Things to know about Personal Loans
Have unexpected costs popped up? Taking a much needed a holiday? Or do you just want to consolidate your debt?
A personal loan is a quick way to access cash for a particular purpose. They are generally a more flexible option and have a lower interest rate than a credit card.
Here are some of the reasons a personal loan might be the right option for you.
Whether you experience a life event that involves unforseen costs - or you want to take a holiday but don’t want to drain your savings - a personal loan is a good fit for many situations.
It’s generally a better option than continuing to charge your credit card as personal loans typically have a lower interest rate.
You can sit down, work out how much you need/how much you can afford to borrow and set up your budget accordingly.
Personal loans don’t have as many steps as securing a home loan or car loan. Approvals, while just as rigorous, can often happen sooner.
At CWCU you are closer to the decision makers.
We have great personal loan options
to help you reach your goals. You don’t have to spend time on the phone going through different levels of approval - you can sit down with our friendly loan staff.
They will get all the information they need, without the fuss.
A repayment schedule makes it easy for you to stay on top of your finances. This means you can repay your loan in full and you can easily factor your repayments into your budget.
A personal loan makes it easy to discipline yourself, as opposed to the credit card repayments - where you only have to pay the minimum and might be more inclined to delay paying it off in full.
At CWCU we have no monthly fees, no early repayment fees and a no fee redraw facility on our personal
and car loans
This means you can pay extra off your loan when it suits you - with the freedom to redraw it later should the need arise. (Please note, the minimum redraw amount is $500.)
You could even use your tax refund to reduce your loan balance, saving interest, and redraw later when you need it.
Consolidation = less stress
If you are paying off several loans, across different institutions, consolidating it all into one personal loan will make your repayments more manageable.
It could also potentially be more affordable as (depending on your current loans) you may end up paying less in interest.
First and foremost...
It’s important to assess your budget to make sure you’re loan ready.
Go through your savings and spendings - how much do you need to borrow? How much can you afford to pay off each fortnight, without things getting too tight?
Read the fine print carefully to make sure there are no unexpected fees or other nasty surprises.
We have a Mobile Relationship Officer
who can travel to your doorstep and talk through your options with you, to help you understand the ins and outs.
Come and say hi
Come into one of our branches to meet our friendly loan staff