments |
Medical Bill | Line Of Credit |
Wedding | Upfront Fee $250 |
Ongoing Fee $0 | Borrowing range $1k - $100k |
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.
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.
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.
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.
Several dozen lenders offer bad credit personal loans. These are generally smaller lenders that aren’t household names.
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.
Personal loans with no credit check are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They carry a range of risks, including putting individuals into a worsened cycle of debt due to higher than average fees.
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.
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).
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.
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.
