Police CU Fixed Rate Personal Loan
- Interest Rate (p.a.)
- 7.24%
- Comparison rate (p.a.)
- 7.65%
- Min Loan Amount
- $5,000
Summary
This secured personal loan offers a competitive rate and charges no application or ongoing fees.The Police CU Secured Personal Loan offers a competitive 7.24% interest rate and keeps costs down with no application or ongoing fees. This helps it achieve a Finder Score of 7.2.
However, its main drawback is a lack of flexibility. Borrowers who want to make extra repayments to pay their loan off early may be penalised, a key consideration when comparing it to other more flexible loans.
Details
Fixed Rate Personal Loan Above 5K
| Product Name | Police CU Secured Personal Loan - 5k |
| Interest Rate (p.a.) | 7.24% |
| Comparison rate (p.a.) | 7.65% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $100,000 |
| Loan Security | Secured |
How does Police CU Secured Personal Loan - 5k compare?
- Competitive interest rate. The 7.24% interest rate is in the top half of lower-rate loans in our database.
- No application fee. This loan charges no fee to apply, which is not a standard feature.
- No ongoing fees. There are no monthly or annual fees, helping to keep ongoing costs low compared to other products.
- High maximum loan amount. It offers a higher maximum borrowing amount than many competing personal loans.
- Penalties for extra repayments. Unlike many competing products, this loan may charge a fee if you make additional repayments to pay off the loan early.
How does the Police CU Fixed Rate Personal Loan work?
The Police CU Fixed Rate Personal Loan has a fixed interest rate, which means your interest payments will remain the same for the duration of the loan. This makes it easy to predict and budget for your interest payments. You can use the loan funds for a variety of expenses, including for renovations, a family holiday or a wedding. You could also use them to purchase or refinance a new or used vehicle, including cars, motorcycles and boats.
What features does the Police CU Fixed Rate Personal Loan offer?
- Fixed rate. You get the certainty of knowing what your interest repayments will be. This makes budgeting easier.
- Terms up to 84 months. Your loan term can range up to 84 months.
- Extra repayments. You can make additional repayments without penalty.
- Redraw facility. You can redraw your additional repayments online for free.
- Flexible repayments. You can choose your repayment frequency based on what suits you. This can be weekly, fortnightly or monthly.
How much does the Police CU Fixed Rate Personal Loan cost?
There are a number of costs associated with this loan. They include:
- Loan principal
- Interest rate of 7.24% p.a..
No monthly or annual fees are charged. The comparison rate, which includes fees and interest charges, is 7.65% p.a..
You may also be charged an early repayment fee of $250 if you repay your loan during the first 3 years of the loan term.
What are the pros and cons of the Police CU Fixed Rate Personal Loan?
Pros
- Fixed rate. This loan comes with a fixed rate, making it easy to predict repayments.
- No monthly or annual fees. No monthly or annual fees are charged, helping keep down the cost of the loan.
- Extra repayments and redraw. You can make additional repayments and redraw them for free.
Cons
- Interest rate is high. For a smaller loan starting from $5,000, you can expect to pay higher interest.
- Early repayment fee. A break fee of $250 will apply if you repay the loan during the first 3 years.
Am I eligible for this loan?
To be eligible for this loan, you must:
- Be over 18
- Be an Australian citizen or permanent resident
- Have regular income and stable employment
- Have an acceptable credit history
How do I apply for this loan?
You can apply for this loan online, through the Police Credit Union website. You can also arrange for them to call you. Or, you could download an application form which you can drop off at your local Police CU branch, email, fax or post. Keep your documents on hand to speed up the process.
Sources
Your reviews
Richard Finder
Assistant publisher
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