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Police Bank Personal Loan (Fixed)

The details shown below are for a variable loan between $5,000 and $50,000

The details shown below are for a fixed loan between $5,000 and $50,000

The details shown below are for a variable loan between $5,000 and $50,000

Choose the version of this loan that suits you best

  • Loan: $5,000 $50,000

  • Loan: $5,000 $50,000

  • Loan: $5,000 $50,000

Interest rate from
5.79% p.a.
Comparison rate from*
5.92% p.a.based on $30,000
over 5 years
Upfront fee
$98
Interest rate from
9.99% p.a.
Comparison rate from*
10.13% p.a.based on $30,000
over 5 years
Upfront fee
$98
Interest rate from
12.76% p.a.
Comparison rate from*
12.91% p.a.based on $30,000
over 5 years
Upfront fee
$98

Mozo editorial review Police Bank Personal Loan (Fixed)

Last updated: 14 November 2019.

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What's hot
  • 2019 Mozo Experts Choice winner
  • No service or exit fees
  • Free extra repayments
What's not
  • $98 application fee
  • No redraw
Mozo snapshot

If you’re after an award winning personal loan, then look no further than the Police Bank Personal Loan. Aside from taking home a 2019 Mozo Experts Choice Award for Unsecured Personal Loan and Excellent Credit Unsecured Personal Loan with it’s discounted offer, Police Bank are also taking home the title of Personal Loan Provider of the Year!

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Key features

Despite the name, the Police Bank Personal Loan is not just a loan built for those in blue, but for all borrowers on the hunt for a competitive rate. There are a couple of different rate options available with the Police Bank Personal Loan.

  • Discounted Fixed rate offer -  this offer comes with a 5.79% variable rate (5.92% comparison rate*)

  • Fixed rate option - If you're after a fixed rate on your loan, Police Bank offer a 9.99% interest rate (10.13% comparison rate*)

  • Variable rate option - If you prefer the flexibility of a variable rate, Police Bank offer a 12.76% rate on this one (12.91% comparison rate*)

Apart from a pretty competitive rate, this loan also features free extra repayments and no monthly service or exit fees, even on the fixed rate options, helping you put every last dollar toward getting debt free.

As this loan is unsecured, you won’t have to provide any security, while being able to borrow up to $50,000. Plus there’s some flexibility with when you make your repayments, as you’ll have the choice of either weekly, fortnightly or monthly.

But there are a few things to keep in mind with this loan, like the $98 application and $10 late payment fee. You’ll also need to be sure that you won’t need to withdraw your extra repayments in the future, as there is no redraw available.

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Who is it good for

The Police Bank Personal Loan - either the variable rate or fixed rate option -is a great choice for borrowers who aren’t too fussed with a boat load of extras and are keen to pay off their loan fast.

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Any catches

The Police Bank Personal Loan does not come with a redraw facility, on either the variable or fixed rate option, so you’ll need to be sure you won’t need the cash again once it’s locked away. And if you are ever late with a payment, you will be charged a $10 late payment fee.

Details

Rates and fees information correct as at 4 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
  • Variable

  • 5.79% p.a.variable

  • 5.92% p.a.based on $30,000
    over 5 years

Fees
  • $98.00

  • $0.00

  • $10.00

  • $0.00

  • $0.00

Other financial bits
  • $5,000.00

  • $50,000.00

  • 1 Year

  • 7 Years

  • Unsecured

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • yes

  • none

  • none

*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.

Details

Rates and fees information correct as at 4 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

  • 9.99% p.a. fixed

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

Fees
  • $98.00

  • $0.00

  • $10.00

  • $0.00

  • $0.00

Other financial bits
  • $5,000.00

  • $50,000.00

  • 1 Year

  • 7 Years

  • Unsecured

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • no

  • none

  • none

*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.

Details

Rates and fees information correct as at 4 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
  • Variable

  • 12.76% p.a.variable

  • 12.91% p.a.based on $30,000
    over 5 years

Fees
  • $98.00

  • $0.00

  • $10.00

  • $0.00

  • $0.00

Other financial bits
  • $5,000.00

  • $50,000.00

  • 1 Year

  • 7 Years

  • Unsecured

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • yes

  • none

  • none

*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 Police Bank personal loans rated by the Mozo community?

Overall customer rating
8.3/10
Price
8.4/10
Features
7.9/10
Customer service
8.8/10
Convenience
7.4/10
Trust
8.5/10

Latest reviews of 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 2 months ago
  • Overall 10/10
    Very competitive interest rates.

    Police Bank offers the most competitive interest rates on personal loans and they have no fees for early pay out.

    Read full review

    Police Bank offers the most competitive interest rates on personal loans and they have no fees for early pay out.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Steve, New South Wales reviewed 7 months ago
  • Overall 3/10
    Competitive interest rates. Bad customer service.

    I have been paying off and topping up personal loans for 25+ years, paying them off then re-financing etc. I had a 100% perfect credit history for 25 years and this year I fell on hard times financially due to my daughters medical needs and I requested to reduce my repayments for the short term whilst I got through this time and they declined and made things really difficult for me, forcing me to go to court to get it while my daughter was in the hospital.

    Read full review

    I have been paying off and topping up personal loans for 25+ years, paying them off then re-financing etc. I had a 100% perfect credit history for 25 years and this year I fell on hard times financially due to my daughters medical needs and I requested to reduce my repayments for the short term whilst I got through this time and they declined and made things really difficult for me, forcing me to go to court to get it while my daughter was in the hospital.

    Price
    10/10
    Features
    3/10
    Customer service
    3/10
    Convenience
    1/10
    Trust
    3/10
    Less
    Kerrie, New South Wales reviewed 8 months ago
Police Bank

About Police Bank

Police Bank has specially designed its financial products to offer financial solutions to the employees and families of the Police service. Police Bank offers a range of financial products and services in savings accounts, home, car and personal loans, term deposits, credit and debit cards and a range of insurance products, ensuring that its members financial needs are taken care of.

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