Apply for a bcu personal loan to take advantage of competitive variable rates and flexible repayment terms.
If you’re looking for a flexible personal loan that comes with competitive low rates, you can consider a bcu Personal Loan. Whether you apply online or at a bcu store, you can be approved for a personal loan within as little as 30 minutes. You can borrow up to $75,000 which it repaid over a loan term of between 1 and 5 years
Things to consider about bcu personal loans
|Product Name||bcu Unsecured Multipurpose Loan|
|Interest Rate (p.a.)||From 7.14% (variable)|
|Comparison Rate (p.a.)||8.06%|
|Interest Rate Type||Variable|
|Minimum Loan Term||1 year|
|Maximum Loan Term||5 years|
|Min Loan Amount||$4,000|
|Max. Loan Amount||$75,000|
|Monthly Service Fee||$8|
- A competitive interest rate
- Choose between secured or unsecured
- Apply for up to $75000
- Application fee of $200
- Monthly service fee of $8
bcu charges no fees for early repayment and allows joint loan applications. You can use the loan for any purpose, even consolidating outstanding debt. You must already be a bcu customer to be eligible for a personal loan.
The minimum you can apply for is $4,000 and a $200 application fee applies if the loan is unsecured. This fee is $250 for a secured loan. If you select the secured option, the asset you put up as collateral must be valued at least $5,000.
If you’re borrowing to consolidate outstanding debt, it must be for at least two non-bcu debts. While you do pay application and monthly fees, there is no charge if you choose to settle the balance before the end of the loan term.
What features come with a bcu personal loan?
If you’re interested in applying for a bcu personal loan, here are some of the features from which you can benefit.
- Flexibility. You have the option to make additional repayments or repay your loan in full without risking a penalty.
- Competitive rates. Interest rates start at 7.14% p.a. However, rates can vary depending on factors like the purpose, security put forward and whether or not you qualify for an interest rate discount.
- Easy application. You can either apply at a bcu office or submit an application online.
- Secured and unsecured options. You can choose to put up collateral to secure a personal loan as long as the asset is worth more than $5,000.
- Joint applications. You have the option to submit a joint application for a personal loan. On the online application form, you can select the option under “Number of applicants”.
- Redraw facility. You have the option to redraw additional payments. You pay a fee of $25 for each redraw.
- Loan Protection Insurance. You have the option to insure your loan. Payments and the loan amount are covered if you’re unable to make payments because of death, unemployment, disability or illness. You may also qualify for a discount if you choose this option.
How to apply for the bcu personal loan
Applying is simple and can be completed online. To get started, click “Go to Site”. You’ll need to meet the following eligibility criteria:
- Be 18 years or older
- Be an existing bcu customer.
- Be an Australian citizen or permanent resident
- Have no outstanding defaults or judgements against your name
Specify the loan type, whether or not you’re putting up security, and whether you want loan protection. You can also register to receive eStatements. Keep the following details on hand to complete your application:
- Personal details
- Employment details
- Financial information
- Assets and liabilities
- The purpose of the loan
While bcu personal loans come with application fees and charges, you can borrow up to $75,000 with flexible terms and repayment options. Before making a commitment, it’s important to compare loan options and verify your financial position to ensure it's the right loan for you.