Not only does bcu’s secured Freedom Loan come with a reasonable variable rate of 7.83% (comparison rate 8.74%), but you’ll also gain access to a range of flexible features.
You’ll have the option to choose between a weekly, fortnightly or monthly billing cycle, plus if you have extra cash and feel like cutting down your debt faster, you can do so for free through the extra repayments facility. To top things off, there are no charges if you clear your debt before required. Paid too much and want to dip into those funds? Just use the redraw facility at 25 bucks a pop.
With bcu you can borrow between $20,000-$75,000, over a term of 1 to 5 years. Apart from what you’ll be charged in interest, you’ll need to factor in the $8 ongoing monthly administration fee and sign up cost of $250 when budgeting for this loan.
Who it's good for:
If choosing a secured loan with plenty of flexibility and a fair rate is top priority, bcu’s Freedom Loan could do just the trick.
Because it’s a secured loan you’ll be required to put up an asset (such as a vehicle) as security. Alternatively, bcu has an unsecured version of the Freedom Loan detailed here.