Rates and fees verified as correct at 04 March, 2021. Other information correct at the time of writing. Advertiser disclosure.
|Product||Interest rate from||Comparison rate from||Upfront fee|
|Car Loan (Up to 10 years old, Variable, Secured)|| |
8.61% p.a.based on $30,000
|Discounted Car Loan (Up to 5 years old, Variable, Secured)|| |
6.62% p.a.based on $30,000
|Discounted Personal Loan (Variable, Unsecured)|| |
11.11% p.a.based on $30,000
|Personal Loan (Variable, Unsecured)|| |
13.11% p.a.based on $30,000
Unsecured Personal Loan
QBANK offers an unsecured personal loan that comes with a variable interest rate. Loans range from $1,000 to $75,000 - and if you are borrowing more than $5,000 you may be eligible for a discounted rate. Customers can borrow for a period between 1 and 7 years and pay down the loan on a weekly, fortnightly or monthly basis. In addition, there is also the option to make extra repayments and redraws.
The good news is, there are no exit or early repayment charges associated with this loan. So if you pay down your entire debt ahead of time you won’t risk being slapped with a large fee. There are some other fees to be mindful of though - like the upfront application cost, ongoing monthly service fee and late payment penalty.
It’s also important to note that with this loan there is a condition that states you must deposit a salary credit of at least $1,500 each month into a QBANK Everyday Plus transaction account.
There is also a car loan up for grabs with QBANK. This loan also comes with a variable interest rate however it allows borrowers to take out between $1,000 and $100,000. Loan terms range from 1 to 7 years and there is the option of a weekly, fortnightly or monthly repayment schedule. Like the personal loan above, the borrower can also make extra repayments and redraws at no extra charge.
The same fee structure works for the car loan as it does for the unsecured personal loan. It also has the same condition with the QBANK Everyday Plus deposit requirements. However, remember that this loan is a secured loan - meaning you will have to put the car you intend to buy against the loan as collateral.
Repayment schedule options: All QBANK personal loans come with the option to make regular repayments weekly, fortnightly or monthly.
Extra repayments: In addition to regular repayments, borrowers with a QBANK personal loan can also make free extra repayments.
Redraw facility: For even more flexibility, QBANK personal loans also come with a redraw facility in case customers need access to their additional contributions later down the track.
No early repayment penalty: Some personal loan lenders charge an early repayment penalty or “break cost” if a borrower pays down their entire loan before their loan term is up. QBANK personal loans do not have such fees attached to them.
With QBANK, you can apply for a personal loan online or over the phone. To be eligible for a loan with this lender you must satisfy the following:
Be over 18 years old
Have an income of over $20,000 per year
Be eligible to join QBANK (this includes Queensland police officers, paramedics, firefighters, health workers, emergency services workers, correctional service workers and government employees - as well as their families).
If you tick the above boxes, here’s what info you’ll need to have handy for your application:
Drivers licence number (if applicable)
Repayments, limits and balances you have on other loans
Residential history for last two years
Employment history for last two years
Assets you own
The details of a second applicant (if you are applying with someone else)
Mozo users have rated QBANK personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
Great interest rates, generally better than the big 5. Very friendly and prompt customer service.Read full review
Great interest rates, generally better than the big 5. Very friendly and prompt customer service.
Often have rude client service staff who treat you like an idiot and are unable to answer your questions.Read full review
Often have rude client service staff who treat you like an idiot and are unable to answer your questions.
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