personal-loans-for-teachers

Personal Finance for Teachers

Teachers provide an invaluable service that deserves to be rewarded with personal lending options to suit their unique financial needs.

Special lending products are available as personal finance options for teachers through financial institutions. Here, a teacher can get the loan they need to buy a new car or pay for a well-deserved holiday.

Teachers also have access to quick cash loans to help them out when an emergency arises in between paycheques. These services are designed specifically for those who have chosen teaching as their profession and can provide fast monetary assistance when it’s needed most.

HSBC Personal Loan Offer

HSBC Personal Loan

from

9.50 % p.a.

fixed rate

from

10.06 % p.a.

comparison rate

  • Competitive interest rate
  • Additional payments OK
  • Borrow up to $50,000
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100% confidential application

HSBC Personal Loan Offer

Apply for a HSBC Personal Loan and you'll get access to a competitive interest rate offer and a flexible range of repayment options.

  • Interest rate from: 9.50% p.a.
  • Comparison rate: 10.06% p.a.
  • Interest rate type: Fixed
  • Application fee: $150
  • Minimum loan amount: $5,000
  • Maximum loan amount: $50,000
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Personal Loan Comparison

Rates last updated May 27th, 2018
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
HSBC Personal Loan
From 9.5% (fixed)
10.06%
$5,000
1 to 5 years
$5
$150
A competitive fixed interest rate loan with the option to make extra repayments. Rates range from 9.5% p.a. to 15.99% p.a. based on your credit history.
SocietyOne Unsecured Personal Loan
From 7.5% (fixed)
9.51%
$5,000
2 to 5 years
$0
3% (of loan amount)
Based on your risk profile, you will receive a tailored rate between 7.5% and 20.49% with a SocietyOne personal loan.
Citi Personal Loan Plus
From 8.99% (variable)
9.96%
$5,000
3 to 5 years
$10
$199
Borrow up to $75,000 to use for a range of purposes. You’ll receive a rate of between 8.99% p.a. and 17.99% p.a. depending on your risk profile. (Comparison Rate of 9.96% p.a. to 18.91% p.a..)
Harmoney Unsecured Personal Loan
From 6.99% (fixed)
7.69%
$5,000
3 to 5 years
$0
$500 (Upfront fee)
Interest rates are tailored to each applicant individually, and start from as low as 6.99% p.a. to 26.95% p.a.. based on your credit history.
Westpac Unsecured Personal Loan
12.99% (fixed)
14.14%
$4,000
1 to 7 years
$12
$250 (No establishment fee for a new Unsecured Personal Loan before 14 June 2018)
A competitive, fixed rate personal loan that allows you to make extra repayments. Apply before 14 June 2018 and pay $0 establishment fee.
Wisr Personal Loan
From 8.5% (variable)
9.36%
$5,000
3 to 5 years
$0
$595
Get a personalised interest rate between 8.5% p.a. and 18.5% p.a. and use your funds for any purpose.
CUA Unsecured Fixed Rate Personal Loan
11.99% (fixed)
11.99%
$5,000
1 to 7 years
$0
$0
Apply for a loan up to $60,000 and keep repayments manageable with a competitive fixed rate.
MyState Unsecured Personal Loan
12.99% (variable)
16.42%
$3,000
1 to 7 years
$10
$200
Apply for up to $50,000 and make additional repayments at any time without penalty.
Heritage Bank Standard Personal Loan
12.99% (fixed)
13.61%
$5,000
1 to 5 years
$5
$200
A flexible personal loan where you can choose a fixed or variable rate and make extra repayments at any time.
Latitude Personal Loan (Unsecured)
From 13.99% (fixed)
15.19%
$3,000
2 to 7 years
$13
$250 (Loans under $4000 - $140)
An unsecured loan with a tailored rate from 13.99% p.a. to 29.99% p.a. designed for multiple purposes including renovating, buying a car or travelling.
St.George Unsecured Personal Loan - Fixed Rate
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$12
$195
Convenient redraw facility and flexible personal loan repayment options with a competitive interest rate between 12.99% p.a. and 19.99% p.a.. If you borrow more than $10,000 to buy a new or used car, you'll receive a $200 fuel card. Note: Must apply before 28 June 2018.

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Personal finance available for teachers

  • Personal loans. A personal loan allows you to borrow money to suit any purpose. These types of loans are offered at competitive interest rates and generally with flexible repayment options. Use the funds obtained to buy new furniture, take a trip or even consolidate your other debts.
  • Car loans. Teachers are given special consideration for a car loan as well. With the option to choose a new or used vehicle, a teacher can avoid an expensive purchase that is financed through the dealer.
  • Secured and unsecured loans. Teachers have the option of using an asset to secure a loan and get better interest rates, or to borrow money unsecured when needed. With a secured loan, a teacher may be able to access even more funds to pay for that special personal item.
  • Payday loans. Payday loans are a popular method of obtaining cash quickly in the event of an emergency. While there is no limit on what the money can be used for, if the need is not imminent a teacher should research other personal loan options before looking at high-fee payday loans.
  • Overdraft. Overdraft is an ongoing loan product that is attached directly to your transaction account. This is a good lending option to keep open for an emergency as it will only charge you interest on the funds used and you will typically not have to worry about any additional fees.

How to compare personal loans

When looking into an institution that offers specialised financing for teachers, you will want to make sure first that they offer a wide range of loan products to fit different needs. Also compare the following features:

  • Interest rates. Check the interest rates being offered by various lenders. You will want to make sure that they are competitive with the rates that are being charged by other lenders.
  • Fees. Look at the fees associated with each product carefully to determine which is actually giving you the best deal on a personal loan product.
  • Flexibility. Check to see how the repayments are structured for the loan products. You want to find one that allows you options as to when and how you are paying back the loan.
  • Loan amounts. Different life events will call for varying amounts of funds. Check that there are loan products available to cover your small and large expenses.

What can I use the personal loan for?

Personal loans can be used for a variety of purposes, including:

  • To buy a new or used car. Purchasing a vehicle is one of the most common purposes of a personal loan. You can opt for a secured car loan to buy a new car or an unsecured car loan if your car is a bit older. If your car is user but under 10 years old you still may be able to use a secured loan and benefit from a lower interest rate.
  • To pay for home renovations. If you own your own home and don't want to add any more debt to your mortgage, you may want to consider a personal loan. You can apply for a lump sum loan if you know how much you're after or a line of credit if you're not sure how much you're going to need.
  • To purchase a holiday. Holidays are also a common purpose for personal loan funds. Remember that you will need to start repaying what you borrow soon after you're given the funds so you will need to take that into account for your holiday budget.
  • To consolidate debt. If you have multiple credit cards or loans and are looking to reduce your interest and fees, you may want to consider a debt consolidation personal loan. You can bring multiple debts, including credit card and loan debt, into one account and then only worry about one repayment each month.

What if I'm a teacher on probation?

Most lenders will require that you are out of probation before they approve you for a loan. This is because when you are on probation your contract can be terminated at any time, and so, the loan is a risk for them.

However, lenders differ on how long they require you to be employed before approving you for a loan.

You can take a look at this page to find out how long you need to be employed to apply.

Pros and cons of getting a personal loan as a teacher

Pros

  • Variety. You can choose from a large selection of borrowing options.
  • Access. In most cases you will find that personal loans for teachers are offered with myriad ways for you to access funds and make your repayments.
  • Early exit. Some loans will not charge penalties if you are able to repay your entire loan quicker than scheduled.

Cons

  • Secured loans. In some cases you will be required to provide some form of collateral in order to access a personal loan.

Frequently asked questions

That will depend on the type of loan and your chosen financial institution. Most lenders will allow you to apply online. Quick cash and payday loans are usually processed the same day, however with other loans you could receive an immediate approval but have to wait for the loan to be processed before accessing any of the funds.

Interest is typically calculated daily and then added together at the end of your statement period.

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Personal Loan Offers

Important Information*
SocietyOne Unsecured Personal Loan

Based on your risk profile, you will receive a tailored rate between 7.5% and 20.49% with a SocietyOne personal loan.

Westpac Unsecured Personal Loan

A competitive, fixed rate personal loan that allows you to make extra repayments. Apply before 14 June 2018 and pay $0 establishment fee.

Harmoney Unsecured Personal Loan

Interest rates are tailored to each applicant individually, and start from as low as 6.99% p.a. to 26.95% p.a.. based on your credit history.

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