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Macquarie Credit Union personal loans – Realise your dream
The history of Macquarie Credit Union Limited began in 1964 when it was known as Macquarie County Council. Since then, a few names and mergers have taken place. Because it’s now part of the customer owned banking community, Macquarie Credit Union has a members first policy.
That means there are no shareholders, so customers get the better end of the deal because profits go into improving financial products and services.
Let’s see how a Macquarie Credit Union personal loan holds up to the light, given this information.
Key features of Macquarie Credit Union personal loans
Loan amounts. Ranges from $1,000 to $50,000
Loan terms. Up to 7 years
Pros. You get access to a wide range of options, a quick decision, and you can borrow as little as $1,000 for smaller expenses.
Cons. There’s an upfront fee as well as ongoing fees to cover.
Uses. Suitable for any worthwhile purpose such as debt consolidation, study materials, home renovations, or a holiday. Types of loans offered by Macquarie Credit Union
Macquarie offers the following products for all your extra cash needs:
Unsecured loans. Macquarie Credit Union unsecured personal loans are available for any purpose worth $1,000 and not more than $15,000 at a rate of 14.20%. Another version of this loan offers above $15,000 and up to $50,000 at a rate of 13.95%.
10/5/50 personal loan. This product’s name is derived from the fact that you can get up to $10,000 and repay it over 5 years via minimum repayments of $50 a week. The variable rate is 10.99%.
Student/Apprentice loan. Available for casual workers or students needing study equipment. The product offers at least $2,000 and you don’t have to pay an establishment fee or monthly fees.
Debt consolidation loan. This option allows you to bring your multiple debts into one place at a rate of 15.20%.
Overdraft. This facility gives you a continuing line of credit and is especially handy for unexpected expenses. You can borrow at least $1,000 and $10,000. A rate of 13.99% is charged only on the amount you borrow.
Car loans. Macquarie also offers several car loans. You can find more details in our guide about Macquarie Credit Union car loans. A closer look at Macquarie personal loans
Fees and charges include an establishment fee of $200 and a $5 monthly fee.
There are flexible repayment options for monthly, fortnight, and weekly schedules. You can use our Macquarie Credit Union personal loan calculator to get an idea of what’s affordable to you.
Other benefits include a free redraw facility, time-out option, variable and lump sum repayments, and early repayments without penalty.
Eligibility and membership requirements
Applications for Macquarie personal loans are open to members only. Membership applications, in turn, are open to:
Residents in the Local Government Areas of Dubbo, Narromine, Gilgandra, Warren, Coonamble, Cobar, or Nyngan.
Immediate family of Macquarie Credit Union.
Employees and families of employees of Essential Energy, Australia Post or Telstra (in NSW or ACT), Auscott Ltd, or any local government council/state government department/federal government department or authority
You also need to meet the following requirements:
Be at least 18 years of age
Be a permanent resident of Australia
Earn a regular income or be employed
Must not have declared bankruptcy, insolvency, or have previous defaults on credit accounts in the last five years.
Provide your income, employment, and living expense details
Provide details about your assets and debts as well as your Australian driver’s licence and passport details if you have them.
How to apply
You can apply for both membership and a loan online. This is often the fastest way to get the cash you need, and you can do so by clicking the “Go to Site” button in BestFind’s table above.
Once you complete and submit your application, you’ll get a reference number that enables you to follow up on your application.
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