Police Bank Personal Loan Review: Costs and Features

How does the Police Bank personal loan work?

This loan is for members of the Police Bank. You can choose between a variable rate and a fixed rate. The loan can be secured or unsecured. This loan can be used for the purchase of a vehicle, electronics, white goods, household goods, vacations, boats and bicycles.

What are the features of the Police Bank personal loan?

  • Fixed and variable interest rate. You can choose a fixed or variable interest rate. The fixed rate starts from 9.99% per yearwhile variable rate starts from 5.79% per year
  • Secured and unsecured available. Police Bank may require security depending on the customer.
  • Variable loan term. Between 1 and 7 years old.
  • Flexible repayments. You can choose between weekly, fortnightly and monthly repayments.
  • Additional Refunds. You can make unlimited additional repayments.
  • Ease of redrawing. The minimum withdrawal amount is $100, available only on the fixed interest option.
  • No monthly or annual fees. You will not be charged monthly or annual account maintenance fees.

How much does the Police Bank personal loan cost?

There are a number of costs associated with the Police Bank personal loan, including the following:

  • Principal of the loan.
  • Variable interest rate of 5.79% per year or a fixed interest rate of 9.99% per year
  • $98 facility fee.

The comparison rate, which includes both the interest rate and the fees, is 5.92% per annum for the variable rate loan and 10.13% per annum for the fixed rate loan.

What are the advantages and disadvantages of the Police Bank personal loan?

Advantages

  • Fixed and variable rate options. You can choose between the fixed rate and the variable rate, according to your preferences.
  • No ongoing charges. This loan has no monthly or annual fees.
  • Secure and non-secure options available. You can also choose to secure the loan or opt for the unsecured option if you have no collateral to offer.

The inconvenients

  • Members only. You can only apply for the loan if you are a member of the Police Bank.

Am I eligible for the Police Bank personal loan?

To be eligible for this loan, you must be:

  • An existing member. Otherwise, you must register to become a member of the Police Bank.
  • Over 18 years old.
  • A permanent resident of Australia.
  • Able to repay the loan.

You must also have access to an email account and a cell phone.

How can I apply for the Police Bank personal loan?

You can apply for the loan online through the Police Bank website. The application takes about 10-15 minutes to complete. Some of the documents you need include the following:

  • Pieces of identity. This may be your driver’s license or other identification documents.
  • Bank statements. You will either need to provide access to your online bank accounts or provide a bank statement.
  • Employment documents. You will need to provide documents related to your employment.

Keep all required documents handy to speed up the application process.

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