Take advantage of pre-approval and a competitive interest rate personal loan from RACV.
Whether you are looking to purchase a caravan, go on a holiday, or even undertake some home renovations, the RACV Personal Loan can finance your next important purchase. Featuring a competitive interest rate and no ongoing account-keeping fees, it offers quick approval to help put money in your pocket in as little as 24 hours.
Things to consider about RACV Personal Loans
|Product Name||RACV Personal Loan|
|Interest Rate (p.a.)||From 7.99% (fixed)|
|Comparison Rate (p.a.)||8.53%|
|Interest Rate Type||Fixed|
|Minimum Loan Term||1 year|
|Maximum Loan Term||7 years|
|Min Loan Amount||$5,000|
|Max. Loan Amount||$30,000|
|Monthly Service Fee||$0|
The RACV Personal Loan can be used to finance almost anything. RACV offers pre-approval with this loan so you can make your purchase knowing exactly how much you have to spend. The loan attracts a $370 application fee but does not have any ongoing account-keeping fees.
If you are specifically looking to purchase a car, RACV offers a car loan with an even lower interest rate and optional extras for your warranty and insurance.
Features of RACV Personal Loans
- Interest rate. There is a fixed interest rate of 7.99% p.a. for the life of the loan. The comparison rate is 8.53% p.a. (based on $30,000 over five years).
- Convenient repayment options. RACV works with you to set up direct debit payments that will line up with when you get paid. You have the option of making these repayments either fortnightly or monthly. Extra repayments can also be made at any point during your loan.
- Loan terms and amount. You can choose loan terms between 1 year(s) and 7 year(s), with a minimum loan amount of $5,000.
- Secured loan. With the RACV Personal Loan you will need to nominate an asset as collateral for the loan.
- Fees and charges. There is an upfront application fee of $370 for the RACV Personal Loan. No ongoing administration fees are charged for the life of the loan, but there is a late payment fee and a charge of if you repay the loan in full before 75% of the loan term is through.
How to apply for the RACV Personal Loan
If you'd like to get your application process started, you can do so by clicking "Go to Site". First, check you meet the eligibility criteria outlined below. You must:
- Be 18 years of age or older
- Be an Australian citizen or permanent resident
- Be in regular, ongoing employment
- Have had no loan or credit card defaults in the last three years
- Have not filed for bankruptcy in the past seven years
- Be looking to borrow at least $5,000
You'll also need to provide the following information:
- Australian driver’s licence
- Details from your employer including name, address, contact details
- Details of your financial position including income, assets, expenses and debts
You can complete the application process online or over the phone. It will take approximately 10 minutes and, in most cases, you will be approved and have access to the funds within 24 hours.
To make sure you're getting the right loan for your needs, make sure you compare all of your options before you apply.