Finty
Police Bank

Police Bank Student Personal Loan

Fixed or Variable rate

This product is for Academy students who are re at the Tasmania Rokeby Academy, or at session 2 of the NSW Goulburn Academy, or have graduated from either Academy within the last 6 months and who are looking to obtain funds for the purchase of a new or used car, household goods, debt consolidation or education expenses.

Written byDavid Boyd
Interest rate a year, from
6.99%
Comparison rate, from
6.30%
Establishment fee
None
Monthly fee
Not published
Borrow
From $5,000

Monthly repayment

$20,000 over 3 years

Apply now

What it would cost

At the lowest published rate of 6.99%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$617
Total repayments
$22,228
Interest
$2,228

Loan details

Rates

Interest rate (a year)
6.99%–7.99%
Comparison rate (a year)
6.30%–7.20%
Rate type
Fixed or Variable
Security
Not published

Limits and fees

Loan amount
From $5,000
Loan term
Up to 7 years
Establishment fee
None
Monthly fee
Not published

How it compares

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

Comparison rate

6.30%

From 6.30%. A typical loan starts at 10.14%.

Cost of $20,000 over 5 years

$3,756

Interest and fees at its starting rate. Typical is $5,513.

Setup fee

None

A typical setup fee is $150.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • A lower starting rate. Its comparison rate starts at 6.30%, below the typical 10.14%, and the comparison rate counts the standard fees too, so it's a fair guide to a lower overall cost.
  • No setup fee. Nothing is added to the loan on day one, so you only pay interest on what you borrow.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 6.99% to 7.99%, and only some people get the starting rate.
  • A $7 late payment fee. Setting up automatic repayments avoids it.

Similar loans

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