Circle Alliance Bank Secured Personal Loan

Circle Alliance’s personal loan offers zero monthly fees and free additional payments and redraw. Interest charges and fees apply.

This secured loan from Circle Alliance Bank comes with a variable rate of interest. This means that your interest rate can fluctuate on a monthly basis based on the market rate. The borrowing amounts range from $500 up to $100,000, with terms up to 7 years. While the loan doesn’t charge monthly or annual fees, you will have to pay an application fee and interest charges.

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From 7.90% (variable)

Interest Rate (p.a.)

8.15%

Comparison Rate (p.a.)

$500

Min Loan Amount

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Details

Product NameCircle Alliance Bank Secured Personal Loan
Interest Rate (p.a.)
From 7.90% (variable)
Comparison Rate (p.a.)8.15%
Interest Rate TypeVariable
Min Loan Amount$500
Max. Loan Amount$100,000
Loan SecuritySecured

How does the Circle Alliance Bank Secured Personal Loan work? 

This secured personal loan can be used for the purchase of a new or used vehicle. You can also use the loan funds to finance personal expenses. Vehicles or residential property can be used as loan security. The loan comes with a variable rate of interest, which can see your interest payments fluctuate based on the market rate. 

What features does the Circle Alliance Bank Secured Personal Loan offer?

  • Secured loan. You can use your new or existing vehicle, or residential property to secure this loan.
  • Variable rate. With a variable rate loan, your interest payments may fluctuate based on the market rate. This can make it difficult to predict repayments and budget for the loan.
  • Flexible loan term. Your loan term can be between 1 and 7 years.
  • Borrow from $500 upwards. The minimum loan amount is $500. You can borrow up to $100,000.
  • Additional repayments. You can make additional repayments without incurring early repayment fees.
  • Redraw facility. You can redraw your additional repayments for free online. Staff-assisted redraws will incur a fee of $25.
  • No monthly fees. You won’t be charged monthly or annual service fees.

How much does the Circle Alliance Bank Secured Personal Loan cost? 

The costs associated with this loan include: 

  • Loan principal
  • Variable interest rate of 7.90% p.a.
  • Application fees of $150

No monthly or annual fees are charged for this loan. The comparison rate, which includes interest and fees, is 8.15% p.a.

Pros and cons

Pros

  • No monthly fees. This loan does not come with monthly or annual account keeping fees. This helps keep down the cost of the loan. 
  • Additional payments and redraw. You can make additional repayments and redraw them online for free. 

Cons 

  • Risk to asset. Secured loans come with the risk of losing your asset if you default on your loan. It may be repossessed to pay for the lender’s loss.
  • Budgeting may be difficult. Interest charges for variable rate loans may fluctuate on a monthly basis, making it difficult to predict repayments and budget for them.  

Am I eligible for this loan? 

To be eligible for this loan, you must be over the age of 18, an Australian citizen or permanent resident and able to afford the loan. 

How do I apply for this loan? 

You can apply for this loan online, through the Circle Alliance Bank website. You will need to provide personal information and your passport or driver's licence. You will be asked about your employment, income and living expenses, asset details and debts. Having your documents at hand can speed up the process.

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