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.
From 7.90% (variable)
Interest Rate (p.a.)
Comparison Rate (p.a.)
Min Loan Amount
|Product Name||Circle Alliance Bank Secured Personal Loan|
|Interest Rate (p.a.)|
From 7.90% (variable)
|Comparison Rate (p.a.)||8.15%|
|Interest Rate Type||Variable|
|Min Loan Amount||$500|
|Max. Loan Amount||$100,000|
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
- 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.
- 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.
Personal Loan OffersImportant Information*
You'll receive a fixed rate between 5.35% p.a. and based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3, 5 or 7 years terms.
You'll receive a fixed rate of 8.99% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 years to 7 years loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
You'll receive a fixed rate between 5.95% p.a. and 19.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.