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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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
The documents and information required to complete your personal loan application include the following:
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Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
