RACQ Personal Loan Review

Read about and compare all the key features of RACQ’s personal loan offer here with Savvy to see if it’s right for you.

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, updated on May 27th, 2024       

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RACQ is Queensland’s largest car insurer, although they offer a wide variety of products ranging from roadside assistance, banking, insurance and home and personal loans, among others.

It may seem the most convenient to go with RACQ if you’re already a member and are on the lookout for a personal loan, but it’s important above all else to consider your options on the market before diving into your application.

Fortunately, you can do just that right here with Savvy. With online lending partners from around the country, it’s easy to find the best deal available for your needs by comparing different lenders, loans and their features.

*Please note that Savvy does not represent RACQ for their personal loan product.

The features and benefits of RACQ personal loans

Get approved for $3,000 to $60,000

You can take out a personal loan for as much as $60,000 or as little as $3,000 with RACQ, giving you a greater potential borrowing range to take advantage of.

Take up to five years to repay

Ensuring your personal loan’s term is manageable for you when it comes to the cost of your instalments is crucial, so you can choose a term between one and five years.

Secure an interest rate from 9.99% p.a.

RACQ offers variable rates starting at 9.99% p.a. (10.27% p.a. comparison), which means you may find yourself in a position to capitalise on a decrease in interest down the line.

No early repayment fees

There are avenues open to borrowers to minimise the cost of their loans, one of which is the lack of any restriction on additional repayments or penalties for paying out early.

No security required

RACQ’s personal loans are unsecured, meaning you won’t have to scramble to find an asset such as your car or sizeable savings to back up the agreement if you don’t want to.

Pay on your own schedule

In addition to deciding on your preferred loan term, you’ll also be able to choose how often to make your repayments: you can do so weekly, fortnightly or monthly.

The pros and cons of personal loans with RACQ


Benefits available to members

If you’re a member of RACQ, there are many benefits available which you might be looking to take advantage of, such as discounts on their products or partnered promotions.

No ongoing fees

There aren’t any ongoing fees associated with these loans, ensuring you won’t have to fork out an additional $5 to $10 per month to keep your finance deal running.

Multiple application options

You can complete your loan application online if it’s the most convenient option for you, but you can also call RACQ or even speak with them in-store in Queensland.


Establishment fee charged

You’ll be required to pay a fee of $195 to cover the administrative costs of preparing and opening your loan account, which is a decent chunk of money to pay upfront.

Less competitive rate available

RACQ’s minimum variable rate is higher than those of many lenders currently operating on the market, so you’re likely to find a cheaper loan deal by comparing your options.

Available to members only

You automatically become a member by taking out this loan, so there’s not much of a way around it if you’re already with another insurer in Queensland.

RACQ personal loans explained

What are the steps to applying for a personal loan with RACQ Bank?

You won’t need to worry about a complex application process when applying with RACQ, as everything can be completed from the comfort of your home. It’s important to note that comparing your options before commencing this process will help you guarantee that you’re in a better position to determine which loan is best for you, both in terms of its rate and fees and the conditions which you’ll be able to take advantage of. You can also use our personal loan calculator to help you work out what the costs of different loans are based on their rates, terms and sizes.

The steps to follow when applying for your personal loan are:

Complete your application form

This will only take you around 15 minutes to complete and can be done from your computer or smartphone. Your form lays the groundwork for your application, as it tells the lender about you, your financial situation and the type of loan you’re hoping to be approved for. Once you’ve finished it, simply submit and wait for a response.

Receive a call from RACQ

You’ll be contacted by a member of the RACQ team to speak about your loan application. They’ll let you know if there are any questions or if there’s further clarification needed on any points raised in the form.

Supply extra documentation

One of these is to supply any further documents to verify your personal information. This is a relatively normal part of the application process, as many lenders will reach out to applicants for further details after their initial form is submitted.  

Receive your loan contract to sign

Once RACQ has reviewed all of the information, they can come to a final decision on whether you’re a suitable candidate for the loan. If they decide you are, you’ll be sent a loan contract to sign which confirms all of the conditions of your agreement. After you’ve signed this electronically, you can return it to RACQ and they can transfer the required funds directly into your nominated account.

What documents and information will I need for my loan application?

You should always be sure to have the required documentation on hand when commencing your application, as doing so will minimise the likelihood of delays in the financing process. The information required to apply for your loan are:

  • Personal details: your driver’s licence details and information on your employment
  • Income: record of payments from your job/s and any other sources
  • Asset information: details surrounding your vehicle/s, property, savings and anything else valuable
  • Liability information: details surrounding any outstanding debts, such as loans and credit cards
  • Expense details: information on your ongoing living expenses and any other regular costs

Further personal loan queries answered

Can I borrow from RACQ if I live outside Queensland?

No – RACQ’s service is open to citizens and permanent residents living in Queensland. This means that Brisbane borrowers can take out a personal loan with RACQ, but those living anywhere else will have to look elsewhere. Fortunately, we’re partnered with online lenders who can approve applications no matter where you live.

What can I receive a discount on as an RACQ member through a personal loan?

You can enjoy discounts on a range of different things as an RACQ member, including movie tickets, experiences, vehicle running expenses, shopping and more. In terms of their own services, you can receive discounts on products such as travel insurance, vehicle inspections, windscreen repair and even home loans.

What can I use my personal loan for?

Almost anything you like – personal loans are flexible to your needs, meaning you can make use of them however you like. Whether you’re planning your wedding, buying cruise tickets, covering school fees or even funding a cosmetic procedure like a hair transplant, a personal loan can help you achieve your financial goals.

Will I be able to use my parent as a guarantor on my loan?

Yes – a guarantor personal loan is something offered by many lenders. This is simply a personal loan where you apply with a third party, such as a parent or family member, agreeing to take on the responsibility of repaying the loan in the event you become unable to do so. This gives the lender more confidence in your ability to repay the loan, as the guarantor will be someone in a strong financial position with a good track record, and can lead to lower interest rates and fees.

Are personal loans available to self-employed workers?

Yes – self-employed applicants can take out a personal loan in the same way as any other borrower. However, in most cases, you’ll need to have been operating your business for a longer period than is required for a PAYG employee. Some lenders will need to see tax returns and Notices of Assessment from the past 18 months to two years to verify that your business is healthy enough that you’ll be able to support your loan repayments. If you want to find out how much you might be able to borrow, you can use our borrowing power calculator.

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