BCU Bank offers both secured and unsecured personal loan options to its customers.

The bank's personal loans can be used to finance holiday trips, the purchase of big-ticket items, e.g., a new or used car, or debt consolidation. Loan amounts start at $4,000, with repayment terms of up to five years.

BCU Bank personal loan rates are fairly competitive. All carry variable rates.

While these are not ideal for borrowers seeking the certainty of fixed repayment over the term of the loan, BCU Bank personal loans offer the flexibility of making additional repayments or paying off the loan earlier than scheduled without incurring extra charges or penalties.

The bank doesn't charge ongoing fees, which many of its customers appreciate, though other charges may still apply.

Personal Loans Available at BCU Bank

Secured Personal Loan

BCU Bank's secured personal loan is available to borrowers seeking funds to purchase a new or used car (or even a jetski), finance home renovations, or pay for dream holidays. The loan must be secured against an eligible vehicle (i.e., a car no more than seven years old, or a new motorbike).

Suitable for: Borrowers in good credit standing and have acceptable security to offer as collateral.

Features:

• Variable rate

• Loan amounts start at: $4,000

• Loan terms: 1-5 years

• Flexible repayment frequency

• Unlimited additional repayments

• Redraw facility

• No ongoing fees

Freedom Loan Unsecured

True to its name, BCU Bank's Freedom Loan Unsecured allows eligible borrowers to access funds for a variety of needs unencumbered by the need to provide collateral. However, as the loan is not secured against an asset, its interest rate is higher.

Suitable for: Borrowers in need of funds to meet any personal needs or to consolidate debt, but have no eligible assets to secure against the loan.

Features:

• Variable rate

• Loan amounts: $4,000 - $100,000

• Loan terms: 1-5 years

• Flexible repayment frequency

• Unlimited additional repayments

• Redraw facility

• No ongoing fees

BCU Bank Personal Loans Fees

BCU Bank prides itself on not charging ongoing fees to its borrowers. However, customers may still need to pay the following fees:

• Establishment fee: $200

• Security administration fee: $20/vehicle*

• Late payment fee: $5

• PPSR registration fee: $11.40*

• PPSR search fee: $3.70*

Other fees may apply, depending on the circumstances, e.g., payment is overdue.

These are correct at the time of writing and are subject to change

*For secured loans only

How to Apply for a Personal Loan with BCU Bank

Interested customers may apply for a personal loan with BCU over the phone or in person at any of the bank's local branches.

To be eligible, you must:

• Be at least 18 years old

• Be an Australian citizen or a permanent resident

• Have a stable and verifiable income

• Meet BCU's credit assessment requirements

BCU Bank requires the following documents:

• Proof of identification - passport, driver's licence, or other primary photo ID

• Employment details - contact details of current employer and previous employer, if current is less than two years

• Income details - recent payslips for employed; tax assessments for self-employed

• List of assets - savings accounts, properties, investments, etc.

• List of liabilities - other existing debts

• Ongoing expenses - rent, food, medical costs, etc.

The bank may also require applicants to provide additional information and supporting documents to prove they are in good credit standing and are capable of repaying the loan.

Once all necessary documents are submitted, BCU will assess the application, which may include a credit check and verification of provided information.

If approved, the bank will extend a loan offer pending acceptance. Once accepted, the fund will be disbursed to the borrower's nominated account.