teachers

Personal Finance for Teachers

Rates and Fees verified correct on December 7th, 2016

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

HSBC Personal Loan Offer

Apply for a HSBC Personal Loan and get competitive interest rate offer with a flexible range of repayment options.

  • Interest Rate From: 11.99% p.a.
  • Comparison Rate: 12.54% p.a.
  • Interest Rate Type: Fixed
  • Application Fee: $150
  • Minimum Loan Term: 1 year
  • Maximum Loan Term: 5 year
  • Minimum Loan Amount: $5,000
  • Maximum Loan Amount: $50,000

Personal Loan Comparison

Rates last updated December 7th, 2016
$
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
HSBC Personal Loan
A competitive fixed interest rate loan with the option to make extra repayments. Min. income $30,000
From 11.99% (fixed) 12.54% $5,000 1 to 5 years $150 Go to site More
Latitude Personal Loans (Unsecured)
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.
From 13.99% (fixed) 15.2% $3,000 2 to 7 years $250 (Loans under $4000 - $140) Go to site More
CUA Discount Fixed Personal Loan (Loans over $30,000)
Take advantage of a competitive fixed rate and no monthly fees when you borrow over $30,000
From 10.99% (fixed) 10.99% $30,000 1 to 7 years $0 Go to site More
ANZ Fixed Rate Personal Loan
A flexible loan option that lets you pay off your debt, buy a car, fix up your house or cover travel costs.
From 13.95% (fixed) 14.81% $5,000 1 to 7 years $150 Go to site More
MoneyPlace P2P Loan
Interest rates from 8.90% p.a to 17.25% p.a. Comp rates from 8.90% p.a to 19.01% p.a depending on your credit score.
From 8.9% (fixed) 8.9% $5,000 3 to 5 years 0% - 3.75% of loan amount Go to site More
RateSetter Personal Loan
Ratesetter allow you to get a personalised rate based on your credit score.
From 9.42% (fixed) 9.42% $2,001 0.5 to 5 years $0 (fees may be charged) Go to site More
NOW FINANCE Personal Loans
Get rewarded with a low interest rate for your good credit history.
From 9.95% (fixed) 11.41% $4,000 1.5 to 7 years $395 (Based on $10,000) Go to site More
RACQ Unsecured Loan
An unsecured personal loan that lets you borrow funds for what you need. Repay the loan on terms up to seven years.
From 13.95% (fixed) 14.52% $5,000 1 to 7 years $378 Go to site More
CUA Discount Variable Personal Loan (Loans over $30,000)
Apply for a loan over $30,000 and enjoy a discounted interest rate
From 10.89% (variable) 10.89% $30,000 1 to 7 years $0 Go to site More
St.George Get Set Loan Personal Loan
A revolving line of credit that lets you access your funds as and when you need to.
From 17% (variable) $5,000 $150 Go to site More
ANZ Variable Rate Personal Loan
A variable rate loan that lets you make and redraw additional repayments.
From 14.69% (variable) 15.55% $5,000 1 to 7 years $150 Go to site More

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

HSBC Personal Loan

A competitive fixed interest rate loan with the option to make extra repayments. Min. income $30,000

Latitude Personal Loan (Secured)

Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.

CUA Discount Variable Personal Loan (Loans over $30,000)

Apply for a loan over $30,000 and enjoy a discounted interest rate

SocietyOne Unsecured Personal Loan

Interest rates for a 3 year loan range from 7.88% p.a. to 25.49% p.a. Comparison rate from 9.9% p.a. to 26.74% p.a. depending on your credit score

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