8.0/10

Based on 1718 People's Choice product reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.

People's Choice personal loans

Since starting up through the merging of Australian Central and Savings and Loans back in 2009, People’s Choice has become one of the largest credit unions in the country. Instead of operating on a shareholder system, it’s owned  by members, where profits are used to provide better products and services to its customers. 

In the 2022 Mozo Experts Choice Personal Loan Awards People’s Choice was named Personal Loan Provider of the Year and the lender also took out awards for best Car Loan and best Unsecured Personal Loan. Read on to learn more about the loans on offer. 

People's Choice offers the following personal loans

Rates and fees verified as correct at 27 May 2024. Other information correct at the time of writing. Advertiser disclosure.
Product Interest rate from Comparison rate from Upfront fee
Discounted Personal Loan (Car Loan, Fixed, Secured)

6.49% p.a.

6.84% p.a.based on $30,000
over 5 years

$250.00

Green Car Loan (Cars over $20K, Fixed, Secured)

5.69% p.a.

6.04% p.a.based on $30,000
over 5 years

$250.00

Unsecured Personal Loan (Fixed)

8.99% p.a.

10.73% p.a.based on $10,000
over 3 years

$250.00

What personal loans do People's Choice offer?

Secured car loan

If you are in need of a personal loan for a new or used car priced at $20,000 or over (or are thinking of refinancing your car loan for a lower rate), consider the People's Choice secured car loan. You can apply for a 90 day pre-approval, which will give you time to shop around and give you a clear idea of how much you’ll be eligible to borrow. 

This loan is secured, meaning the car will be tied to the loan as collateral. With this security, you benefit in the form of a significantly lower rate compared to regular personal loans. Maximum loan terms are ten years, and for loans over five years, the rate will change from fixed to variable. Features of this loan include an extra loan repayment and redraw facility, plus no break fees for clearing your debt before the end date. There are zero monthly account-keeping costs, but you do need to pay a small amount when you first sign the dotted line. The People's Choice car loan also took home a 2021 Mozo Experts Choice Award for Best Car Loan

Discounted personal loan

If you have a dream in mind that means taking out a personal loan of $10,000 up to $100,000, the People's Choice discounted loan allows you to secure the loan with a car, caravan, motorcycle or term deposit and in return you get a lower interest rate. Loan terms are between 1 and 10 years, plus borrowers can choose from a weekly, fortnightly or monthly repayment schedule. There is also the option to make extra repayments and redraws. 

Like with the car loan option mentioned above, fixed rates are available for up to 5 years and will revert to a variable rate for any remaining time left on the loan afterwards. 

Unsecured personal loans

People’s Choice also has a standard unsecured personal loan if you are looking to borrow between $2,000 and $40,000. The interest rate is higher on an unsecured loan because it isn’t tied to an asset. It has a fixed rates and the maximum loan term is seven years. There are also handy repayment and redraw facilities for you to use at your convenience and if you decide to finalise your loan before the term ends, People’s Choice won’t penalise you for it in fees. Just remember to factor in the small sign up cost when budgeting for your loan.

People’s Choice personal loan features at a glance

  • No monthly fees: Having to pay for monthly fees can be a pain, but the nifty thing about People’s Choice personal loans is that there are none.
  • Repayment flexibility: These personal loans can be convenient to pay off because you have the choice between weekly, fortnightly or monthly repayments.
  • Extra repayments: If you want to lower the cost of what you end up paying in interest on your loan, People’s Choice allows you to make extra repayments.
  • Redraw facility: You can use a redraw facility and dip into any extra repayments you’ve made online or in person (at a branch) for free. There is a minimum redraw amount, so be sure to check with People’s Choice before committing to one of these loans if this is a factor important to you.
  • 90 day pre-approval: You can apply for a 90 day pre-approval on your loan which is useful for secured loan types where you’re looking to order a car.

How do you apply for a People’s Choice personal loan?

It’s a straightforward process applying for a People’s Choice personal loan. All you need to do is hop online and start filling out your details, and People’s Choice will get back to you as soon as possible. You can also take out one of these loans at a branch or complete the application over the phone.

To apply for a personal loan with People’s Choice you will need:

  • To be an Australian resident and be over 18 years of age
  • To provide evidence you are employed and on a regular income with pay slips
  • To prove your identity by providing details such as your passport number or driver’s licence

How are People's Choice personal loans rated?

Mozo users have rated People's Choice personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of personal-loans
People's Choice personal loans customer reviews
Overall
7.7/10
Price
7.4/10
Features
6.6/10
Customer service
7.8/10
Convenience
7.7/10
Trust
7.9/10
Based on 98 People's Choice product reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

Recent People's Choice personal loan reviews

People's Choice Discounted Personal Loan (Car Loan)
Overall 10/10
Credit Unions are great

I have been with the Credit Union for 26 years, and have always had a great experience when it came to lending.

Read full review

I have been with the Credit Union for 26 years, and have always had a great experience when it came to lending.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Cherie, Northern Territory, reviewed 2 months ago
People's Choice Discounted Personal Loan (Car Loan)
Overall 10/10
outstanding customer service

They go above and beyond with their customer service when helping you, and nothing is too much trouble for them. they really try to help

Read full review

They go above and beyond with their customer service when helping you, and nothing is too much trouble for them. they really try to help

Price
10/10
Features
9/10
Customer service
10/10
Convenience
7/10
Trust
8/10
Less
Kirsten, Northern Territory, reviewed about 1 year ago
People's Choice Discounted Personal Loan
Overall 9/10
Great customer service.

I like this credit union as it has competitive personal loan rates. Even better rates if you spend over 20G on a new car! Is easily accessible in NT and SA, not so good in other states! I make higher payments regularly which enables me to redraw funds when times are tight! The customer service is very efficient and effective.

Read full review

I like this credit union as it has competitive personal loan rates. Even better rates if you spend over 20G on a new car! Is easily accessible in NT and SA, not so good in other states! I make higher payments regularly which enables me to redraw funds when times are tight! The customer service is very efficient and effective.

Price
7/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Rachael, Northern Territory, reviewed almost 4 years ago
People's Choice Discounted Personal Loan
Overall 3/10
Look elsewhere.

Horrible to get in contact with. Ringing gets rejected. Slap you with a heap of interest at the beginning of the loan so the "discount" is pointless. Will never bank here again.

Read full review

Horrible to get in contact with. Ringing gets rejected. Slap you with a heap of interest at the beginning of the loan so the "discount" is pointless. Will never bank here again.

Price
5/10
Features
1/10
Customer service
3/10
Convenience
2/10
Trust
8/10
Less
Brad, South Australia, reviewed about 4 years ago
See all personal loan reviews
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.
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.

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