Finty
Credit Union SA

Credit Union SA Fixed Rate Personal Loan

SecuredFixed rate

Our Fixed Rate Personal Loan is available when secured by a vehicle aged 10 years and less. The minimum loan amount is $5,000. 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
10.24%
Comparison rate, from
10.74%
Establishment fee
$350
Monthly fee
Not published
Borrow
$5,000 to $100,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 10.24%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$648
Total repayments
$23,314
Interest
$3,314

Loan details

Rates

Interest rate (a year)
10.24%
Comparison rate (a year)
10.74%
Rate type
Fixed
Security
Secured

Limits and fees

Loan amount
$5,000 to $100,000
Loan term
Up to 7 years
Establishment fee
$350
Monthly fee
Not published

How it compares

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

Comparison rate

10.74%

From 10.74%. A typical loan starts at 8.63%.

Cost of $20,000 over 5 years

$5,988

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

Setup fee

$350

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

  • One rate for everyone. Everyone approved gets 10.24%, so the rate you see is the rate you get.
  • 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

  • A higher starting rate. Its comparison rate starts at 10.74%, above the typical 8.63%, so it's likely to cost more than most similar loans unless you're offered less.
  • 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.