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People's Choice Credit Union Discounted Personal Loan

Interest rate from
7.99% p.a.
Comparison rate from*
8.35% p.a.based on $30,000
over 5 years
Upfront fee
$250

Mozo editorial review People's Choice Credit Union Discounted Personal Loan

Last updated: 9 April 2020.

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What's hot
  • Fixed rates from 7.99% p.a. interest rate (8.35% p.a. comparison rate)*
  • Free extra repayments & redraw facility
  • $0 monthly fee on Peoples Choice Credit Union Zip bank account
What's not
  • $250 application fee & $25 late payment fee
Mozo snapshot

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!

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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.

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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.

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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.

Details

Rates and fees information correct as at 11 July 2020. 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
  • Fixed

  • 7.99% p.a. fixed

  • 8.35% p.a.based on $30,000
    over 5 years

Fees
  • $250.00

  • $0.00

  • $25.00

  • n/a

  • $0.00

Other financial bits
  • $10,000.00

  • $100,000.00

  • 1 Year

  • 10 Years

  • Vehicle

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • yes

  • Fixed rates available up to 5 years, after which they will revert to variable rate of 11.55% p.a. for the remaining term. Loan secured by vehicles less than 7 years old (minimum security value of $5,000) or a security value of $10,000 or more.

  • $0 monthly fee on Peoples Choice Credit Union Zip bank account.

*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. WARNING: 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.

Customer Reviews

How are People's Choice Credit Union personal loans rated by the Mozo community?

Overall customer rating
7.7/10
Price
7.3/10
Features
6.6/10
Customer service
7.8/10
Convenience
7.7/10
Trust
7.8/10

Latest reviews of People's Choice Credit Union 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 15 days ago
  • 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 3 months ago
  • Overall 9/10
    Usually helpful and friendly.

    Helpful and friendly! They recently approved for a personal loan.

    Read full review

    Helpful and friendly! They recently approved for a personal loan.

    Price
    7/10
    Features
    -1/10
    Customer service
    8/10
    Convenience
    9/10
    Trust
    9/10
    Less
    Amanda, Northern Territory reviewed 9 months ago
  • Overall 10/10
    Excellent customer service

    I have been with People's Choice Credit Union, it used to be Australian Credit Union for many years. Not too long ago someone tried to hack into my account and within minutes I had a call and the staff put me through to their fraud department. You can't get more efficient than that.

    Read full review

    I have been with People's Choice Credit Union, it used to be Australian Credit Union for many years. Not too long ago someone tried to hack into my account and within minutes I had a call and the staff put me through to their fraud department. You can't get more efficient than that.

    Price
    9/10
    Features
    5/10
    Customer service
    10/10
    Convenience
    3/10
    Trust
    9/10
    Less
    Helen, New South Wales reviewed about 5 years ago
  • Overall 10/10
    Amazing customer service

    I have been with this bank for 13 years and have not had a problem. Walked in when I was 19 to see if I could get a car loan and got accepted right away. Instead of taking 5 years to pay it, I paid it off in 3 years no extra interest on top.

    Read full review

    I have been with this bank for 13 years and have not had a problem. Walked in when I was 19 to see if I could get a car loan and got accepted right away. Instead of taking 5 years to pay it, I paid it off in 3 years no extra interest on top.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Rebecca, South Australia reviewed over 5 years ago
People's Choice Credit Union

About People's Choice Credit Union

People's Choice Credit Union is a member owned financial institution offering its members a wide range of competitive banking, insurance and investment products and services. Formed through the merger of Savings & Loans and Australian Central, Peoples Choice Credit Union has more than 350,000 members Australia wide. At Peoples Choice Credit Union, its customers are its owners so everything they do is designed to benefit their members.

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