Fire Service Credit Union Redi Loan
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- Interest Rate (p.a.)
- 9.95%
- Comparison rate (p.a.)
- 17.91%
- Min Loan Amount
- $1,000
Summary
No ongoing fees and borrowing amounts up to $20,000. Interest charges apply.
Fire Service Credit Union (FSCU) offers an unsecured personal loan with no ongoing monthly or annual fees. An application fee and PPSR registration fee apply upfront. Borrowing amounts range from $1,000 to $20,000, with a maximum loan term of 2 years.
Details
Product details
| Product Name | FSCU Redi Loan |
| Interest Rate (p.a.) | 9.95% |
| Comparison rate (p.a.) | 17.91% |
| Interest Rate Type | Variable |
| Min Loan Amount | $1,000 |
| Max. Loan Amount | $20,000 |
| Loan Security | Unsecured |
How does the FSCU Redi loan work?
FSCU's Redi Loan is an unsecured loan with a variable interest rate that has no ongoing monthly or annual fees, though an application fee and PPSR registration fee apply. The interest rate is variable and may fluctuate monthly based on the market rate. You can use the loan funds to make a purchase, renovate your home, consolidate debt or refinance your car loan.
What features does the FSCU Redi loan offer?
- Unsecured loan. You don't need to provide an asset as collateral for the loan.
- Variable rate. Your monthly repayments will fluctuate based on the market rate. This may make it more difficult to budget for your loan repayments.
- 2-year loan term. Your maximum loan term is 2 years.
- Borrow from $1,000 upwards. The minimum loan amount is $1,000. You can borrow up to $20,000.
- No ongoing fees. There are no monthly or annual service fees, though an application fee and PPSR registration fee apply upfront.
- No early payout fee. You can repay your loan early without receiving a penalty.
How much does the FSCU Redi loan cost?
The costs associated with this loan include the following:
- Application fee of $200
- Loan principal.
- Variable interest of 9.95% p.a.
- $8 PPSR fee
This loan does not come with monthly or annual service fees. The comparison rate is 17.91% p.a. and includes interest charges and fees.
What are the pros and cons of the FSCU Redi loan?
Pros
- No ongoing fees. There are no monthly or annual service fees on this loan, which helps keep down the cost over the life of the loan.
- No risk to assets. Secured loans come with the risk of losing your asset if you default on your loan. It may be repossessed to pay for the lender’s loss. As this loan is unsecured, your assets are not at risk.
Cons
- Budgeting may be difficult. Interest charges for variable rate loans may fluctuate on a monthly basis, making it difficult to predict repayments and budget for them.
Am I eligible for the FSCU Redi loan?
To be eligible for this loan, you need to be over the age of 18 and an Australian citizen or permanent resident. Membership requirements may apply.
How do I apply for the FSCU Redi loan?
You can make a loan application enquiry through the FSCU website or apply over the phone. Keep your documents at hand to make the process easier.
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