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.
Compare personal loans
