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Police Bank personal loans – Join & be part of an alternative
Police Bank mainly services the wider police community, but anyone can apply.
As a mutual financial institution, Police Bank is proud to dish out an alternative form of finance. Unlike larger financial institutions, Police bank has no profiteering shareholders to influence how it does business. That means profits find their way back to members in the form of better rates, products, and services.
Use this guide to check out if Police Bank personal loans live up to this promise.
Police Bank personal loans at a glance
Loan amounts – Minimum of $5,000
Loan terms – Up to 7 years
Interest rate type – Variable and fixed rate options available
Pros – Joint applications are available if you want to get better terms on your loan. Interest rates are also competitive, and there are fewer fees.
Cons – There’s no redraw facility.
Best for – Borrowers from the Police and Border Force community or their family and friends who are looking to refinance or consolidate debt or have other worthwhile purposes such as a holiday, debt consolidation, or wedding. Types of loans offered by Police Bank
If you’re interested in taking out a loan with Police Bank, you may choose from the following options:
Unsecured personal loan. Police Bank unsecured loans come with a fixed or variable rate. Fixed rates offer the security of unchanging repayments, so you always know what your budget looks like. On the other hand, variable rates can change. You save if rates go down, but you’ll pay extra if rates rise.
Green loan. This option comes with a discounted fixed rate for borrowers who are going green. Approved projects include solar hot water systems, green vehicles, or energy saving white goods.
Car loan. Police Bank car loans come with fixed interest rates and are suitable for purchasing a brand new, used, or environmentally friendly vehicle. If the vehicle is to be used as loan security, it has to be under 7 years old.
Overdraft credit facility. You can be ready for any unexpected expense with this ongoing line of credit that’s linked to your account. Interest is payable only on the amount you borrow. A closer look at Police Bank personal loans
There are no account keeping fees or early payout penalties. However, there’s an establishment fee of $98 that’s payable as soon as your money is funded. For overdrafts, the establishment fee is $50.
You can pay off your Police Bank personal loan using the monthly, fortnightly, or weekly repayment options. Remember, to qualify, you must be able to afford your repayments. Take advantage of our Police Bank personal loan calculator to find a solution that suits your budget.
There are no penalty fees or charges for closing your account early, so you can use the extra repayment feature as many times as you like. However, there’s no redraw facility available, so you won’t be able to access any additional repayments you make.
To qualify for a Police Bank personal loan, you’ll need to satisfy the following criteria:
Be at least 18 years old
Be a permanent Australian resident
Have a regular income
Be able to make your repayments
Have access to an email account or mobile phone
Must want to borrow more than $5,000
You’ll also need to provide your Australian driver’s licence or other ID documents. Additionally, bank statements and employment documents may be required.
How to apply online
Completing the online application takes only 10-15 minutes via the following steps:
Browse our product table to find the best option for your circumstances, then click “Go to Site.”
Fill in the application form and submit it so Police Bank can start the review process.
If approved, you sign the contract online.
Police Bank then funds you the money, so you can start enjoying your plans, be it a car, holiday or investment.
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