Credit Union SA Variable Rate Personal Loan

No monthly fees, free extra repayments, redraw and early exit. Interest charges and fees apply.

This variable rate loan from Credit Union SA is unsecured and does not require an asset as collateral. With a variable rate, your interest payments may either increase or decrease depending on fluctuations in the market rate. You can borrow from $5,000 up to $50,000, for terms up to 7 years. While there are no monthly repayments, you will have to pay an establishment fee and interest charges.

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From 13.60% (variable)

Interest Rate (p.a.)

13.97%

Comparison Rate (p.a.)

$5,000

Min Loan Amount

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Details

Product NameCredit Union SA Variable Rate Personal Loan
Interest Rate (p.a.)
From 13.60% (variable)
Comparison Rate (p.a.)13.97%
Interest Rate TypeVariable
Min Loan Amount$5,000
Max. Loan Amount$50,000

How does the Credit Union SA Variable Rate Personal Loan work? 

This variable rate loan is unsecured and does not require an asset as collateral. With a variable rate loan, your interest repayments may fluctuate based on the market rate. If the rate goes up, your repayments could increase, or decrease if the rate goes down. The loan funds can be used for the purchase of a motor vehicle or any personal or domestic expenses. 

What features does the Credit Union SA Variable Rate Personal Loan offer? 

  • Unsecured loan. This loan is unsecured, and does not require an asset as collateral for the loan. As a result, interest rates are higher and borrowing amounts smaller.
  • Variable rate. Your interest repayments are variable, meaning that your repayments may fluctuate based on the market rate.
  • Terms up to 7 years. Your loan term can range from 1 to 7 years.
  • Flexible repayments. You can make weekly, fortnightly or monthly repayments, based on what works for you.
  • Unlimited extra repayments. You can make as many extra repayments as you want at no added cost.
  • No early repayment fees. You won’t have to pay a penalty if you repay the loan early.
  • Free redraw. You can access the redraw facility for free.
  • No monthly fees. You won’t be charged monthly or annual service fees.

How much does the Credit Union SA Variable Rate Personal Loan cost? 

  • Loan principal
  • Establishment fee of $250
  • Variable interest rate of 13.60% p.a.

This loan does not charge monthly fees. The comparison rate, which includes interest charges and fees, is 13.97% p.a.

What are the pros and cons of the Credit Union SA Variable Rate Personal Loan?

Pros 

  • No monthly fees. This loan does not charge monthly fees, helping keep down the cost of the loan.  
  • Additional repayments, no early exit fees and free redraw. You can repay the loan early without having to pay a penalty. You can also make extra repayments and access them through the redraw facility for free. 

Cons

  • Higher interest rate. Compared to their fixed rate options, the variable unsecured loan has a higher interest rate. This makes the loan more expensive. 

Am I eligible for the loan? 

To apply for this loan, you will have to be over the age of 18, a citizen or permanent resident of Australia and a member of the credit union. 

How do I apply for the loan? 

You can apply for the loan online, through the Credit Union SA website. You can also call the lender or visit the branch in person. You will be asked for information on your income, living expenses and other loans you have. Keeping your documents on hand can help speed up the process.

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