First off you'll have to think about how much you want to borrow. If you're after a smaller loan from $5,000, then you can snag a CUA Unsecured Personal Loan with a rate of 11.89%. On the other hand, if you're borrowing between $30,000 and $60,000, you can score a discounted rate of 10.89%.
The best news is the CUA Personal Loan comes with no fees. There’s no application fee, no ongoing fees, no late payment fees, no exit fees, no early repayment fees. You get it, there’s no fees.
If you are interested in repaying your loan back early to save on interest, then go right ahead, because CUA allows for unlimited free extra repayments, and there’s no penalty for paying your loan off early. This loan also comes with a free redraw facility, so if you need access to the money you paid back early, you can get it back, easy as. The only caveat is that you have to redraw a minimum of $200 if you are in-branch.
Having the ability to choose how long your loan is and how often your repayments are can be really important for keeping your budget in check. That’s why CUA allows you to pick weekly, fortnightly or monthly repayments, and a loan term that can extend between 1 and 7 years.
Who it's good for:
This fee free loan is a budget-friendly option for just about any borrower, but it’s particularly well-suited to those borrowing more than $30,000, as they can score the lower rate option.
There aren’t really any catches as far as the CUA Unsecured Personal Loan goes. Although there's a redraw facility available, remember that if you'd like to see a friendly face while you use it, a minimum $200 limit applies for in-branch redraws.