People’s Choice Secured Personal Loan

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Benefit from a lower rate when you secure your personal loan with a motor vehicle through People’s Choice Credit Union.

If you want the benefit of a low car loan rate but want to use the funds for something else, why not consider People’s Choice Secured Personal Loan.
You need to secure the loan with a motor vehicle you already own and then you can receive a competitive comparison rate of 8.35% p.a. for the loan term. The motor vehicle can be be new or used, as long you can prove that you own it.

From 7.99% (fixed)

Interest Rate (p.a.)


Comparison Rate (p.a.)


Min Loan Amount

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Product NamePeople's Choice CU Secured 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

Main points to consider with the People's Choice Secured Personal Loan

This loan is a secured loan and in order to benefit from the low comparison rate of 8.35% p.a., you must secure this loan with a motor vehicle.

You must be able to prove that you own the vehicle that you're using as security. You can apply for between $10,000 up to a maximum of $100,000.

The loan terms start from 1 year and end at 10 years.

Features of the People's Choice Secured Loan

Some of the features associated with this loan include:

  • A competitive rate. This rate starts from a low 8.35% p.a. comparison rate per year.
  • Fixed rate for the first five years of your loan term. You benefit from a fixed rate for the first five years of your loan term. This means that you have the certainty of knowing how much your repayments will be for the first five years, which offers peace of mind.
  • Large starting amount. You can borrow a minimum of $10,000 and a maximum of $100,000.
  • Freedom of funds. As this is a personal loan, you are able to use the funds you are granted for whatever you need. Want to go on a holiday or consolidate your debt? You are able to do this with your loan.
  • Loan terms. Loan terms for this loan start from 1 year to 10 years.
  • Flexible repayments available.You can tailor your personal loan repayments to your cash flow frequency with weekly, fortnightly or monthly repayments available.
  • Straightforward fee structure. The fees you need to pay are made known to you before your application. You must pay a $250 application fee, as well as a rate lock of 0.15% of the total loan amount.
  • No monthly fees or penalties for additional repayments. You benefit from no monthly fees charged as well as no penalties for additional repayments or any penalties for early repayment.
  • Redraw facility available. If you make extra repayments over the duration of your loan, you are able to redraw them whenever you need them.
  • Pre approval for 60 days. You benefit from pre-approval from People's Choice which is valid for 60 days.
  • Secured loan. This loan is secured and needs to have an asset put forward. You must secure this loan with a new or used motor vehicle to benefit from the low rate on offer.

How to apply for the People's Choice Secured Loan with a motor vehicle

If you're ready to apply for this loan, click on "Go to Site" and ensure you meet the following requirements:

  • Be the age of 18 or older.
  • Have an income.
  • Know your assets and liabilities situation.

Some of the documents you need to provide include:

  • Income details. This is needed to show you can meet your financial obligations of this loan. Income details can include pay slips, child support statements, pension statements, proof of overtime, rental income and commissions.
  • Expense details. This can be utility bills, rent, board, loan repayments, credit card repayments, maintenance, lease repayments and more.
  • Asset information. You need to show any assets you might have, which can include cash savings, the value of your motor vehicles, shares, property, bonds, price of furnishings and many more.
  • Residential and employment details for the last three years.
  • Australian driver's licence number and expiry.

You benefit from a low rate when securing this loan with a motor vehicle. Ensure this loan meets your financial needs before applying. Compare other personal loans before making a decision.

Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

Logo for ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 10.5% 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. Note: These rates are available until 2 February 2021. Credit, eligibility criteria and terms & conditions apply.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above. Application fee of $150 waived off for applications submitted by 31 March 2021.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 20.49% 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.

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