Finty
bcu

bcu Freedom Loan Unsecured

UnsecuredVariable rate

Whether you're funding a new project around the house or need to cover an unexpected expense, an unsecured personal loan could be the right fit for you.

Written byDavid Boyd
Interest rate a year, from
9.55%
Comparison rate, from
9.84%
Establishment fee
$200
Monthly fee
Not published
Borrow
$4,000 to $100,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 9.55%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$641
Total repayments
$23,081
Interest
$3,081

Loan details

Rates

Interest rate (a year)
9.55%
Comparison rate (a year)
9.84%
Rate type
Variable
Security
Unsecured

Limits and fees

Loan amount
$4,000 to $100,000
Loan term
Not published
Establishment fee
$200
Monthly fee
Not published

How it compares

Against the other unsecured personal loans we compare. Typical means the middle half of them.

Comparison rate

9.84%

From 9.84%. A typical loan starts at 10.56%.

Cost of $20,000 over 5 years

$5,432

Interest and fees at its starting rate. Typical is $5,455.

Setup fee

$200

A typical setup fee is $213.

Most you can borrow

$100,000

Typically you can borrow up to $50,000.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 9.55%, so the rate you see is the rate you get.
  • Room to borrow more. Up to $100,000, more than the typical $50,000, which can cover bigger costs in one loan.
  • No security needed. Your car or home isn't at risk if things go wrong, though missed repayments still hurt your credit report.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.
  • A $5 late payment fee. Setting up automatic repayments avoids it.

Similar loans

Unsecured loans from other lenders that start at a similar comparison rate.