Finty
Credit Union SA

Credit Union SA Education Community online-only Special Fixed Rate Personal Loan

SecuredFixed rate

Our Education Community online-only Special Fixed Rate Personal Loan is exclusive to current or retired employees of the South Australian education community, students carrying out studies in education, and their eligible immediate family members. This product is available just for applications received through our digital channels when secured by a new or used vehicle aged 5 years and less. The minimum loan amount is $15,000. The interest rate of this product is fixed for the life of the loan up to a maximum of 7 years. Principal and interest repayments. Available for any consumer purpose.

Written byDavid Boyd
Interest rate a year, from
6.94%
Comparison rate, from
6.94%
Establishment fee
None
Monthly fee
Not published
Borrow
$15,000 to $100,000

Monthly repayment

$20,000 over 3 years

Apply now

What it would cost

At the lowest published rate of 6.94%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$617
Total repayments
$22,212
Interest
$2,212

Loan details

Rates

Interest rate (a year)
6.94%
Comparison rate (a year)
6.94%
Rate type
Fixed
Security
Secured

Limits and fees

Loan amount
$15,000 to $100,000
Loan term
Up to 7 years
Establishment fee
None
Monthly fee
Not published

How it compares

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

Comparison rate

6.94%

From 6.94%. A typical loan starts at 8.63%.

Cost of $20,000 over 5 years

$3,727

Interest and fees at its starting rate. Typical is $4,624.

Setup fee

None

A typical setup fee is $250.

Most you can borrow

$100,000

Typically you can borrow up to $100,000.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • A lower starting rate. Its comparison rate starts at 6.94%, below the typical 8.63%, and the comparison rate counts the standard fees too, so it's a fair guide to a lower overall cost.
  • One rate for everyone. Everyone approved gets 6.94%, so the rate you see is the rate you get.
  • No setup fee. Nothing is added to the loan on day one, so you only pay interest on what you borrow.
  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
  • 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

  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.

Similar loans

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