Fire Service Credit Union L27 Secured Personal Loan

SecuredVariable rate

FSCU offer a secured Personal Loan to borrow funds for any worthwhile purpose, with unlimited extra repayments.

Monthly repayment

$20,000 over 3 years

What it would cost

At the lowest published rate of 8.95%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

BorrowOver

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

Comparison rate

10.31%

From 10.31%. A typical loan starts at 8.63%.

Cost of $20,000 over 5 years

$5,081

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

Setup fee

$200

A typical setup fee is $250.

One rate for everyone. Everyone approved gets 8.95%, so the rate you see is the rate you get.
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.

A higher starting rate. Its comparison rate starts at 10.31%, above the typical 8.63%, so it's likely to cost more than most similar loans unless you're offered less.
A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.
Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.

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