Finty
Police Credit Union

Police Credit Union Solar Eco Loan - Variable

Variable rate

A personal loan from Police Credit Union, with rates from 6.98% a year.

Written byDavid Boyd
Interest rate a year, from
6.98%
Comparison rate, from
6.98%
Establishment fee
Not published
Monthly fee
Not published
Borrow
From $5,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 6.98%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$617
Total repayments
$22,225
Interest
$2,225

Loan details

Rates

Interest rate (a year)
6.98%
Comparison rate (a year)
6.98%
Rate type
Variable
Security
Not published

Limits and fees

Loan amount
From $5,000
Loan term
Not published
Establishment fee
Not published
Monthly fee
Not published

How it compares

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

Comparison rate

6.98%

From 6.98%. A typical loan starts at 10.14%.

Cost of $20,000 over 5 years

$3,750

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

Pros and cons

Pros

  • A lower starting rate. Its comparison rate starts at 6.98%, 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.
  • One rate for everyone. Everyone approved gets 6.98%, so the rate you see is the rate you get.
  • Redraw. You can take back extra repayments later if you need the money.

Cons

  • A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.

Similar loans

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