AWA Alliance Bank Personal Loan

A no-fee personal loan with both secured and unsecured options. Interest charges apply.

This personal loan is offered to AWA Alliance Bank members only. It features both secured and unsecured options, with zero additional fees. This means that your repayments will only consist of the loan principal and interest. The interest rate is variable and may fluctuate based on the market rate.

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From 6.70% (variable)

Interest Rate (p.a.)

6.70%

Comparison Rate (p.a.)

$1,000

Min Loan Amount

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Details

Product NameAWA Alliance Bank Personal Loan
Interest Rate (p.a.)
From 6.70% (variable)
Comparison Rate (p.a.)6.70%
Interest Rate TypeVariable
Min Loan Amount$1,000

How does the AWA Alliance Bank Personal Loan work? 

This personal loan has both a secured and unsecured option. Neither come with additional fees. For the secured loan, you can use the loan funds to purchase either a vehicle or use the funds for personal expenses. As security, you can use the vehicle you purchased with the funds, an existing vehicle or residential property. The interest rate for the unsecured loan is higher compared to the secured loan. The unsecured rate is 6.70% p.a.

What features does the AWA Alliance Bank Personal Loan offer? 

  • Secured and unsecured options. You can choose between either the secured or unsecured option.
  • Variable rate. With a variable rate, your interest repayments may fluctuate based on the market rate. This means that if the rate goes down, your repayments reduce. If the rate increases, so do your repayments.
  • No fees. This loan does not charge any fees.
  • Borrow from $1,000 upwards. The minimum loan amount is $1,000.
  • Loan term range. The loan term ranges from 1 year to 7 years.
  • Variety of uses. You can use the loan funds for a variety of uses. The secured loan can be used either for personal purposes or a car.
  • Flexible repayments. You can schedule either weekly, fortnightly or monthly repayments.
  • Extra repayments. You can make extra repayments without incurring a fee.
  • Redraw facility. You can use the free online redraw facility to access the extra repayments you make.

How much does the AWA Alliance Bank Personal Loan cost? 

The cost of this loan will include: 

  • Loan principal.
  • A variable interest rate of 6.70% p.a. if secured, or 11.70% p.a. if unsecured.

This loan does not come with any fees. You may be charged: 

  • A default fee of $35 if you default on your loan.

What are the pros and cons of the AWA Alliance Bank Personal Loan? 

Pros

  • No fees. There are no fees associated with this loan. Fees often add to the cost of the loan, making it more expensive. With this loan, you’ll only be making principal and interest payments. 
  • Flexible repayments. You can make extra repayments and redraw the additional amount.  

Cons

  • Need to be a member to apply. You can only apply for this loan if you’re a member. 

Am I eligible for the AWA Alliance Bank Personal Loan? 

To be eligible for this loan, you need to be a member of AWA. The lender will require further information from you to determine your eligibility, including your full name and email address. It will also require your passport or driver's license, financial information about your income, employment and living expenses. You will also need to provide details about your assets and any other debts you owe. 

How do I apply for the AWA Alliance Bank Personal Loan? 

You can apply for the loan online, through the AWA Alliance Bank website. Keep all the required documents at hand to speed up the process.

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