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Minimum and maximum loan periods vary between 6 months and 10 years. Comparison
interest rates vary between 6.55% and 20.89% p.a. Total interest repayments vary between
$1,387 and $4,165 over the life of the loan. *Comparison rate is based on an unsecured loan
of $10,000 for a term of 3 years. WARNING: This comparison rate is true only for the
examples given and may not include all fees and charges. Different terms, fees or other loan
amounts might result in a different comparison rate. These rates can change without further
notice. All rates quoted are per annum. For more information regarding fees click on "View
fees & additional info +" for each product or contact the provider.
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RACQ personal loans – Find flexible finance for Queenslanders
In 2017, RACQ Bank was born following a merger with QT Mutual Bank. This move meant Queenslanders now had a better alternative to shareholder-owned financial institutions. That’s because, as a mutual bank, RACQ is member-owned and exists to benefit members instead of to make profits.
In that regard, RACQ personal loans could be right for you, especially if you’re looking for a borrowing experience with a cherry on top, such as access to member benefits. Here are the need-to-know details.
RACQ personal loans: Key product details
- Loan amounts – $3K-$60K
- Loan terms – Up to 5 years
- Interest rate – 9.34%
- Interest rate type – Variable rate
- Pros – Quick online application and approval. You can also make free, unlimited repayments.
- Cons – Available only to Queensland residents. There’s also no redraw facility to access your extra repayments.
- Best for – Residents of Queensland looking for a community-owned financial institution that offers benefits to members.
Types of loans offered by RACQ
RACQ unsecured personal loans are your best bet if you’re looking to finance things like holiday and travel costs or a wedding. You don’t need an existing asset to apply. RACQ also offers a debt consolidation loan that brings your debt into one place, making it easier to manage.
Other products include RACQ car loans. These are secured and therefore come with a lower, competitive rate. You can use them to finance a new or used car, boat, caravan, jet ski, plus more.
A closer look at RACQ personal loan features
- When it comes to repayments, RACQ offers flexible options that enable you to clear your debt weekly, fortnightly or monthly. You can also save on interest by making free, unlimited additional repayments should you wish to close your account at an earlier date. If you’re wondering what your repayments might look like, use our RACQ personal loan calculator.
- RACQ Bank personal loans come with flexible loan amounts. The minimum is $3,000, which is handy for borrowers seeking a smaller lump sum. Typically unsecured loans offer up to $50,000 but RACQ has a $60,000 limit which allows you to do more.
- Maximum terms go up to 5 years, which is a bit restrictive compared to the 7 years offered by other lenders.
- RACQ member benefits include travel and accommodation discounts as well as discounts on movies and events, theme parks and attractions, plus more.
Fees and charges
- Establishment fee (unsecured personal loan) – $200
- Establishment fee (secured car and boat loans) – $395
- Document preparation fee – $82.50
- Guarantee fee – $82.50
Other fees and charges may also become payable, for instance, an administration fee and a courier fee. However, there’s no monthly, annual, or additional repayment fee.
- Be at least 18 years of age
- Be permanent residents of Australia
- Not have declared bankruptcy or insolvency
- Not have defaulted on any debts in the last 5 years
However, if you don’t meet some of these requirements, you can contact RACQ to check for options available to you. During the application process, you’ll also need:
- Income details – employment and other income
- Expense and liability details – living expenses and debts
- Asset details – properties, vehicles, super, savings
Applying for RACQ personal loans
To go to this lender’s website, find and click the right “Go to Site” button in the table above. Here’s how RACQ’s online application process works:
- Fill in the online application form and submit it. Generally, this only takes 10 minutes. Once it gets to RACQ, they’ll get the review process underway.
- Afterthe review, you’ll receive a call within a business day. This is to let you know which documentation you need to provide.
- When all your documents and info are in place, you’ll get feedback on whether your application was successful.
- If you get approval, you then receive some paperwork. Once you sign and send, RACQ will move the money into your bank account.
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