Police Credit Union personal loans

Police Credit Union
Police Credit Union's overall rating for personal loans

(as rated by the Mozo community)

9.0 / 10

based on 2 reviews

In the market for a personal loan? Well then, why not take a look at what’s on offer from Mozo Experts Choice Personal Loan Lender of the Year, Police Credit Union.

There are a range of personal loans on offer, so whether you’re buying a new car, taking a holiday, getting stuck into some renovations or consolidating your existing debt, there’s an option to suit your needs. And don’t let them name fool you - anyone can take out a personal loan with Police Credit Union, not just members of the police force.

Check out the details of these award winning personal loans below.

Police Credit Union offers the following personal loans

Rates and fees verified as correct at 06 December, 2016. Other information correct at the time of writing.

Product Interest rate from Comparison rate from* Upfront fee

12.90% p.a.

13.19% p.a.based on $30,000
over 5 years

$195

11.90% p.a.

13.27% p.a.based on $10,000
over 3 years

$195

Fixed Rate Car Loan
Police Credit Union

5.99% p.a.

7.32% p.a.based on $10,000
over 3 years

$195

Fixed Rate Car Loan
Police Credit Union

5.59% p.a.

5.86% p.a.based on $30,000
over 5 years

$195

Personal Loan (Fixed, Unsecured)
Police Credit Union

8.90% p.a.

9.18% p.a.based on $30,000
over 5 years

$195

Personal Loan (Fixed, Unsecured)
Police Credit Union

10.90% p.a.

12.27% p.a.based on $10,000
over 3 years

$195

Variable Rate Car Loan
Police Credit Union

5.99% p.a.

5.99% p.a.based on $30,000
over 5 years

$0

* 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 for the amounts and terms quoted, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans, and apply only to these examples. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

FAQs about Police Credit Union Personal Loans

What are the advantages to a fixed interest rate?

The main advantage of choosing a personal loan with a fixed interest rate is a sense of certainty about what you’ll be paying and when. Since your interest rate won’t be affected by changes in the market, your repayments will be the same for the life of the loan. You’ll know exactly what you have to pay back each month, which makes sorting out your future household budget much easier.

What are the downsides to a fixed rate loan?

The flip side of that security, is that if market interest rates go down during your loan term, you won’t see the benefit in lower repayments.

It also means that if you decide to pay your loan off early by taking advantage of Police Credit Union’s extra repayments feature, you’ll have to pay an early repayment penalty.

Are there any fees to consider?

Yes. Nearly all Police Credit Union personal loans come with an upfront application fee, although the good news is that there are no ongoing service fees to worry about. Keep in mind there’s also a $15 late payment fee - but this can be easily avoided by setting up automatic repayments.

How much can I borrow with a Police Credit Union personal loan?

Your possible loan amount will depend on your personal financial situation. For debt consolidation or general personal loans, there’s no minimum or maximum amount you can borrow. On both variable and fixed rate car loans, however, loan amounts start at $5,000.

When you choose a loan amount, you should always plan ahead and make sure you can handle the repayments it will require. Check out our personal loan repayments calculator to see how much repayments will be on different loan amounts.

What’s the difference between a secured and unsecured loan?

If you take out a secured loan, you’ll need some kind of asset, such as a vehicle, property, boat or caravan, to put up as security against the loan. That means that if you default and can’t make repayments, the lender can repossess your asset. On an unsecured loan, this isn’t necessary - although the tradeoff is that you’ll usually get a slightly higher interest rate on an unsecured loan.

With Police Credit Union, only car loans require security, which comes in the form of the vehicle you’re buying.

What should I know about a debt consolidation loan?

A debt consolidation loan is a strategy for combining other loans and even credit card debt into one easy to manage loan. That way, you’ve only got one interest rate and one set of repayments to manage each month. Plus, if you pick a consolidation loan with a low, fixed interest rate, you’ll know your exact monthly repayment amount and you can plan to pay off your debt effectively over the loan term.

For more information, you can check out our guide on debt consolidation loans.

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