teachers

Personal Finance for Teachers

Rates and fees last updated on

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.

Citi Personal Loan Plus

Citi Personal Loan Plus

from

11.99 % p.a.

variable rate

from

12.48 % p.a.

comparison rate

  • Loan amounts from $5,000
  • Offers a reusable credit facility
  • Repay over 5 years
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Citi Personal Loan Plus

Apply for a Citi Personal Loan Plus and get competitive interest rate offer with a reusable credit facility.

  • Interest rate from: 11.99% p.a.
  • Comparison rate: 12.48% p.a.
  • Interest rate type: Variable
  • Application fee: $0
  • Minimum loan amount: $5,000
  • Maximum loan amount: $75,000
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Personal Loan Comparison

Rates last updated August 21st, 2017
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment Product Description
Citi Personal Loan Plus
From 11.99% (variable)
12.48%
$5,000
3 to 5 years
$0 ($199 fee waived)
Borrow up to $75,000. All approved applicants will receive the advertised variable rate of 11.99% p.a.
Pepper Money Unsecured Fixed Rate Personal Loan
From 9.99% (fixed)
9.99%
$5,000
1 to 7 years
$0
Apply for up to $50,000 and receive conditional approval within minutes.
RateSetter Personal Loan
From 8.66% (fixed)
9.17%
$2,001
0.5 to 5 years
$0 (Upfront fee $250 for loan terms of 2 years and above)
Ratesetter allow you to get a personalised rate based on your credit score, interest rates from 3.7% p.a. to 9.6%.p.a.
NAB Personal Loan Unsecured Variable Rate
From 14.69% (variable)
15.55%
$5,000
1 to 7 years
$150
An unsecured loan with a redraw facility that allows you to access money you've paid in advance. You must have held a NAB Credit Card or Transaction account for at least 6 months before applying.
IMB Unsecured Personal Loan
From 11.69% (fixed)
13.46%
$2,000
1 to 5 years
$250
An unsecured loan offering from IMB with a competitive interest rate
SocietyOne Unsecured Personal Loan
From 7.9% (fixed)
9.92%
$5,000
2 to 5 years
3% (of loan amount)
Comparison rates for a 3 year loan range from 9.92% p.a. to 13.63% p.a. for good credit scores A and AA
NOW FINANCE Personal Loans
From 8.95% (fixed)
10.42%
$4,000
1.5 to 7 years
$395 (Based on $10,000)
Get rewarded with a low interest rate for your good credit history. Rates from 8.95% p.a. to 16.95% p.a. depending on your credit credit.
Latitude Personal Loans (Unsecured)
From 13.99% (fixed)
15.2%
$3,000
2 to 7 years
$250 (Loans under $4000 - $140)
An unsecured loan designed for multiple purposes – renovating, buying a car or travelling. Funds can be in your count in as little as 24 hours.
BOQ Unsecured Fixed Personal Loan
From 12.39% (fixed)
15.01%
$3,000
1 to 7 years
$150
Apply for up to $40,000 and have up to 7 years to repay your loan.
QT Mutual Bank Personal Loan
From 12.95% (variable)
13.54%
$3,000
1 to 5 years
$395 (establishment fee)
You can use this personal loan to buy just about anything: a new boat, home renovations, a holiday or even to consolidate existing debt. Only available to Queenslanders
ANZ Fixed Rate Personal Loan
From 10.99% (fixed)
11.87%
$5,000
1 to 7 years
$150
A fixed loan option that lets you pay off your debt, buy a car, fix up your house or cover travel costs.
NAB Personal Loan Unsecured Fixed
From 14.99% (fixed)
15.85%
$5,000
1 to 7 years
$150
An unsecured loan available for a wide range of purposes for a long period of time up to 7 years. You must have held a NAB Credit Card or Transaction account for at least 6 months before applying.
Bank of Melbourne Unsecured Variable Rate Personal Loan
From 11.99% (variable)
12.78%
$3,000
1 to 5 years
$0 (Offer available until 8th September 2017)
An unsecured personal loan that gives you a choice between a fixed or variable rate.
St.George Unsecured Personal Loan - Fixed Rate
From 11.99% (fixed)
12.78%
$3,000
1 to 5 years
$0 (Offer available until 8th September 2017)
Convenient redraw facility, flexible personal loan repayment options with competitive interest rate.
Westpac Unsecured Personal Loan
From 12.99% (fixed)
14.14%
$4,000
1 to 7 years
$250
Borrow up to $50,000 for a term of up to 7 years with the unsecured Loan from Westpac

Compare up to 4 providers

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.

Pros and cons

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 many 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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Related Posts

NOW FINANCE Personal Loans

Get rewarded with a low interest rate for your good credit history. Rates from 8.95% p.a. to 16.95% p.a. depending on your credit credit.

RateSetter Personal Loan

Ratesetter allow you to get a personalised rate based on your credit score, interest rates from 3.7% p.a. to 9.6%.p.a.

NAB Personal Loan Unsecured Variable Rate

An unsecured loan with a redraw facility that allows you to access money you've paid in advance. You must have held a NAB Credit Card or Transaction account for at least 6 months before applying.

Citi Personal Loan Plus

Borrow up to $75,000. All approved applicants will receive the advertised variable rate of 11.99% p.a.

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