RACV Personal Loan (Fixed)

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If you're after a low rate personal loan with fixed repayments, then the RACV personal loan fits the bill with its fixed rate of 6.49% (7.19% comparison rate*) And this loan doesn't have to be just for a car - you can use it for any purpose such as a holiday or even to consolidate debt. No ongoing fees and a simple online application process make it a convenient loan for anyone, and the good news is, you don't have to be located in Victoria or be a member of the RACV to apply.

Key features

The RACV personal loan has a 6.49% interest rate (7.19% comparison rate*) for all loans between 1 to 7 years. The minimum loan amount is $5,000 and there isn't a cap so long as you can make the fixed monthly repayments within the loan term. The $499 application fee is relatively steep compared with other personal loans but the low interest rate and fact that you won't have to pay any ongoing fees should balance out this cost.

You have the option of choosing fortnightly or monthly repayments to help you time repayments with your pay cheque. And there is the option of making extra repayments at anytime but this loan does not have a redraw facility which means that if you make extra repayments, you won't be able to access this money down the track. Keep in mind that there's also a 2% or minimum $200 fee if you pay the loan off before 75% of the loan term.

The RACV personal loan boasts a fast application and approval process. Once your loan is approved, your money can be made available within 24 hours.

Who is it good for

As this is fixed rate loan, it suits those who are on tight monthly budget and need the certainty of knowing each month that their repayments won't change.

Any catches

There's a 2% or minimum $200 early repayment fee which you will need to pay if you do happen to pay off the loan before 75% of the loan term, but don't let this put you off paying out the loan as quick as possible. Every extra repayment means less interest you'll pay in the long run.