Finty
RACQ Bank

RACQ Bank Unsecured Personal Loan

UnsecuredVariable rate

RACQ Bank wants to give you more freedom when it comes to your personal finances. It doesn’t matter if it’s a wedding, holiday or even a boat, when it comes to getting more from your personal loan, trust RACQ Bank and reach your goals sooner.

Written byDavid Boyd
Interest rate a year, from
11.49%
Comparison rate, from
11.67%
Establishment fee
$120
Monthly fee
Not published
Borrow
$3,000 to $60,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 11.49%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$659
Total repayments
$23,739
Interest
$3,739

Loan details

Rates

Interest rate (a year)
11.49%
Comparison rate (a year)
11.67%
Rate type
Variable
Security
Unsecured

Limits and fees

Loan amount
$3,000 to $60,000
Loan term
Not published
Establishment fee
$120
Monthly fee
Not published

How it compares

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

Comparison rate

11.67%

From 11.67%. A typical loan starts at 10.56%.

Cost of $20,000 over 5 years

$6,505

Interest and fees at its starting rate. Typical is $5,455.

Setup fee

$120

A typical setup fee is $213.

Most you can borrow

$60,000

Typically you can borrow up to $50,000.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 11.49%, so the rate you see is the rate you get.
  • No security needed. Your car or home isn't at risk if things go wrong, though missed repayments still hurt your credit report.
  • 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 variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.

Similar loans

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