People's Choice Credit Union personal loan repayment calculator

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

I'd like to borrow

$

Loan term

Credit Score ()

Your estimated repayment

at interest rate 10.00 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • No ongoing fees
  • Redraw facility available
  • No early exit penalty fees
  • Higher-than-average upfront fees
  • Must become a member to finalise application
  • Most branches located in South Australia

People's Choice Credit Union personal loans rates

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

7.99%

Fixed

8.35%

$608

based on $30,000 loan amount for 5 years

$250

Redraw facility
Extra repayments
Fully drawn advance
Secured
People's Choice Credit Union
More details

9.99%

Fixed

11.74%

$637

based on $30,000 loan amount for 5 years

$250

Redraw facility
Extra repayments
Fully drawn advance
Secured
People's Choice Credit Union
More details

13.99%

Fixed

11.74%

$698

based on $30,000 loan amount for 5 years

$250

Redraw facility
Extra repayments
Fully drawn advance
Secured
People's Choice Credit Union
More details

Features of a People’s Choice Credit Union personal loan

There are a few options to choose from at People’s Choice Credit Union, including secured and unsecured personal loans. All loans come with fixed interest rates, but some revert to a variable rate after an introductory period.

Personal loan interest rates from People’s Choice range from moderately low to moderately high. Compare personal loan rates using RateCity to find the best personal loan rates on the market for your needs.

People’s Choice Credit Union does not have ongoing fees or early exit penalty fees for its loans. However, its upfront fees are higher than what borrowers are likely to find at the major banks.

Additionally, there is a redraw facility for those who intend to borrow back more money after paying it off.

People’s Choice Credit Union personal loans - customer service

People’s Choice Credit Union has over 40 branches for its members to visit. However, its branches are located only in South Australia, Victoria, Northern Territory and Western Australia.

Those not living near a branch can bank with People’s Choice Credit Union online or by phone.

Who is eligible for a People’s Choice Credit Union personal loan?

To apply for a People’s Choice Credit Union personal loan, you will need to provide the following:

  • Details of income
  • Info about expenses
  • Asset information
  • Details of residency and employment
  • Australian driver’s licence or photo ID

How to apply for a People’s Choice Credit Union personal loan

People’s Choice Credit Union accepts the following methods of application for personal loans:

  • Online applications
  • In-branch applications
  • Phone applications

People’s Choice Credit Union personal loans review

There are a few personal lending options available from People’s Choice Credit Union, including secured and unsecured loans. All loans come with fixed interest rates, which may appeal to some borrowers, but keep in mind that some loans revert to a variable rate after an introductory period.

People’s Choice Credit Union personal loan rates vary from moderately low to moderately high depending on the type of loan chosen. Customers looking to reduce the risk of unnecessary debt may find these interest rates appealing. However, personal loans with lower interest rates could be available elsewhere in the market.

There is a higher-than-average upfront fee charged for People’s Choice Credit Union personal loans. However, there are no ongoing fees and no penalty fees for customers who wish to pay offer their loans early – which may help to reduce costs.

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 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 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.

Are there emergency loans with no credit checks?

While many personal loans require a credit check as part of the application process, some personal loans and payday loans have no credit checks, which may appeal to some bad credit borrowers.

Keep in mind that even if a loan is available with no credit check, the lender will likely want to confirm that you can afford the repayments on your current income.

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.

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.

Personal Loans Frequently Asked Questions

Are there $2000 emergency loans?

If you’re having trouble being approved for a loan of less than $2000, and urgently need to purchase household essentials, there may be emergency loan options available to you.

For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.

For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007

What do I need to get a fast loan?

Most lenders will need to you provide the following information in your application for a fast loan:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of any assets you own (e.g. car, home etc.)
  • Details of any liabilities you owe (other personal loans, credit cards, mortgages etc.)
  • How much you want to borrow
  • How long you want to pay it back
  • Purpose of your loan

How long does it take to get a student personal loan?

Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or even the same day, in some cases.

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.

What is a credit rating/score?

Your credit rating/score is a number that summarises how credit-worthy you are based on your credit history.

The lower your score, the more likely you are to be denied a loan or forced to pay a higher interest rate.

Where can I get a personal loan?

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.

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.

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.