Fire Service Credit Union Redi Loan
- Interest Rate (p.a.)
- 9.95%
- Comp. Rate (p.a.)
- 17.91%
- Min Loan Amount
- $1,000
Summary
Zero fees and borrowing amounts up to $20,000. Interest charges apply.
Fire Service Credit Union (FSCU) offers a limited-time special on their unsecured loan. Application fees are waived and no monthly fees will be charged. Borrowing amounts are small, ranging from $1,000 to $20,000. Maximum loan term is 2 years.
Details
Product details
| Product Name | Fire Service CU Redi Loan |
| Interest Rate (p.a.) | 9.95% |
| Comp. Rate (p.a.) | 17.91% |
| Interest Rate Type | Variable |
| Min Loan Amount | $1,000 |
| Max. Loan Amount | $20,000 |
| Loan Security | Unsecured |
How does the FSCU Redi loan work?
FSCU offers a limited-time special on its unsecured loan, with zero fees and charges. The interest rate is variable and may fluctuate monthly based on the market rate. You can use the loan funds to make a purchase, renovate your home, consolidate debt or refinance your car loan.
What features does the FSCU Redi loan offer?
- Unsecured loan. You don't need to provide an asset as collateral for the loan.
- Variable rate. Your monthly repayments will fluctuate based on the market rate. This may make it more difficult to budget for your loan repayments.
- 2-year loan term. Your maximum loan term is 2 years.
- Borrow from $1,000 upwards. The minimum loan amount is $1,000. You can borrow up to $20,000.
- No fees. This loan does not charge any fees.
- No early payout fee. You can repay your loan early without receiving a penalty.
How much does the FSCU Redi loan cost?
The costs associated with this loan include the following:
- Loan principal.
- Variable interest of 9.95% p.a.
This loan does not come with an application fee, or monthly or annual service fees. The comparison rate is 17.91% p.a. and includes interest charges and fees.
What are the pros and cons of the FSCU Redi loan?
Pros
- Zero fees. Fees add to the cost of your loan, making it more expensive. With zero fees, you can keep down the cost.
- No risk to assets. Secured loans come with the risk of losing your asset if you default on your loan. It may be repossessed to pay for the lender’s loss. As this loan is unsecured, your assets are not at risk.
Cons
- Budgeting may be difficult. Interest charges for variable rate loans may fluctuate on a monthly basis, making it difficult to predict repayments and budget for them.
Am I eligible for the FSCU Redi loan?
To be eligible for this loan, you need to be over the age of 18 and an Australian citizen or permanent resident. Membership requirements may apply.
How do I apply for the FSCU Redi loan?
You can make a loan application enquiry through the FSCU website or apply over the phone. Keep your documents at hand to make the process easier.
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