Police Bank Personal loan

How does the Police Bank personal loan work?

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

What features does the Police Bank personal loan offer?

• Fixed and variable interest rate. You can choose either a fixed or variable interest rate. The fixed rate starts from 12.99% p.a., while the variable rate starts from 9.99% p.a.
• Secured and unsecured available. Police Bank may require security depending on the customer.
• Varying loan term. Between 1 to 7 years.
• Flexible repayments. You can choose between weekly, fortnightly and monthly repayments.
• Additional repayments. You can make unlimited additional repayments.
• Redraw facility. The minimum redraw amount is $100, available only on the fixed interest option.
• No monthly or annual fees. You won’t be charged a monthly or annual account keeping fee.

How much does the Police Bank personal loan cost?

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

• Loan principal.
• Variable interest rate of 9.99% p.a. or fixed interest rate of 12.99% p.a.
• Establishment fee of $98.

The comparison rate, which includes both the interest rate and fees, is 10.13% p.a. for the variable rate loan and 13.14% p.a. for the fixed rate loan.

What are the pros and cons of the Police Bank personal loan?

Pros

• Fixed and variable rate options. You can choose between the fixed and variable rate, depending on your preferences.
• No ongoing fees. This loan has no monthly or annual fees.
• Secured and unsecured options available. You can also choose to secure the loan, or opt for the unsecured option if you don’t have security to offer.

Cons

• Members only. You can only apply for the loan if you’re 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 sign up 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 mobile phone.

How do I apply for the Police Bank personal loan?

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

• Identification documents. This can be your driver’s licence or other IDs.
• Bank statements. You’ll need to either provide access to your online banking accounts or supply a bank statement.
• Employment documents. You’ll have to provide documents relating to your employment.

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

Compare Personal Loans

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Name	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
NOW Finance No Fee Unsecured Personal Loan Finder award winnerFixed18 Months - 7 Years $5,000 - $50,000	Interest Rate (p.a.) 6.75% to 26.95%	Comp. Rate (p.a.) 6.75% to 26.95%	Application Fee $0	Monthly Fee $0	Monthly Repayment $922.89	Go to siteMore Info Compare
OurMoneyMarket Unsecured Low-Rate Personal Loan Finder award winnerFixed1 - 7 Years $2,001 - $75,000	Interest Rate (p.a.) 6.57% to 18.99%	Comp. Rate (p.a.) 7.19% to 21.78%	Application Fee 1.50% - 6% min. $250	Monthly Fee $0	Monthly Repayment $934.23	Go to siteMore Info Compare
Harmoney Unsecured Personal Loan Finder award winnerFixed3 - 7 Years $2,000 - $70,000	Interest Rate (p.a.) 5.76% to 24.03%	Comp. Rate (p.a.) 6.55% to 24.98%	Application Fee $275 - $575	Monthly Fee $0	Monthly Repayment $926.83	Go to siteMore Info Compare
NAB Personal Loan Unsecured Fixed Fixed1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 8.49% to 20.49%	Comp. Rate (p.a.) 9.54% to 21.49%	Application Fee $250	Monthly Fee $10	Monthly Repayment $964.78	Go to siteMore Info Compare
NAB Personal Loan Unsecured Variable Rate Variable1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 8.49% to 20.49%	Comp. Rate (p.a.) 9.54% to 21.49%	Application Fee $250	Monthly Fee $10	Monthly Repayment $964.78	Go to siteMore Info Compare

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Compare other products from Police Bank

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