CUA personal loan repayment calculator

Thinking about taking out a personal loan with CUA? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how CUA personal loans compare with other options.

I'd like to borrow

$

Loan term

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Your estimated repayment

at interest rate 10.00 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • Secured and unsecured loans offered
  • No application, ongoing or exit fees
  • Redraw facility and extra repayments offered
  • Secured loan administration fee
  • Higher than average interest rates

CUA personal loans rates

Product
Advertised Rate
Comparison Rate*
Repayment
Upfront Fee
Features
Go to site
Company

9.89%

Fixed

10.14%

$636

based on $30,000 loan amount for 5 years

$175

Redraw facility
Extra repayments
Fully drawn advance
Secured
CUA
More details

10.89%

Variable

11.15%

$651

based on $30,000 loan amount for 5 years

$175

Redraw facility
Extra repayments
Fully drawn advance
Secured
CUA
More details

11.89%

Variable

12.15%

$666

based on $30,000 loan amount for 5 years

$175

Redraw facility
Extra repayments
Fully drawn advance
Secured
CUA
More details

Features of a CUA personal loan

CUA provides its customers with personal loans for a wide range of purposes including debt consolidation, buying a vehicle, home renovations, travel, health or medical reasons, a wedding, student loans and even purchasing shares.

 

The credit union offers both secured and unsecured personal loans, with a repayment term ranging from one to seven years. CUA persona loan interest rates are higher than average and they offer both fixed and variable loan terms.

 

CUA also rewards its personal loan customers by scrapping many common fees, including application fees, ongoing fees and early exit penalty fees. However, you should keep an eye out for administration fees applied to secured loans. Redraw facilities and extra repayments are also available for CUA personal loan products, and you’re able to apply both online or in branch.

Customer service

You can contact CUA by dropping into one of their 70 branches across Australia, their online platform and mobile banking app, as well as through CUA Direct – their Australia-based call centre. They also allow customers to manage their finances through Apple Pay, Google Pay and Samsung Pay. 

Who is eligible for a CUA personal loan?

To qualify for a CUA personal loan it is required that you:

  • Are at least 18 years of age
  • Are a permanent resident of Australia
  • Are currently employed
  • Receive a regular income
  • Have not declared bankruptcy or insolvency, or had defaults on any loans, credit cards, interest free finance or store cards in the last five years

How to apply for a CUA personal loan?

You can apply for a CUA loan though:

  • Online application process
  • Apply in branch (minimum loan amount $1,000)

CUA personal loans review

CUA is a credit union based Australia wide. They offer secured and unsecured personal loans to new and existing customers, with a maximum borrow amount of $60,000.

 

CUA personal loans are a competitive choice for everyday Aussies looking for a personal loan with helpful features and very minimal fees. While their interest rates are often higher than average, they offer customers waived application fees, ongoing fees and early exit penalty fees may entice them to join. Those looking for secured personal loans should know that a security administration fee applies. CUA personal loan customers can also enjoy features like unlimited free extra repayments and a redraw facility.

 

CUA personal loan interest rates increase when you are borrowing more than $30,000 and/or whether you are taking out an unsecured loan. However, it is a marketplace standard to see higher interest rates for these criteria.

 

The credit union does limit borrowing from those who have declared bankruptcy or insolvency, or had defaults on any loans, credit cards, interest free finance or store cards in the last five years, so their personal loans may not be suitable if you are deemed an unreliable borrower.

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.

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.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans – they also get loaned less money. Each lender has its own policies, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset (such as a car or jewellery) as collateral or security. Lenders charge higher interest rates on unsecured loans than secured loans.

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.

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.

Personal Loans Frequently Asked Questions

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

What are the pros and cons of bad credit personal loans?

In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts in such a way that it makes it easier for them to repay those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate.

However, this strategy can backfire if the borrower spends the extra money instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.

What do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan – however, the process is easier and faster than taking out a mortgage.

Loan sizes usually range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

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.

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.

How long are $3000 loans?

Medium amount loans can be repaid between 16 days and 2 years. Many personal loans have terms between 1 year and 5 years, though some are as short as 6 months while others last for 10 years.

Generally, the shorter a loan’s term, the more expensive your repayments, but the less total interest you’ll pay. Loans with longer terms mean more affordable repayments, but more interest charges over the full term.

Which lenders offer bad credit personal loans?

Several dozen lenders offer bad credit personal loans. These are generally smaller lenders that aren’t household names.