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South West Slopes Credit Union Secured Personal Loan

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South West Slopes CU Secured Personal Loan
Interest Rate (p.a.)
8.50%
Comp. Rate (p.a.)
8.50%
Min Loan Amount
$500

Summary

Borrow up to $200,000 and pay zero fees. Interest charges apply.

South West Slopes Credit Union’s Secured Personal Loan comes with zero fees. You won’t have to pay establishment, account or application fees. Secured loans require an asset as collateral for the loan. You can borrow from $500 up to $200,000, with terms up to 15 years. You can also make additional repayments and redraw them at no charge.

In this guide

  • Review
  • Details
    • Product details
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Details

Product details

Product Name South West Slopes CU Secured Personal Loan
Interest Rate (p.a.) 8.50%
Comp. Rate (p.a.) 8.50%
Interest Rate Type Variable
Min Loan Amount $500
Max. Loan Amount $200,000
Loan Security Secured

How does the SWSCU Secured Personal Loan work?

This personal loan from South West Slopes Credit Union is for members only and is secured. You will need to provide an asset as collateral for the loan. The loan comes with low minimum borrowing amounts and high maximum borrowing amounts. You can use the loan funds to make worthwhile purchases. This loan does not charge any fees.

What features does SWSCU Secured Personal Loan offer?

  • Secured loan. You will need to provide security for this loan.
  • No-fee loan. You won't be charged any fees – only interest.
  • Varying loan term. The maximum loan term is 15 years.
  • High borrowing amounts. Borrowing amounts range from $500 up to $200,000.
  • Flexible repayments. You can choose between weekly, fortnightly and monthly repayments as it suits you.
  • Additional repayments. You can make additional repayments at no charge.
  • Redraw facility. You have access to the redraw facility at no charge.

How much does the SWSCU Secured Personal Loan cost?

The costs associated with this loan include:

  • Loan principal
  • Interest charges of 8.50% p.a.

This loan does not charge any other fees. The comparison rate, which includes interest charges and fees, is 8.50% p.a.

Pros and cons

Pros

  • Zero fees. Fees add to the cost of the loan, making it more expensive. With zero fees, you only pay interest charges.
  • Additional repayments and redraw. You can make additional repayments and redraw them at no cost.

Cons

  • Risk of repossession. Secured loans come with the risk of your asset being repossessed by the lender if you default on your payments.

Am I eligible for this loan?

To be eligible for this loan, you need to be:

  • Over the age of 18
  • Living in Australia
  • An Australian citizen or permanent resident

How do I apply for this loan?

You can apply for the loan online, through the South West Slopes Credit Union website. As part of the process, you’ll have to submit details of your income and any debts you have.

Have all the required documents at hand to speed up the process.

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