Dnister Ukrainian Credit Co-operative Unsecured Personal Loan
- Interest Rate (p.a.)
- 10.17%
- Comp. Rate (p.a.)
- 10.86%
- Min Loan Amount
- $5,000
Summary
Borrow up to $50,000 unsecured, with no monthly service fees. Interest charges and fees apply.
The Dnister Ukrainian Credit Co-operative (DUCC) personal loan is for members only. The loan is unsecured and does not require an asset as security. You can borrow from $5,000 up to $50,000, with terms up to 7 years.
The interest rate is variable and fluctuates based on the market rate. Although the loan does not charge monthly or annual service fees, you will have to pay an application fee and interest charges.
Details
Product details
| Product Name | Dnister Ukrainian Credit Co-operative Unsecured Personal Loan |
| Interest Rate (p.a.) | 10.17% |
| Comp. Rate (p.a.) | 10.86% |
| Interest Rate Type | Variable |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $50,000 |
| Loan Security | Unsecured |
How does the DUCC personal loan work?
This personal loan from DUCC is unsecured and does not require an asset as collateral for the loan. It’s open to members from DUCC who want to make large purchases for personal, domestic or household purposes. The interest rate is variable and fluctuates based on the market rate.
What features does the DUCC personal loan offer?
- Unsecured loan. This loan does not require an asset as collateral. As a result, interest rates are higher than for secured loans.
- Variable interest rate. Your interest charges may fluctuate with the market rate.
- Varying loan term. The maximum loan term is up to 7 years.
- Flexible repayments. You can choose between weekly, fortnightly and monthly repayments.
- Additional repayments. You can make extra repayments.
- Redraw facility. Access to a redraw facility costs $10 online and $25 over the counter.
How much does the DUCC personal loan cost?
The costs associated with this loan include the following:
- Loan principal.
- Application fee of $100.
- Interest charges of 10.17% p.a.
No monthly or annual service fees are charged for this loan. The comparison rate is 10.86% p.a. and includes fees and interest charges.
What are the pros and cons of the DUCC personal loan?
Pros
- No monthly fees. With no annual or monthly fees, you can keep down the cost of the loan.
- Early repayment and redraw available. You can make extra repayments, although there is a fee for accessing the redraw facility.
Cons
- Higher interest rate. Compared to the secured option, the interest rate for the unsecured loan is higher.
Am I eligible for the DUCC personal loan?
To be eligible for this loan, you must be over the age of 18, an Australian citizen or permanent resident and a member of DUCC.
How do I apply for the DUCC personal loan?
You can download the application form for the loan online through the DUCC website. Once completed, you can attach the relevant documents and submit the application to the DUCC head office. You will need to provide personal details, identification, employment details, your monthly income and expenses and assets and liabilities.
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