based on 318 Police Bank product reviews as rated by Mozo community

Police Bank personal loans

Thinking of getting a new personal loan? Police Bank has a range of loans available for every purpose from travel, cars, boats, big ticket electronic items to ‘green’ initiatives. And despite its name, Police Bank loans are available to anyone, not just people in the police service. 

Police Bank is also an award-winning lender. It took home a 2023 Mozo Experts Choice Personal Loan Award for Best Unsecured Personal Loan. You can review a summary of the loan options available here or if you’d like to compare Police Bank with other lenders in our database, head over to our personal loans comparison tool.

Police Bank offers the following personal loans

Rates and fees verified as correct at 1 March 2024. Other information correct at the time of writing. Advertiser disclosure.
Product Interest rate from Comparison rate from Upfront fee
Driveaway Car Loan (Fixed, Secured)

6.99% p.a.

7.13% p.a.based on $30,000
over 5 years

$98.00

Personal Loan (Fixed, Unsecured)

12.99% p.a.

13.14% p.a.based on $30,000
over 5 years

$98.00

Personal Loan (Variable, Unsecured)

9.99% p.a.

10.13% p.a.based on $30,000
over 5 years

$98.00

What personal loans does Police Bank offer? 

Unsecured Personal Loan 

Police Bank’s unsecured personal loan comes with the option of either a fixed or variable rate. Borrowing amounts go up to $50,000 and loan terms range from 1 to 7 years. 

With a fixed interest rate loan, your repayments will be fixed for the duration of the loan so every month you’ll know exactly how much your repayment will be. Police Bank cannot change the rate on you. Knowing how much you have to pay back each month, makes it easier to manage your expenses and household budget.

If you opt for the variable rate option, interest rates are lower but may also change during your loan term. So if rates go up you will have to pay extra. 

The good news is that borrowers can make extra repayments on top of their regular weekly, fortnightly or monthly regular payments. Plus there is no early repayment fee if you pay down your entire debt ahead of time. Just remember, there is an application cost straight off the bat. 

This loan won a 2023 Mozo Experts Choice Award for best Unsecured Personal Loan.  

Car Loan 

There is also a secured car loan option that comes with a fixed interest rate. Customers can borrow up to $120,000 on this loan and pay it back between 1 and 7 years. 

Like the personal loan mentioned above, there is the choice for borrowers to make weekly, fortnightly or monthly repayments as well as the option to make extra repayments too. There are also no break costs or monthly service fees to worry about either. You will have to budget for an upfront application cost though when you first sign up for the loan. 

Green Loan 

Police Bank is encouraging its members to be more environmentally conscious by rewarding customers who make green purchases with lower interest rates than their standard loans.

Police Bank have a range of items, including things like solar roof panels, rainwater tanks, energy / water efficient white goods and home battery systems.

Police Bank personal loans at a glance 

  • Repayment schedule options: With Police Bank personal loans there is the choice of making regular repayments on a weekly, fortnightly or monthly basis. 

  • Extra repayments: On top of your regular repayments, you can also make additional contributions towards your Police Bank personal loan at no extra cost. Just remember, there are no redraws allowed on these loans. 

  • No early repayment penalty: If you make use of the extra repayment feature and end up paying down your entire loan ahead of time, unlike some lenders, Police Bank will not charge you an early repayment penalty or “break cost.” 

How do you apply for a Police Bank personal loan? 

You can apply online for a personal loan with Police Bank, and the lender says that it should only take 10 to 15 minutes to do so. 

To be eligible for a Police Bank personal loan you need to satisfy the following criteria: 

  • Be over 18 years old 

  • Be an Australian citizen or permanent resident

  • Have access to an email account or mobile phone 

You’ll also need these document handy: 

  • Driver’s licence or other ID documents 

  • Online banking accounts access or bank statements 

  • Employment information

How are Police Bank personal loans rated?

Mozo users have rated Police Bank 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
Police Bank personal loans
Overall
Price
Features
Customer service
Convenience
Trust

27 Reviews

Recent Police Bank personal loan reviews

Police Bank Personal Loan (Fixed)
Overall 7/10
Nice customer service reps, app can be problematic

The rate was good when I joined, I don’t know now, it could be. The app can be problematic but the customer service reps are helpful

Read full review

The rate was good when I joined, I don’t know now, it could be. The app can be problematic but the customer service reps are helpful

Price
7/10
Features
6/10
Customer service
8/10
Convenience
7/10
Trust
7/10
Less
Eaowyn, New South Wales, reviewed 8 months ago
Police Bank Personal Loan (Fixed)
Overall 1/10
Don't waste your time...go to another bank.

Used to be great when they were a Credit Union in the 1980s..but are now hopeless...numerous branches closed...no face to face service...overly bureaucratic procedures.

Read full review

Used to be great when they were a Credit Union in the 1980s..but are now hopeless...numerous branches closed...no face to face service...overly bureaucratic procedures.

Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Paul, New South Wales, reviewed over 2 years ago
Police Bank Personal Loan (Fixed)
Overall 7/10
Very good

Very low interset rate, very easy to apply and people very friendly and helpful. Bank opening hours and phone help hours are not very convenient but I'm willing to sacrifice in order for cheaper interest.

Read full review

Very low interset rate, very easy to apply and people very friendly and helpful. Bank opening hours and phone help hours are not very convenient but I'm willing to sacrifice in order for cheaper interest.

Price
8/10
Features
7/10
Customer service
8/10
Convenience
4/10
Trust
10/10
Less
Keira, New South Wales, reviewed almost 4 years ago
Police Bank Debt Consolidation Loan
Overall 10/10
Great.

Great company.

Read full review

Great company.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
7/10
Trust
10/10
Less
Sue, Australian Capital Territory, reviewed almost 4 years ago
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