People’s Choice Discounted Personal Loan

Benefit from no monthly fees and flexible repayment terms with a discounted personal loan from People’s Choice Credit Union.

The primary features of this personal loan are the flexible repayment terms as well as the large minimum borrowing amount. With weekly, fortnightly or monthly repayments, you can tailor your loan to suit your cash flow. The minimum amount you can borrow is $10,000.

Main points to consider about the discounted personal loan

Product NamePeople's Choice CU Discounted Personal Loan
Interest Rate (p.a.) From 7.99% (fixed)
Comparison Rate (p.a.)8.35%
Interest Rate TypeFixed
Min Loan Amount$10,000
Max. Loan Amount$100,000
Loan SecuritySecured


  • $0 monthly account keeping fee
  • Fast preapproval for your loan application
  • No penalty for additional repayments
  • No penalty for early payouts


  • Minimum loan starts from $10,000

This is a secured loan which means that you have to offer an asset as security. The security can be a car, motorcycle or caravan as well as savings or a term deposit. The term of the loan is from 1 to 10 years. The minimum amount you can borrow is $10,000 and the maximum is $100,000. The rate is low for this loan and starts from 7.99% p.a. with a comparison rate of 8.35% p.a.

Features of the discounted personal loan

The following are some of the features associated with this secured discounted personal loan:

  • Low rate. Rates start from a low of 7.99% p.a. and the comparison rate is 8.35% p.a.
  • Large loan amounts. You can borrow a minimum of $10,000 to a maximum of $100,000.
  • Freedom. There is no set purpose for this loan, so you can use it for anything you want. You can use it to consolidate debt, go on a shopping spree or help tide you over for the new year.
  • Loan terms. Loan terms run from 1 to 10 years.
  • No monthly fees. There are no monthly fees associated with this loan.
  • Straightforward fee structure. The fees for this loan are easy to find and straightforward. There are no monthly fees but you will have to pay a $250 application fee as well as a lock-rate fee if you want to lock in the rate. The lock-rate fee is 0.15% of the total loan amount. There is also a redraw fee of $40 if you use a People’s Choice teller.
  • No fees for additional payments or early payout of loan. You won’t have to pay any fees if you make additional payments or pay off your entire loan early.
  • Security needed. You will need security for this loan. You can use your car, motorcycle or caravan as well as your savings or term deposits for security.
  • Option to redraw extra payments made. You can redraw the extra payments that you’ve made on the loan if things get a bit tight one month.
  • Online banking. You have access to online banking and can also redraw the amounts you need from your loan at no extra charge.

How to apply for the discounted personal loan

To apply for this loan, you simply click on “Go to Site” and make sure you meet the following criteria:

  • You must be 18 years old or older.
  • You must have residential and employment details for the last three years.
  • You must have a stable income.
  • You must have an asset to offer as security.

You will need to include the following documents when applying for this loan:

  • Income details. These include pay slips, child support statements, pension statements, allowances, rental income and commissions.
  • Proof you have the asset you wish to use as security. This can be a bank statement showing your term deposit or savings as well as papers showing that you own the vehicle you are submitting as security.
  • Expense details. These include utility bills, rent or board payments, loan repayments, credit card repayments, maintenance payments and lease payments.
  • Asset information. This includes savings, the value of any motor vehicles you may own and information on shares, bonds or property that you own.
  • Proof of ID. This includes your Australian driver’s licence number and expiry.

Once approved, you can take advantage of all the features that come with this discounted personal loan. Compare personal loans and choose the one that best meets your financial needs.

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