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.
Fact checked
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.
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.
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.
RACQ offers variable rates starting at 9.34% p.a. (9.75% p.a. comparison), which means you may find yourself in a position to capitalise on a decrease in interest down the line.
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.
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.
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.
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.
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.
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.
You’ll be required to pay a fee of $200 to cover the administrative costs of preparing and opening your loan account, which is a decent chunk of money to pay upfront.
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.
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.
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.
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:
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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.
