People’s Choice Credit Union Personal Loan Review

Find out all you need to know about People’s Choice personal loans and compare a range of other offers with Savvy.

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, updated on October 4th, 2023       

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People’s Choice Credit Union is one of the largest credit unions in Australia, having operated under various names since 1949, and now offer a vast range of products ranging from banking to home and personal lending to insurance.

Before signing up for a personal loan with them, though, it’s important to have a clear grasp of all the important features and how they stack up against other lenders in the market.

You can do just that right here with Savvy, as we’ve broken down the key elements of their personal loans so you can find yourself in a better position to make the right call for your finances.

*Please note that Savvy does not represent People’s Choice Credit Union for their personal loan product.

The features and benefits of People’s Choice personal loans

Borrow from $2,000 to $100,000

Depending on the type of loan you take out, you can apply for a loan as small as $2,000 or as much as $100,000, making them suitable for a highly diverse range of needs.

Rates from 7.99% p.a.

Interest rates on this type of finance start at 7.99% p.a. (8.35% p.a. comparison), so you’ll be able to lock them in with fixed interest from the start of your loan.

No ongoing fees

You won’t have to worry about paying anything extra on top of your monthly interest, as these loans come without any additional service fees for having an account open.

Free early repayments

If you’re looking to pay out your loan ahead of schedule, you won’t incur any fees for contributing above the minimum required amount in a given month.

Access a redraw facility

On top of this, you can access any extra funds paid towards your loan down the track by making use of the attached redraw facility, saving you from having to apply for finance again.

Customisable repayment schedule

You have the power to tailor your loan’s repayments to suit your needs, with terms of one to ten years (depending on your loan) and weekly, fortnightly or monthly instalments available.

The pros and cons of People’s Choice personal loans


Choose between secured and unsecured

Unlike many lenders, you’ll be able to select whether to put a valuable asset up as collateral for your personal loan or leave it unsecured across your term.

Online application process

You won’t need to visit your nearest branch to submit your application, as the entire process can take place online from the comfort of your home.

Pre-approval available

As part of the process, you can obtain pre-approval for up to 90 days to give you a clear idea of what you’re likely to be formally approved for, which can help if you’re using it to negotiate a price.


$250 application fee

People’s Choice charges an establishment fee to anyone opening a loan agreement with them worth $250, which isn’t an insignificant amount for most.

Higher rates than other lenders

By comparing loan offers from other personal financiers, you’ll quickly see that the lowest rates available in the market are notably lower than People’s Choice’s minimum.

Unavailable to borrowers with bad credit

If you’re looking to secure a second chance at a personal loan and don’t have a great credit score, you’ll have to look elsewhere for specialist lenders who can work with you.

More about People’s Choice explained

What personal loan products does People’s Choice offer?

There are three different types of personal loans offered by People’s Choice, so it’s important to know the differences between them before you apply for finance with a credit union. Your options with this lender are as follows:

Discounted Personal Loan

This is a secured personal loan, which offers the equal-lowest minimum interest rate (7.99% p.a.) and the lowest comparison rate (8.35% p.a.) of the three. You can choose to repay your loan debt over as many as ten years, which come with fixed rates for the opening five years. The minimum loan amount available sits at $10,000 and can reach up to $100,000. As part of the agreement, you’ll be required to attach either a car, motorcycle or caravan which is under seven years old or worth at least $10,000.

Unsecured Personal Loan (Low Rate)

As the name suggests, you can take out an unsecured personal loan at a lower rate (7.99% p.a.) than the standard, although the minimum comparison rate (9.72% p.a.) is higher than that of the Discounted Personal Loan. This is essentially a standard, conventional unsecured loan, with terms of one to seven years, although borrowers will only be able to access a maximum of $40,000 under this agreement (from a minimum of $2,000). Because of the shorter term, fixed rates will apply throughout your agreement.

Unsecured Personal Loan

This product is essentially the same in terms of structure and features as the low-rate loan, but it most notably comes with a higher minimum interest rate of 13.99% p.a. (15.78% p.a.). If your credit history isn’t perfect (but also isn’t bad), you’re more likely to be approved for a loan with this type of interest rate.

Of course, it’s important to approach the process of applying for your personal loan with a clear understanding of what your options are to ensure that you’re getting the best possible deal for your needs. There’s nothing worse than signing up for your personal loan and realising only after you’ve signed on that there was another offer which would’ve saved you a substantial amount of money. That’s why it’s crucial to compare your finance options across Australia with Savvy today and put yourself in a position to make an informed call on which personal loan is right for you.

What information will I need as part of my application?

The documents and information required to complete your personal loan application include the following:

  • ID: this can include things like your driver’s licence, passport or a proof of age card
  • Income: this includes documents such as payslips, bank statements, government pensions, allowances and any income from other sources (such as rent)
  • Employment: details on where you’ve worked over the past three years
  • Residential history: information on where you’ve lived over the past three years
  • Assets: could include your savings, vehicles, shares, property or anything else holding value
  • Liabilities: any outstanding loans or other debts, such as a mortgage, other personal loans or credit cards
  • Expenses: such as regular living expenses, rent and utilities

Common personal loan questions answered

Should I use a personal loan calculator before applying?

Yes – you’ll find it worthwhile to make use of a personal loan calculator while in the process of preparing your application. This tool will give you a clear understanding of the costs of different loans based on their sizes, repayment terms and interest rates. You can play around with Savvy’s calculator to help you find the right balance for your loan before you apply. Of course, this doesn’t mean you’ll be approved for the preferred deal, but it gives borrowers something to aim towards.

Will I be able to take out a loan if I’m a temporary resident?

Yes – however, you won’t be able to do so with People’s Choice, as their criteria only extend to citizens and permanent residents of Australia. There are a variety of personal loan financiers who can approve applications for temporary residents, so you’ll need to compare your options thoroughly to find one which suits your needs.

Should I take out a personal loan to invest in my business?

You can – this is especially valuable if your business is in the startup phase and doesn’t qualify for finance with a dedicated business lender. However, if you’ve been in operation for at least six months and are generating at least $5,000 in revenue monthly, you’re likely to be better off applying for a business loan rather than a personal loan for business, as they come with much higher borrowing ranges.

Can I take out a joint personal loan with People’s Choice?

Yes – you’ll be able to apply with a close family member such as your partner, sibling or parent. Doing so can improve your personal loan, as it can reduce the level of risk the lender feels in you as borrowers and open you up to a greater borrowing power and lower interest rate as a result (although not always the case).

Will I be able to apply for a loan as a single parent?

Yes – provided you can show your lender that you’ll be able to manage your loan’s repayments comfortably alongside your other expenses, single parents can be approved for personal loans. There may be more scrutiny around the application given that you’ll be supporting a household on one income, but with a stable employment, income, residential and credit history, you stand a strong chance of approval.

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