Credit Union SA Education Community Fixed Rate Personal Loan

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After a low-rate personal loan that packs in plenty of flexibility? If you’re a member of the South Australian education community, then the Credit Union SA Education Community Fixed Rate Personal Loan could be the one for you. Not only does this personal loan have competitive fixed rates starting from 5.59% p.a. (5.59% p.a. comparison rate*) if you secure it against a vehicle less than 2 years old, but it also comes with other perks like free extra repayments and a redraw facility. 

This personal loan also received a stamp of approval from Mozo’s money experts when it took out three Mozo Experts Choice Personal Loan Awards in 2019 for best Car Loan, best Used Car Loan and best Secured Personal Loan. 

Key features

The Credit Union SA Education Community Fixed Rate Personal Loan offers two different interest rates, depending on the vehicle you use as collateral. A special low fixed rate of 5.59% p.a. (5.59% p.a. comparison rate*) is available to customers who secure their loan against a new or used car less than 2 years of age. If you use an older car (between 2 to 7 years old) as security, you’ll be subject to higher rates starting from 7.99% p.a. (7.99% p.a. comparison rate*). 

With loan amounts of $5,000 up to $100,000, the Credit Union SA Education Community Fixed Rate Personal Loan could be a great option if you’re looking for extra cash to fund a big home renovation or a new set of wheels. And the good news is, you won’t have to worry about any application or monthly service fees. 

What’s more, the Credit Union SA Education Community Fixed Rate Personal Loan offers term options of 1 to 7 years, which means you’ll have loads of time to pay off your loan should you need it. But the flexibility doesn’t stop there, as the loan also comes with handy features like the ability to make extra repayments, to redraw those extra repayments down the track, and to choose between weekly, fortnightly or monthly repayments.

Who is it good for

If you’re studying or working in education in South Australia and need money to cover a big expense, then the Credit Union SA Education Community Fixed Rate Personal Loan could be a great fit for you, since it offers loan amounts of up to $100,000.

Any catches

If you’re hoping to snatch up the loan’s competitive interest rate of 5.59% p.a. (5.59% p.a. comparison rate*), keep in mind you’ll need to own a vehicle that’s less than two years old and use it as security against the loan. 

Finally, it’s important to remember that you have to be either an employee or a student of the South Australian education community to get this loan.