Transport Mutual Credit Union
Transport Mutual Credit Union is a small banking institution with only one branch to visit, located in Sydney, NSW.
Transport Mutual Credit Union has been serving members in Australia since 1964.
In addition to personal loans, Transport Mutual Credit Union offers its members a wide range of financial products, including savings accounts, everyday bank accounts, home loans and financial planning services.
Transport Mutual Credit Union personal loan repayment calculator
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Pros and cons
- No ongoing fees
- No early exit penalty fees
- Can apply online
- High interest rates
- Upfront fee
- Limited branches
Transport Mutual Credit Union personal loans rates
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Variable up to 15.36%
based on $30,000 loan amount for 5 years
Fully drawn advance
Features of a Transport Mutual Credit Union personal loan
There is only one personal loan available from Transport Mutual Credit Union. This loan is an unsecured loan with a variable interest rate.
Personal loan interest rates from Transport Mutual Credit Union are high.
Applicants for a personal loan from Transport Mutual Credit Union will need to pay a low upfront fee to start.
Transport Mutual Credit Union’s borrowers do not have to pay ongoing monthly fees on their personal loans.
There is no early exit penalty fee for borrowers who want to pay off their Transport Mutual personal loan before the end of the term.
Transport Mutual Credit Union personal loans - customer service
Transport Mutual Credit Union has only one branch for its customers to visit, located near Sydney’s CBD.
Potential borrowers outside this area will need to use Transport Mutual Credit Union’s online or phone banking services.
Who is eligible for a Transport Mutual Credit Union personal loan?
Preference is given to applicants who meet the following criteria:
- Have good credit
- Show proof of employment and history of income
- Aged at least 18
- Australian resident
- Member of Transport Mutual Credit Union
How to apply for a Transport Mutual Credit Union personal loan
Applications for a Transport Mutual Credit Union personal loan are accepted by:
- In person at a branch
Transport Mutual Credit Union personal loans review
Transport Mutual Credit Union is a small financial institution with one branch and one personal loan on offer to its members. Members who are not satisfied with an unsecured loan with a variable interest rate will need to look elsewhere.
Transport Mutual Credit Union personal loans come with a high interest rate, which might put off customers looking to save money on their loan. Potential borrowers can use RateCity’s comparison tool to find the best options available for their situation.
There is an upfront fee associated with a Transport Mutual Credit Union personal loan. However, it is low when compared to upfront fees from the major banks.
Transport Mutual Credit Union personal loans don’t come with any ongoing fees, which may offer some savings potential. However, personal loans from other banks with no ongoing fees may also come with lower interest rates than what’s available from Transport Mutual Credit Union.
Learn more about Transport Mutual Credit Union
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.
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 and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
Are there emergency loans with no credit checks?
While many personal loans require a credit check as part of the application process, some personal loans and payday loans have no credit checks, which may appeal to some borrowers with a bad credit score.
Keep in mind that even if a loan is available with no credit check, the lender will likely want to confirm that you can afford the repayments on your current income.
What are the pros and cons of bad credit personal loans?
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts, which can help make it easier for them to clear those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate and potentially fewer fees.
However, this strategy can backfire if the borrower spends the loaned funds instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.
Do $4000 loans have no credit checks?
Many medium amount loans for $4000 have no credit checks and are instead assessed based on your current ability to repay the loan, rather than by looking at your credit history. While these loans can appear attractive to bad credit borrowers, it’s important to remember that they often have high fees and can be costlier than other options.
Personal loans for $4000 are more likely to have longer loan terms and will require a credit check as part of the application process. Bad credit borrowers may see their $4000 loan applications declined or have to pay higher interest rates than good credit borrowers.
Can I get guaranteed approval for a bad credit personal loan?
Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to be approved faster, while a borrower with bad credit is less likely to have a loan approved and, if they are approved, may be approved slower.
Where can I get a personal loan?
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.
What is a personal loan?
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
What do credit scores have to do with personal loan interest rates?
There is a strong link between credit scores and personal loan interest rates because many lenders use credit scores to help decide what interest rates to offer to potential borrowers.
If you have a higher credit score, lenders will probably classify you as a lower-risk borrower. That means they’ll be keen to win your business, so they may offer you a lower interest rate if you apply for a personal loan.
If you have a lower credit score, lenders will probably classify you as a higher-risk borrower. That means they might be concerned about you defaulting on the loan and costing them money. As a result, they might protect themselves by charging you a higher interest rate.
Can you refinance a $5000 personal loan?
Much like home loans, many personal 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.
What are the pros and cons of personal loans?
The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.
One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.
Can I get a no credit check personal loan?
Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.
What is an unsecured bad credit personal loan?
A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
Can students with no credit history get loans?
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 as well as 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.