BCU began over 40 years ago as an alternative to traditional banks. Based on the NSW north coast, BCU’s network spans from Port Macquarie to the Sunshine Coast. Although BCU operates regionally, remote members can join the bank online.
BCU is a regional credit union, which means it does not have external shareholders. The profits BCU receives are reinvested into the business.
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Pros and cons
- Redraw facility available
- Additional repayments allowed
- Fast approval
- Application fee
- Ongoing account-keeping fees
- Limited branch access
bcu personal loans rates
based on $30,000 loan amount for 5 years at 7.93%
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based on $30,000 loan amount for 5 years at 10.69%
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Features of a BCU personal loan
BCU offers a range of personal loan products. Customers can choose between secured and unsecured loans and loan amounts of up to $75,000. BCU personal loans have a maximum term of five years. BCU offers loans for use on car payments, overseas holidays and more.
BCU personal loan interest rates vary depending on the loan you choose. BCU’s rates range from moderately low to moderately high. BCU personal loan interest rates are variable and do not offer fixed rates.
In general, BCU personal loans charge an application fee, a monthly account-keeping fee and a redraw fee.
BCU personal loans - customer service
As a regional credit union, BCU does not have the same 24/7 customer service you may find with larger banks in Australia.
Customers can contact BCU by email and over the phone from Australia and overseas. Customers can also visit a BCU store.
Who is eligible for a BCU personal loan?
- Must be at least 18 years old
- Must be a permanent Australian resident or citizen
- Must be a member of BCU
- Must not be bankrupt
How to apply for a BCU personal loan?
- Open the BCU online application by clicking ‘Apply Now’
- Complete the online loan application
- Submit verification documentation
- Call BCU during business hours with questions
BCU personal loans review
BCU is a regional credit union, which means it doesn’t have profit-hungry shareholders and therefore doesn’t feel compelled to charge high rates and fees.
If you’re looking for the best personal loan rates, BCU may be suitable depending on the product you choose. BCU personal loan interest rates range from moderately low to moderately high. When you compare personal loan rates, BCU tends to be in the middle of the market.
Because it is a smaller personal loan lender, BCU has a thinner range of personal loans. All BCU personal loans have variable interest rates, but customers can choose between secured and unsecured loans.
All BCU personal loans offer redraw facilities as well as fast approval during business hours. Many BCU loans allow additional repayments and do not have additional fees for paying the loan out early.
Do student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, with higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will guarantee the loan, taking on the financial responsibility if the borrower defaults.
Can you refinance a $5000 personal loan?
Many personal loans, much like home loans, can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent, without worrying about ending up out of pocket if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
Are there low doc personal loans?
Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.
It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. They have higher interest rates than regular personal loans and are also harder to access.
Can single mothers get personal loans online?
Many lenders offer online applications for personal loans, which can be convenient for borrowers who don’t have a lot of free time. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.
Can I get a no credit check personal loan?
Personal loans with no credit check are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They carry a range of risks, including putting individuals into a worsened cycle of debt due to higher than average fees.
Are there any interest-free emergency loans?
The No Interest Loans Scheme (NILS) allows low income borrowers to take out no-interest loans for up to $1500 to purchase essential goods and services.
There are also similar low-interest loan schemes available to borrowers in financial hardship who are having a tough time getting finance approved.
How do I find out my credit rating/score?
Credit reporting bodies like Equifax, Dun & Bradstreet, Experian and the Tasmanian Collection Service will give you a free credit report once a year. You can also get a free report if you’ve been refused credit in the past 90 days.
Credit reporting bodies have up to 10 days to provide reports. If you want to access your report quickly, you’ll probably have to pay.
Can I get a fast loan with bad credit?
Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford their loans on your income.
When was comprehensive credit reporting introduced?
Comprehensive credit reporting was introduced to make credit reports fairer and more accurate. Under the previous system, credit providers only saw negative information about potential borrowers. Now, they get to see both positive and negative information, which means that credit providers can see if a borrower’s negative credit behaviour is typical or a one-off.
Can I get an easy/instant personal loan?
Some lenders are able to approve applications over the internet and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.
What causes bad credit history?
Bad credit history is caused by filing for bankruptcy, defaulting on your debts, falling behind on your repayments and having loan applications rejected. Lenders are wary of borrowers who demonstrate this sort of behaviour, because it suggests they might struggle to repay future loans.
What do single mothers need to apply for a personal loan?
Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).