RACV Personal Loan Review - Rates and fees | finder.com.au
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RACV Personal Loan

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Matt Corke
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Take advantage of pre-approval and a competitive rate of 6.49% p.a. with this secured personal loan from RACV.

This personal loan from RACV lets you borrow funds for whatever purpose you have. By securing an asset to the loan you can take advantage of a competitive interest rate. There are also no ongoing account-keeping fees and fast approval within 24 hours. Find out more about how the loan works in this review.


From 6.49% (fixed)

Interest Rate (p.a.)

7.19%

Comparison Rate (p.a.)

$5,000

Min Loan Amount

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Details

Product NameRACV Personal Loan
Interest Rate (p.a.)
From 6.49% (fixed)
Comparison Rate (p.a.)7.19%
Interest Rate TypeFixed
Min Loan Amount$5,000
Max. Loan Amount$30,000
Loan SecuritySecured

Main points to consider with the RACV Personal Loan

The RACV Personal Loan comes with a fixed interest rate of 6.49% p.a. The loan attracts a $499 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 the RACV Personal Loan

  • Interest rate. There is a fixed interest rate of 6.49% p.a. for the life of the loan. The comparison rate is 7.19% 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.
  • Make extra repayments. Extra repayments can also be made at any point during your loan but there is a charge of if you repay the loan in full before 75% of the loan term is through.
  • Loan terms and amount. You can choose loan terms between 1 to 7 years, with a minimum loan amount of $5,000.
  • Secured loan. You will need to nominate an asset as collateral for this loan.
  • Application and late payment costs. There is an upfront application fee of $499 for the RACV Personal Loan. No ongoing administration fees are charged for the life of the loan but there is a late payment fee.

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.

Compare other personal loans

Data updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Symple Loans Personal Loan
Symple Loans Personal Loan

From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10
Go to site
More Info
You'll receive a personalised interest rate from 5.75% p.a. to 25.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

From 6.99% (fixed)
7.79%
$2,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$0
Go to site
More Info
You'll receive a fixed rate between 6.99% p.a. and 24.79% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
Plenti Personal Loan
Plenti Personal Loan

From 6.39% (fixed)
6.39%
$2,001
3 to 7 years
$0 to $999
$0
Go to site
More Info
You'll receive a fixed rate between 6.39% p.a. and 17.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.
NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
$150
$10
Go to site
More Info
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
Citi Personal Loan Plus
Citi Personal Loan Plus
8.90% (variable)
9.18%
$5,000
3 to 5 years
$199
$0
Go to site
More Info
You'll receive a variable rate of 8.90% p.a. with a comparison rate of 9.18% p.a.
A credit limit up to $40,000 that you can continue to draw down over terms up to 5 years. Note: Monthly account service fee will be waived for applications submitted before 30 September 2021.
Alex Personal Loan
Alex Personal Loan

From 5.49% (fixed)
5.49%
$2,100
6 months to 5 years
$0 (Waived $295 establishment fee)
$0
Go to site
More Info
You'll receive a fixed interest rate from 5.49% p.a. to 19.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Note: The $295 establishment fee will be waived for loan applications submitted by 3 May 2021
OurMoneyMarket Personal Loan
OurMoneyMarket Personal Loan

From 5.35% (fixed)
6.31%
$2,001
1 to 7 years
1.5–6% of your total loan amount
$0
Go to site
More Info
You'll receive a fixed rate from 5.35% p.a. to 20.99% p.a. based on your risk profile
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.


⭐ Finder Exclusive: Apply before April 30th to secure a discounted rate of 5.35% p.a. (comparison rate: 6.31% p.a.) for the first 12 months.
NOW Finance No Fee Unsecured Personal Loan
NOW Finance No Fee Unsecured Personal Loan

From 5.95% (fixed)
5.95%
$5,000
18 months to 7 years
No Establishment Fee
$0
Go to site
More Info
You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $7,999 with loan terms between 18 months and 3 years or borrow $8,000 to $50,000 with loan terms between 18 months and 7 years.


⭐ Finder Exclusive: Get a free $200 Westfield e-gift card once your loan application has settled. Offer ends on 30 April 2021. T&Cs apply.
Latitude Personal Loan (Unsecured)
Latitude Personal Loan (Unsecured)

From 7.99% (fixed)
9.24%
$3,000
1 to 7 years
$250 (Loans under $5000 - $140)
$13
Go to site
More Info
You'll receive a fixed rate between 7.99% p.a. and 22.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly. You can check your interest rate before applying with no impact to your credit score.
SocietyOne Unsecured Personal Loan (2-3 years)
SocietyOne Unsecured Personal Loan (2-3 years)

From 6.39% (fixed)
6.39%
$5,000
2 to 3 years
from 0% to 5% of the loan amount
$0
Go to site
More Info
You'll receive a fixed rate between 6.39% p.a. and 17.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
SocietyOne Unsecured Personal Loan (5 years)
SocietyOne Unsecured Personal Loan (5 years)

From 6.39% (fixed)
6.39%
$5,000
5 years
from 0% to 5% of the loan amount
$0
Go to site
More Info
You'll receive a fixed rate between 6.39% p.a. and 19.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
Wisr Personal Loan
Wisr Personal Loan

From 6.49% (fixed)
6.76%
$5,000
3 to 5 years
$595
$0
Go to site
More Info
You'll receive a fixed rate between 6.49% p.a. and 19.95% p.a. based on your risk profile
A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.
CUA Unsecured Fixed Rate Personal Loan
CUA Unsecured Fixed Rate Personal Loan
9.39% (fixed)
9.64%
$5,000
1 to 7 years
$175
$0
Go to site
More Info
You'll receive a fixed rate of 9.39% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
MoneyMe Personal Loans
MoneyMe Personal Loans

From 6.25% (fixed)
7.64%
$2,100
1 to 5 years
from $295 to $495
$10
Go to site
More Info
You'll receive an interest rate between 6.25% p.a. and 19.95% p.a. based on your risk profile
Borrow up to $50,000 with no hidden fees or costs. Application process usually takes 5 minutes to complete and is done fully online.
Plenti Variable Rate Personal Loan
Plenti Variable Rate Personal Loan

From 6.39% (variable)
6.39%
$2,001
1 to 3 years
$0 to $999
$0
Go to site
More Info
You'll receive a variable rate from 6.39% p.a and 16.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.
Pepper Money No Fee Personal Loan
Pepper Money No Fee Personal Loan

From 5.95% (fixed)
5.95%
$5,000
18 months to 7 years
$0
$0
Go to site
More Info
You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $50,000 and use for a range of purposes. Pay no upfront, early repayment or ongoing fees.
CUA Unsecured Variable Personal Loan
CUA Unsecured Variable Personal Loan
11.89% (variable)
12.15%
$5,000
1 to 7 years
$175
$0
Go to site
More Info
You'll receive a variable rate of 11.89% p.a.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
NAB Personal Loan Unsecured Variable Rate
NAB Personal Loan Unsecured Variable Rate

From 6.99% (variable)
7.91%
$5,000
1 to 7 years
$150
$10
Go to site
More Info
You'll receive a variable rate between 6.99% p.a. and 18.99% p.a. (7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
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Compare up to 4 providers

Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 24.79% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

More info
Logo for ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 10.5% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

More info
Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

More info
Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

More info

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36 Comments

    Default Gravatar
    Brett
    February 19, 2018

    What is the minimum income requirements usually for a small loan with RACV?

    Reply
      Default Gravatar
      Joel
      March 9, 2018

      Hi Brett,

      Thanks for leaving a question on finder.

      It is not specified what the minimum income requirement is. As long as you have proof of regular income from your employer and the other criteria listed on the page above, you will be approved for a loan.

      Cheers,
      Joel

      Reply
    Default Gravatar
    Stephen
    October 30, 2017

    I am self employed, will I be able to qualify for a loan for a new caravan?

    Reply
      Avatarfinder Customer Care
      Judith
      October 31, 2017

      Hi Stephen,

      I hope all is well with you today. Thanks for contacting Finder.

      Some lenders may require additional details for self-employed borrowers. It is best to review the eligibility criteria and requirements of the loan option or lender and make sure to read the details, as well as the relevant Product Disclosure Statements / Terms & Conditions of the loan option before making a decision and consider whether the product or option is right for you.

      You can check our list of Caravan Loans or Low Doc Car Loans since you are self-employed and need to finance a car. Both pages have a comparison table you can use to see which lender suits you. Once you have chosen a particular lender, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with your loan application or get in touch with their representatives for further assistance.

      I hope this helps.

      Best regards,
      Judith

      Reply
    Default Gravatar
    Annalise
    November 3, 2016

    What is the maximum age a car can be to be used as insurance for a secured loan? Mine is 8 years old.

    Reply
      Avatarfinder Customer Care
      Dee
      November 10, 2016

      Hi Annalise,

      Thanks for your question.

      In a secured car loan, the restrictions on the age of the vehicle vary among lenders. Some even have restrictions on some makes and models of cars. You can directly get in touch with the lender you are interested in to enquire about this.

      Cheers,
      Anndy

      Reply
    Default Gravatar
    pam
    April 24, 2016

    how much would weekly repayments be for a personal loan of $11000 over 7 and what is the rate

    Reply
      Avatarfinder Customer Care
      Elizabeth
      April 26, 2016

      Hi Pam,

      Using this personal loan calculator, I worked out that your weekly repayments would be $41 based on RACV’s starting interest rate of 9.15% p.a. Keep in mind your interest rate may be different depending on what you’re approved for.

      Hope this has helped,

      Elizabeth

      Reply
    Default Gravatar
    Scott
    February 13, 2016

    Can you please confirm the maximum loan amount for a debt consolidation loan?

    Reply
      Avatarfinder Customer Care
      Elizabeth
      February 15, 2016

      Hi Scott,

      The maximum loan amount with RACV personal loan for debt consolidation is $35,000.

      Elizabeth

      Reply
    Default Gravatar
    Greg
    February 13, 2016

    To get a fixed rate of 9.15% does this have to be secured by an asset. If so a block of land ok but do you lodge a second mortgage or caveat?

    Reply
      Avatarfinder Customer Care
      Elizabeth
      February 15, 2016

      Hi Greg,

      With the RACV Personal Loan you will need to nominate an asset as collateral for the loan. Unfortunately this asset can only be a car associated with no other loans, and a model no earlier than 2008. Alternatively, if you own a home, they can use that as a security. A block of land does not qualify as an asset with this loan type.

      Thanks,

      Elizabeth

      Reply
    Default Gravatar
    George
    January 2, 2016

    I am a retired person Have had two previous loans from racv.Can I still get a loan from racv

    Reply
      Avatarfinder Customer Care
      Elizabeth
      January 4, 2016

      Hi George,

      Thanks for your question.

      You need to be currently employed to be eligible for a loan from RACV, so as you are retired you are not eligible. However, you can read our guide on borrowing as a pensioner and see what conditions are there when applying for a loan. You can also compare other loan options for pensioners on this page.

      You can press the “Go to site” button of your preferred lender to proceed with your application. You can also contact the lenderif you have specific inquiries. A gentle reminder, please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply.

      I hope this will help.

      Thanks,

      Elizabeth

      Reply
    Default Gravatar
    Anne-Marie
    July 19, 2015

    Who are RACV loans underwritten by?

    Reply
      Avatarfinder Customer Care
      Matt
      July 21, 2015

      Hi Anne-Marie,

      Thanks for your comment. RACV do not make this information publicly available. If you need this information, please contact RACV directly using the above go to site links.

      Cheers
      Matt

      Reply
    Default Gravatar
    Leigh
    July 16, 2015

    HI there I would like to consolidate a personal loan and credit card and buy a car. I have an old default on my Credit REport from 5 years ago and has been marked as paid in full and due to come off in October. I notice that you have said 3 years for defaults. Would I be eligible for a loan with you? TIA

    Reply
      Default Gravatar
      Jodie
      July 27, 2015

      Hi Leigh,

      Thank you for your comment.

      You have come through to finder.com.au, a financial comparison website, please use the above “Go to site” button to contact RACV directly to discuss your lending needs.

      Regards
      Jodie

      Reply
    Default Gravatar
    Rochelle
    July 15, 2015

    Is this personal loan rate of 9.15% available to pensioners?.

    Reply
      Avatarfinder Customer Care
      Elizabeth
      July 16, 2015

      Hi Rochelle,

      Thanks for your question.

      To be eligible for this loan, you need to be in regular, ongoing employment. You can compare pensioner loans from banks or lenders and read through our review pages.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.

      I hope this has helped.

      Thanks,
      Elizabeth

      Reply
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