bcu Secured Freedom Loan

7.83% p.a.

8.74% p.a.based on $30,000
over 5 years

$250

bcu Secured Freedom Loan

7.83% p.a.

8.74% p.a.based on $30,000
over 5 years

$250

Mozo Review   bcu Secured Freedom Loan Review

Last updated: 11 October 2018.

What's hot:
  • 7.83% low variable rate

  • Extra repayments and redraw facility available

What's not:
  • $250 application fee

  • $25 fee each time you redraw funds

Mozo snapshot:

With a variable rate of 7.83% (comparison rate 8.74%), flexible features including extra repayments and a nifty redraw facility, it's no wonder bcu has dubbed it the "Secured Freedom Loan".


Key features:

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.


Any catches?

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.

Details

Rates and fees information correct as at 20 November 2018. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Variable

  • 7.83% p.a.variable

  • 8.74% p.a.based on $30,000
    over 5 years

Fees
  • $250.00

  • $8.00

  • $0.00

  • $0.00

  • $0.00

Other financial bits
  • $4,000.00

  • $75,000.00

  • 1 Year

  • 5 Years

  • Various, Vehicle

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • yes

  • none

  • none

*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Customer Reviews

How are bcu personal loans rated by the Mozo community?

Overall customer rating
9.3/10
Price
8.4/10
Features
8.5/10
Customer service
9.6/10
Convenience
9.6/10
Trust
9.5/10

Latest reviews of bcu Secured Freedom Loan

  • Overall
    10/10
    Awesome

    Great service

    Great service

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Ben | New South Wales

    reviewed over 2 years ago

  • Overall
    9/10
    Great service

    Well looked after and provided all sufficient information I asked and also very satisfying...

    Well looked after and provided all sufficient information I asked and also very satisfying customer service

    Price
    8/10
    Features
    8/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Jye | New South Wales

    reviewed over 2 years ago

  • Overall
    10/10
    Helpful and Easy To Deal With!

    Bec was a delight to deal with and despite recent difficulties in my relationship with BCU and...

    Bec was a delight to deal with and despite recent difficulties in my relationship with BCU and the new practises, my confidence has been somewhat restored in my dealings with Bec and Emily of South Tweed. Bec in particular was like dealing with BCU of old! Personable, helpful and efficient .... thanks Bec!!

    Price
    6/10
    Features
    9/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    9/10

    Patricia | Queensland

    reviewed over 2 years ago

  • Overall
    10/10
    Great service

    Emily was great, got it all sorted without a fuss and was very polite and a pleasure to deal with!

    Emily was great, got it all sorted without a fuss and was very polite and a pleasure to deal with!

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Samuel | New South Wales

    reviewed over 2 years ago

  • Overall
    10/10
    Excellent

    Emily was nothing but helpful to the both of us, as well as myself being a first time loan...

    Emily was nothing but helpful to the both of us, as well as myself being a first time loan recipient, she had nothing but time and patience for me and all my question

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Melanie | New South Wales

    reviewed over 2 years ago

bcu

About bcu

BCU began in 1970 when a group of north coast banana growers pooled their resources, and formed a credit union. Since those humble beginnings BCU has grown to 54,000 members, and includes 21 stores from the Sunshine Coast to Port Macquarie, a call centre located in northern NSW and Telephone and Internet banking facilities. Profits are returned back to members through loyalty rebates, affordable loans, sponsorships and educational programs. Regardless of where you live in Australia, BCU has a wide range of personal finance options to simplify your banking, including credit cards, home loans, personal loans, savings and transaction accounts and term deposits.

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