Summerland Credit Union Personal Loan

A variable rate personal loan with pre-approvals. Interest charges and fees apply.

Summerland Credit Union offers a general purpose personal loan for its members. This loan can be either secured or unsecured, and can also be secured with cash. The loan has a variable interest rate and offers fast approvals. You can also get pre-approved for the loan.

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From 9.24% (variable)

Interest Rate (p.a.)

11.49%

Comparison Rate (p.a.)

$3,000

Min Loan Amount

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Details

Product NameSummerland CU General Purpose Personal Loan ($3,000 & above)
Interest Rate (p.a.)
From 9.24% (variable)
Comparison Rate (p.a.)11.49%
Interest Rate TypeVariable
Min Loan Amount$3,000

How does the General Purpose Personal Loan work? 

This loan comes with both secured and unsecured options. For a secured loan, you can secure the loan with a motor vehicle, motorbike, caravan, motorhome or cash. The unsecured loan does not require loan security. 

What features does the General Purpose Personal Loan offer? 

  • Secured and unsecured options. You can choose between either the secured or unsecured option.
  • Secure loan with cash. You don’t have to secure the loan with an asset; you can offer cash instead.
  • Variable rate. With a variable rate, your interest repayments may fluctuate based on the market rate. This means that if the rate goes down, your repayments reduce. If the rate increases, so do your repayments.
  • Pre-approval and fast approval. You can get pre-approval for the loan. The loan also offers fast approval.
  • Borrow from $3,000 upwards. The minimum loan amount is $3,000.
  • No early repayment fee. You can repay your loan early without incurring a penalty.
  • Additional repayments. You can make additional repayments.

How much does the General Purpose Personal Loan cost? 

There are a number of costs associated with the General Purpose Personal Loan. These include:

  • Loan principal
  • Variable interest rate of 9.24% p.a.
  • Establishment fee of $175
  • Loan administration fee of $5 per month

You may also be charged the following: 

  • Loan redraw fee of $25
  • Arrears reminder call fee $5
  • Second and subsequent reminder letter fee $20
  • Default notice fee $40

What are the pros and cons of the General Purpose Personal Loan? 

Pros

  • Both secured and unsecured options available. You can choose between either a secured or an unsecured personal loan. 
  • Secure with cash option available. You can secure the loan with cash if you wish. 

Cons

  • Need to be a member to apply. You can only apply for this loan if you’re a member. 

Am I eligible for the General Purpose Personal Loan ? 

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

  • At least 18 years old 
  • An Australian citizen or permanent resident with the right to work
  • In current paid employment  
  • A member of SCU 

SCU will make inquiries about your financial situation to help it make a decision on your loan approval. 

How do I apply for the General Purpose Personal Loan? 

You can apply for this loan online on the SCU website. Keep all the required documents on hand to speed up the process.

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