People's Choice Credit Union Discounted Personal Loan

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Need some cash to cover the cost of your Contiki tour? Or maybe you're planning a big white wedding? Or the purchase of some kickin' new wheels? Whatever it is you're splurging on, with competitive fixed rates starting at 7.99% p.a. (8.35% p.a. comparison rate)* on loans between $10,000 and $100,000, plus loads of fab features up for grabs, the People’s Choice Credit Union Discounted Personal Loan could do just the trick!

Key features

The People’s Choice Credit Union Discounted Personal Loan gets the ball rolling with competitive fixed rates starting at 7.99% p.a. (8.35% p.a. comparison rate)* on loans between $10,000 and $100,000 for 1 to 10 year loan terms.

If you like a loan with loads of flexibility, you’ve hit the jackpot, because the People’s Choice Credit Union Discounted Personal Loan gives you the choice of either weekly, fortnightly or monthly repayment options. If killer rates and flexible repayment options aren’t enough, then read on.

The People’s Choice Credit Union Discounted Personal Loan offers fab features, like free extra loan repayments and a free redraw facility. So you can pay off your loan as fast as you’d like - reaping the interest rate savings benefits - and dip into that pool of extra repayments as you please without being penalised for it.

On top of this, taking out this loan will exempt you from having to pay the monthly fee on your People's Choice Credit Union Zip bank account if you're already rolling with the institution.

The People’s Choice Credit Union Discounted Personal Loan is a secured loan, so you’ll need to put your vehicle up as security in case you ever default on your repayments.

While this personal loan doesn't charge any regular ongoing fees, keep in mind it does come with a $250 application fee and $25 late payment fee.

Who is it good for

The People’s Choice Credit Union Discounted Personal Loan is a fantastic loan option for most Aussies. However, borrowers who can afford to pay their loan off within the 5-year fixed period, thus dodging a higher revert rate, will get the most bang for their buck.

Any catches

Be aware that fixed rates are only available on this loan for up to 5 years. After the 5-year fixed period ends it'll increase to a variable revert rate for the remaining loan term. So if you want to avoid paying higher interest, aim to pay your loan off before the 5-year period ends. 

You'll also need to be sure the vehicle you're putting up as collateral is less than 7 years old or valued at over $10,000 to meet the loan conditions.