RACQ Unsecured Personal Loan

Rates and Fees verified correct on December 8th, 2016

Quick approvals and a 21-day satisfaction guarantee with the RACQ Unsecured Personal Loan

If you're looking to make a large purchase, are planning a holiday or want to invest in something, an unsecured personal loan such as this offering from RACQ is one to consider. RACQ offers you a competitive rate and easy repayments for a loan you can pay off over a term up to 7 years. To find out if this loan is for you, read the review below.

Product NameRACQ Unsecured Loan
Interest Rate (p.a.)From 13.95% (fixed)
Comparison Rate (p.a.)14.52%
Interest Rate TypeFixed
Minimum Loan Term1 year
Maximum Loan Term7 years
Min Loan Amount$5,000
Max. Loan Amount$30,000
Application Fee$378
Monthly Service Fee$0
Loan SecurityUnsecured

Pros

  • No monthly service fee
  • No security is required
  • Pre-approval is available

Cons

  • Application fee of $378
  • Low maximum loan amount of $30000

Things to consider

The RACQ Unsecured Personal Loan comes with a fixed rate of interested from 13.95% p.a., with the actual rate being offered to you in your loan contract. You should also confirm all fees in your loan contract before accepting, by speaking to an RACQ finance consultant. 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, paying for your education, or for debt consolidation.

Features of an RACQ Unsecured Personal Loan

There are various features that make this loan worth considering:

  • Interest rate. You'll be offered a fixed interest rate from 13.95% p.a.
  • Pre-approval. If you want the confidence of shopping with your loan amount in hand, pre-approval is available.
  • No monthly fees. You won't be charged monthly account-keeping fees.
  • Quick application and approval. The application doesn't take long, and you can usually find out if you've been approved within 24 hours.
  • Loan terms. You can repay your loan over a period of 1 to 7 years.
  • Repayment options. You have the choice of fortnightly or monthly repayments via direct debit. You can also make extra repayments at any time.
  • 21-day satisfaction guarantee. If you change your mind about the loan, you can cancel it in the first 21 days without penalty.

How much will the loan cost?

The loan comes with a fixed rate of interest starting from 13.95% p.a., with the comparison rate starting from 14.52% p.a. The rate you are offered is subject to RACQ's lending criteria, and you can check it in your loan contract.

Here's how to apply for RACQ's Unsecured Personal Loan

If you're ready to apply with RACQ, click "Go to Site" to start your application. 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
  • 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.

Was this content helpful to you? No  Yes

This page was last modified on 9 August 2016 at 12:58.

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

2 Responses to RACQ Unsecured Personal Loan

  1. Default Gravatar
    kim | July 9, 2016

    I wanted to borrow $25K P/L asap, thanks

    • Staff
      Elizabeth | July 11, 2016

      Hi Kim,

      If you meet the minimum criteria you can submit your application on RACQ’s website.

      I hope this helps,

      Elizabeth

Ask a question
feedback