RACQ Bank Personal Loan
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- Interest Rate (p.a.)
- 11.49%
- Comparison rate (p.a.)
- 11.67%
- Min Loan Amount
- $3,000
Summary
Save on personal loan costs with no application or ongoing monthly fees.RACQ Bank's Unsecured Personal Loan stands out by charging no application or ongoing monthly fees, a rare feature in the market.
However, its minimum interest rate is in the top half of the most expensive loans in our database. With a Finder Score of 7.5, it could suit Queensland residents who prioritise avoiding fees over securing the lowest possible rate.
Pros
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No minimum loan term
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No establishment fee
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No penalty for early repayment
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Low minimum borrowing amount
Cons
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You must reside in Queensland
Details
Product details
| Product Name | RACQ Bank Unsecured Personal Loan |
| Interest Rate (p.a.) | 11.49% |
| Comparison rate (p.a.) | 11.67% |
| Interest Rate Type | Variable |
| Min Loan Amount | $3,000 |
| Max. Loan Amount | $60,000 |
| Loan Security | Unsecured |
How does RACQ Bank Unsecured Personal Loan compare?
- Fee-free application. Many other lenders will charge an upfront fee to apply for a personal loan.
- No ongoing fees. You won't be charged a monthly or annual fee for the life of the loan unlike many other personal loans.
- Flexible repayments. You can make extra repayments on your loan to pay it off sooner without being charged a penalty fee.
- Higher than average interest rate. With a minimum interest rate of 11.49%, this loan sits in the top half of the most expensive interest rates in our database.
- State-based availability. This loan is only available to residents of Queensland, unlike other loans available Australia-wide.
How does the RACQ Personal Loan work?
The RACQ Unsecured Personal Loan comes with a variable rate of interested from 11.49% p.a., with the actual rate being offered to you in your loan contract. You can apply for a loan amount between $3,000 and $60,000 and have up to 5 years to repay.
This loan is suitable for a range of purposes, from making a large purchase such as a new or used vehicle, furniture, taking a holiday or paying for your education.
How to apply
If you're ready to apply with RACQ, you can apply online. It will only take around ten minutes to complete and you should find out if you've been approved within five hours. You'll need to meet the following eligibility criteria to apply for the loan:
- Over the age of 18
- An Australian citizen or permanent resident
- Reside in Queensland
- Able to manage the loan repayments
Make sure you have the following on hand to complete your application:
- Personal details. Your name, address and contact information.
- Employment. Your employer's name and details about your employment.
- Financial. Details of your income, assets and liabilities.
Once you've sent through your application an RACQ finance consultant may be in touch to clarify information provided in your application.
Features of this loan
There are various features that make this loan worth considering:
- Interest rate. You'll be offered a variable interest rate from 11.49% p.a.
- Loan amounts. Apply for between $3,000 and $60,000.
- Flexible repayments. You can make unlimited additional repayments and there is no penalty for early repayment.
- No minimum loan term. The maximum loan term is 5 years and there is no minimum loan term
- Quick application and approval. The application doesn't take long, and you can usually find out if you've been approved within 24 hours.
- Member discounts. By getting an RACQ personal loan you will become an RACQ member and get access to a range of discounts.
How much does the RACQ Personal Loan cost?
The loan comes with a variable rate of interest starting from 11.49% p.a., with the comparison rate starting from 11.67% p.a.
There are no ongoing fees, but there is a document preparation fee of $120
The rate you are offered is subject to RACQ's lending criteria, and you can check it in your loan contract.
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