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Bcu personal loans – Bring your dreams and plans to life
Bcu, a division of Police & Nurses Limited, is a regional community-owned bank that’s worth a look if you want to skip the big banks. This alternative lender doesn’t have external shareholders, so all profits are reinvested back into the financial institution to create a continuous cycle of improvement. This translates to better and better products and services to members.
Our bcu personal loan guide looks at what you need to know before deciding if this lender suits your needs and individual circumstances.
Types of loans offered by bcu
bcu offers the following types of personal loans:
New car loan. This is a secured car loan available for vehicles and motorbikes up to 5 years old. You can read more about this product in our bcu car loan guide.
Freedom loan unsecured. This option requires no security, but it comes with a higher rate than the secured option. The funds are general purpose and therefore suitable for things like debt consolidation and wedding expenses. Bcu personal loan features
You have the flexibility to make additional repayments.
There are no additional charges for paying your debt out early.
You can take advantage of a redraw facility when you need your extra repayments back.
Minimum and maximum loan amounts are $4,000 and $75,000, respectively.
Loan terms go up to 5 years.
Only variable interest rates are available.
Rates, fees, and charges
Both products come with a $200 establishment fee. On the upside, bcu doesn’t charge a monthly fee or redraw fee. Interest rates for the secured option are lower than for the unsecured one. If you use your vehicle or asset as security, your rate will start from 5.65% vs the 9.30% available for unsecured loans.
Competitive rates. bcu offers low rates for their secured loan compared with other lenders. But this may not apply to their unsecured loan.
Borrow up to $75,000. Typically, unsecured loans have a maximum borrowing limit of $50,000. But with a bcu personal loan, you can get up to $75,000, which allows you to do more.
Fewer fees. Not having to pay ongoing monthly fees or redraw fees will trim some dollars off your total costs. The longer your term, the more it adds up.
Joint application. If you need to strengthen your application, bcu allows you to add more than one applicant during the online application process. Cons
Limited terms. Most Aussie lenders offer repayment periods of up to 7 years. But with bcu, you only get up to 5 years, so you have fewer repayment options. Be sure to use our bcu loan calculator to find a comfortable repayment amount that works for your budget.
Amounts start from $4,000. bcu only allows you to borrow a minimum of $4,000, which can be tricky when all your need is a small personal loan for short-term needs.
No fixed rate options. bcu personal loans only come with a variable rate, so this product won’t suit you if you need the security of fixed repayments. Eligibility
Bcu says you must meet the following criteria for your application to be accepted:
Be at least 18 years of age
Be a permanent resident or citizen of Australia
Have a regular income
Have no outstanding defaults or judgements
You should not be an undischarged bankrupt
Apply for a bcu personal loan online
The online application for a bcu loan consists of the following steps:
Choose a product and click “Go to Site” in the table above.
Select the “apply online” option on bcu’s website
Fill in the form and then submit. You’ll have to provide details about your loan, such as the amount, purpose, and whether it’s secured. You also have to provide your personal and financial information.
Once you receive an offer and accept it, the funds will be credited to your account.
Please note that while bcu members can fast-track their application online, if you’re a new member or have a question, you can place an enquiry first. A bcu lending specialist will then help you work through your personal loan options.
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