bcu Secured Freedom Loan

7.83% p.a.

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

$250

bcu Secured Freedom Loan Review

Rates and fees information correct as at 17 August 2018.

Review published: 16 January 2017

What's hot:

  • 7.83% low variable rate

  • Extra repayments and redraw facility available

  • No early repayment penalties

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.

How are bcu personal loans rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
9.7

Based on 62
bcu personal loans reviews

8.6 8.7 9.9 9.8 9.7

Read bcu personal loan reviews by the Mozo community

Latest reviews of bcu Secured Freedom Loan

bcu

bcu Freedom Loan (Variable, Secured) personal loan review

Overall rating   10 / 10

Awesome

Great service

Full review

Great service

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Ben (NSW), reviewed over 2 years ago

bcu

bcu Freedom Loan (Variable, Secured) personal loan review

Overall rating   9 / 10

Great service

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

Full review

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

Less

Jye (NSW), reviewed over 2 years ago

bcu

bcu Freedom Loan (Variable, Secured) personal loan review

Overall rating   10 / 10

Will never look anywhere else!!

Great, efficient and personal.

Full review

Great, efficient and personal.

    Price   8 / 10

    Features   8 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Kattya (NSW), reviewed over 2 years ago

bcu

bcu Freedom Loan (Variable, Secured) personal loan review

Overall rating   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 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...

Full review

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

Less

Patricia (QLD), reviewed over 2 years ago

bcu

bcu Freedom Loan (Variable, Secured) personal loan review

Overall rating   10 / 10

Great service

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

Full review

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

Less

Samuel (NSW), reviewed over 2 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

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

  • $20,000.00

  • $75,000.00

  • 1 Year

  • 5 Years

  • Various, Vehicle

Features

  • Weekly, Fortnightly, Monthly

  • yes

  • yes

  • none

  • none

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 23 branches from Port Macquarie to Beaudesert, 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.

*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.

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