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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It can be hard to improve your credit score, as it usually requires sacrifice and discipline, but hard doesn’t necessarily mean complicated. Some simple ways you can give your credit score a boost include closing extra credit cards, reducing your credit card limit, pay off any loans and make loan repayments on time.
As a general rule, the lower your credit score, the more remedies you can apply and the greater the scope for improvement.
Some lenders will consider personal loan applications from a borrower with bad credit if the borrower has a family member with good credit willing to guarantee the loan (a guarantor).
If the borrower fails to pay back their personal loan, it will be their guarantor’s responsibility to cover the repayments.
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 documents, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
If you’re having trouble being approved for a loan of less than $2000 and urgently need to purchase household essentials, there may be emergency loan options available to you.
For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.
For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term
Many borrowers use quick loans to cover short-term or urgent costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics. Quick loans often have high interest rates compared with regular personal loans.
Before applying for a quick loan, consider your other available options, such as working out a payment plan or applying for an advance or extension.
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.
Depending on the lender, personal loans and medium-amount loans for $5000 can sometimes be approved in under an hour, and give you access to the money the same day. Other loans may take 24 hours or longer to assess your application, and you may not get the money for a few days.
If you need to borrow $2000 or less, alternatives to getting a personal loan or payday loan include using a credit card or the redraw facility of your home, car or personal loan.
Before you borrow $2000 on a credit card, remember that interest will continue being charged on what you owe until you clear your credit card balance. To minimise your interest, consider prioritising paying off your credit card.
Before you draw down $2000 in extra repayments from your home, car or personal loan using a redraw facility, note that fees and charges may apply, and drawing money from your loan may mean your loan will take longer to repay, costing you more in total interest.