Interest rate from
9.30% p.a.
Comparison rate from
10.69% p.a.based on $10,000
over 3 years
Upfront fee
$200

Mozo editorial review bcu Unsecured Freedom Loan - last updated: 5 February 2021

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What's hot
  • Free extra repayments
  • Redraw facility
  • No ongoing, exit or early repayment fees
What's not
  • $200 application fee
Mozo snapshot

After a loan that has minimal fees and flexible repayment options? Also don’t want to put your belongings up as collateral? Say hello to the Unsecured Freedom Loan from bcu. This variable rate loan option allows borrowers to choose a repayment plan that suits them as well as make extra repayments and redraws at no extra cost. Plus there are no ongoing, exit or early repayment fees to worry about - just an upfront application charge.

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Key features

With the bcu Unsecured Freedom Loan, there are plenty of options for customers. Plus, because the loan is unsecured there is no need to put up any assets as security against it. 

Variable rates sit at 9.30% (10.69% comparison rate*) and borrowers can take out a loan ranging from $4,000 up to $75,000. There is also the option to pay down the loan over 1 to 5 years. 

And what about repayments? Well, bcu allows you to choose from a weekly, fortnightly or monthly repayment schedule. In addition, you can also make free extra repayments and redraw them whenever you like - talk about flexibility! There is also no early repayment penalty if you pay off your debt ahead of time.

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Who is it good for

This loan could be perfect for someone looking for a variable rate personal loan that doesn’t require assets for collateral. The minimal fees and flexible repayment options mean customers can both save money and personalise their loan to suit them.

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Any catches

While there are no ongoing exit or early repayment charges to worry about on this loan, be mindful there is a $200 application fee to budget for in the beginning.

Details

Rates and fees information correct as at 21 September 2021. 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

9.30% p.a.variable

10.69% p.a.based on $10,000
over 3 years

Fees

$200.00

$0.00

$0.00

$0.00

$0.00

Other financial bits

$4,000.00

$75,000.00

1 Year

5 Years

Unsecured

Features

Weekly, Fortnightly, Monthly

yes

yes

none

none

WARNING: 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. 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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About bcu