Offering an incredible range of flexible features, the CUA Unsecured Fixed Personal Loan helps to keep costs down with no monthly fees, extra repayment fees or early payout fees. You can borrow $5,000 to $50,000 over a period of one to seven years, with the option to redraw extra repayments should you need to use those funds elsewhere.
• Establishment Fee: $175
• Advertised Rate: 9.89% p.a.
• Comparison Rate: 10.14% p.a.
With this loan, you can choose to make either monthly, fortnightly or weekly repayments. This can be seriously handy, as it allows you to fit your repayments around your paycheques, ensuring your repayment schedule fits well within your budget. As for loan terms, these range from one to seven years, meaning you can opt for a shorter term, or stretch it out as your budget allows.
Aside from your regular loan repayments, you can also choose to make extra repayments when it suits you. By chipping away at your loan like this, you can pay off your loan sooner, making unlimited extra repayments with no fee to worry about.
Another nice feature on this loan allows you to pay the entire loan off early – with no penalty. So, whether you plan on making a number of extra repayments over the length of the loan or one big repayment somewhere along the way, you can rest easy knowing you can pay off your loan faster without copping a fee.
When you make extra repayments on your loan, you can access those funds when you need them using the redraw feature. This can give you some peace of mind knowing you can pay more into your loan when you’re able, to then withdraw it later should you need to.
With its fixed rate, your loan’s repayments will remain the same throughout the entire loan term. This not only makes it easier to budget month to month, it also allows you to see exactly how much you will repay on the loan overall.
There are no ongoing fees on this loan, and as we mentioned before, no fees for making extra repayments or paying out the loan early. It is worth noting that there is a $175 establishment fee, but you may be able to roll that into your loan should you need to.
Overall, the CUA Unsecured Fixed Personal Loan is a simple loan with some nice, flexible features. If you want a loan that can adapt to suit your needs – whether that means choosing your repayment frequency or paying off extra throughout the loan term – this is a loan that’s well worth looking into.
In terms of cost, both fees and interest are competitive within the market. Its fixed rate is a winning feature for those who like to know exactly how much their repayments will be. And it can be reassuring to know the overall cost of the loan before you apply – especially as you compare loans side by side.
And eligibility? Here’s how CUA breaks that down.
Go to the CUA site to apply securely online. There, you’ll complete an online application, which takes around 20 minutes. You’ll then be asked to provide some documentation to prove your ID, and financial information to back up the info you’ve provided.
Once you’ve been approved, all you need to do is accept your loan contract, and the funds will be available for you to use via internet banking.
Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. Pauline is passionate about seeing Aussies win by making their money – and their credit cards – work smarter, harder and bigger.
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