Woolworths Employees CU Personal Loans
Woolworths Employees Credit Union is a financial institution providing banking services for Woolworths’ employees and their family members.
Employees who leave their employment with Woolies can continue to be members of Woolworths Employees Credit Union as part of their principle of ‘once a member, always a member’.
In addition to providing its members with personal loans, Woolworths Employees Credit Union also offers its members credit cards, personal banking, home loans, financial planning and insurance.
Woolworths Employees CU personal loan repayment calculator
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Woolworths Employees CU personal loans rates
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based on $30,000 loan amount for 5 years
Fully drawn advance
- No ongoing fees
- No early exit penalty fee
- Repay monthly, fortnightly or weekly
- Upfront fee
- Moderately high interest rates
- Only available to employees of Woolworths and their families
Features of a Woolworths Employees Credit Union personal loan
Woolworths Employees Credit Union offers one type of personal loan for its members: an unsecured loan with a variable interest rate.
Members will have to pay an upfront fee to begin their personal loan, but it is below what borrowers can expect to pay at any of the major banks.
Woolworths Employees Credit Union personal loan rates are moderately high when compared to other personal lending options in Australia. Use RateCity’s comparison tool to find competitive personal loan interest rates.
Borrowers who take out personal loans through Woolworths Employees Credit Union will not have to pay ongoing fees.
Additionally, there is no early exit penalty fee for members who wish to pay off their loans ahead of schedule.
Woolworths Employees Credit Union personal loans - customer service
Members can manage their personal loan accounts by phone or through Woolworths Employees Credit Union’s online banking service.
Those who live around Melbourne also have the option of visiting two local branches.
Who is eligible for a Woolworths Employees Credit Union personal loan?
To be eligible for a Woolworths Employees Credit Union personal loan, you must meet the following criteria:
- Be over 18
- Be an Australian resident
- Have good credit
- Be a member of Woolworths Employees Credit Union
- Show proven history of employment and income
- Show a record of any outstanding debts
How to apply for a Woolworths Employees Credit Union personal loan?
Members can apply for a personal loan through the following avenues:
- At a branch in Melbourne
Woolworths Employees Credit Union personal loans review
Members of Woolworths Employees Credit Union are limited in their personal lending options as there is only one loan available. This loan is unsecured and comes with a variable interest rate.
Loans of up to $50,000 with terms up to five years are available for those who want to borrow from Woolworths Employees Credit Union. Such a loan could assist Woolworths employees or their family members with purchasing personal items or help finance life events such as weddings and holidays.
Australians who do not work at Woolworths or are not family members of an employee will not be able to borrow from Woolworths Employees Credit Union.
Personal loan interest rates from Woolworths Employees Credit Union are moderately high, which might deter borrowers looking for cost-savings on their loan. Compare personal loan rates with RateCity’s comparison tool to find the best personal loan interest rates for your circumstances.
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In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours.
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process. First, find a lender willing to give you a bad credit personal loan – this process will be simplified if you go through a mortgage broker or use a comparison website like RateCity. Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced. Third, instead of spending those savings, use them to repay the new loan.
Some lenders are able to approve applications over the internet and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.
A bad credit personal loan is ‘secured’ when the borrower offers up an asset (such as a car or jewellery) as collateral or security. The lender can then seize the asset if the borrower fails to repay the 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 get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts in such a way that it makes it easier for them to repay 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.
However, this strategy can backfire if the borrower spends the extra money 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.
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 usually 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.
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.
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.