Compare personal loans
When comparing finance deals, you should always consider credit union personal loans. It’s important to understand how these may differ from other loans on the market, so you can learn more about credit union personal loans and how they work, as well as compare other personal loan offers, with Savvy.
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|Wisr Unsecured Personal Loan|
Borrow between $5,000 and $64,000 with great low rates for excellent credit. Get a personalised rate estimate in 2 minutes that won't impact your credit score.More details
|Plenti Unsecured Personal Loan (Excellent Credit)|
Apply for an unsecured personal loan and enjoy low rates for excellent credit. With no early repayment or exit fees, there’s a lot to love about this loan.More details
|OurMoneyMarket Unsecured Personal Loan|
Apply for an unsecured personal loan between $2001 to $75,000 for a variety of loan purposes. Get a personalised rate estimate in minutes without impact your credit score.More details
|Harmoney Unsecured Personal Loan|
Borrow up to $70,000 with personalised rates and repay over 3,5 or 7 years loan terms.More details
Disclaimer: A comparison rate indicates the true cost of a loan. The comparison rate displayed for this advertiser is calculated based on a loan amount of $30,000 over 5 years and represents the effective rate on the loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
Credit union personal loans explained
How do credit union personal loans work?
In terms of its function, personal loans from credit unions are the same as any other: they’re a loan designed for personal use with essentially no restrictions on how they can be used. Whether you need some extra funds for help funding renovations around your home, to consolidate outstanding debts or to go on holiday, a cruise or even your honeymoon after getting married, a personal loan can be the financial boost you’re looking for.
The amount you borrow is subsequently repaid over an extended period of your choosing, generally ranging from one to seven years, with interest and fees. These are both key areas of comparison when it comes to personal loans, as they dictate how much yours will end up costing you over the course of your term. Some fees are avoidable, however, such as ongoing monthly fees, establishment fees and early repayment fees.
How are credit union personal loans different to other lenders?
The key difference between personal loans from credit unions and other lenders like banks is that they’re (more often than not) cheaper. This is because while banks are owned by shareholders, credit unions are member-owned and run and plunge profits back into the union to facilitate benefits for their members. These most often come in the form of rate and fee decreases, which can be crucial in the long run in terms of saving you money. To highlight this, you can look at the following example:
A $30,000 personal loan taken out over five years at an interest rate of 8.5% p.a. would cost $615.50 per month and $6,929.76 in interest overall. However, finding the same loan at a rate of 7.5% p.a. instead would save just under $15 per month ($601.14) and almost $900 in interest ($6,068.31).
However, credit unions aren’t generally the cheapest in the market, as smaller online private lenders can more consistently offer the most affordable rates and fees to their customers. The other key advantage that these lenders hold over credit unions is their flexibility when it comes to eligibility requirements. While there’s a wealth of specialist lenders who cater to diverse financial situations, such as those with bad credit or lacking the right documentation, this isn’t the case for credit unions. They’re more like banks in this respect, as they tend to stick to borrowers with stronger backgrounds.
As such, it’s also important that you compare these alternative options with Savvy. We’re partnered with a range of lenders who can work with you no matter where your finances sit, offering some of the cheapest interest rates in the market as well. You can start comparing here today, have your loan chosen and receive your funds in as little as 24 hours.
How to save money on your credit union personal loan
Improve your credit score
First and foremost, entering your personal loan application with as strong a credit score as possible will instil greater confidence in your credit union when it comes to determining the risk factor of the loan. This number indicates your success taking on and repaying debt in the past, so the higher it is, the better your record. Having a good credit score will help you minimise your interest rate and potentially reduce the fees you’re required to pay.