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Police Bank Personal Loan (Fixed)

Advertiser disclosure

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

Choose the version of this loan that suits you best

  • 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

Mozo editorial review Police Bank Personal Loan (Fixed) - last updated: 20 July 2021

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What's hot
  • 2021 Mozo Experts Choice Award winner
  • No service or exit fees
  • Free extra repayments
What's not
  • $98 application fee
  • No redraw
Mozo snapshot

If you’re after a top notch personal loan, then look no further than the Police Bank Personal Loan. Aside from low variable rates, this personal loan also features no ongoing fees and heaps of repayment flexibility. Plus, as well as all that, this loan received a 2021 Mozo Experts Choice Award for best Unsecured Personal Loan!

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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.

  • Variable rate option -  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*)

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 19 October 2021. 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

WARNING: 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. 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 19 October 2021. 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

WARNING: 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. 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.

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