Credit Union SA Personal Loan
Credit Union SA(South Australia) is the third-largest bank in Australia, making it a highly developed bank. Credit Union SA was established in 2009. It took the merger of Satisfac and Powerstate, both of which are South Australian Credit Union. Credit Union SA is a pretty named bank among Australian residents as the bank serves 49000 customers with 6 different branches in South Australia. This bank impressed its customers with its impressive interest rates and its trustworthiness. Credit Union SA is a customer-owned banking organisation, meaning there are no external shareholders in the form of any major banks. This allows the bank to neutralise the need for profit division among the shareholders.
Pros and Cons
Credit Union SA can be proven one of the best banks in Australia because of the features and benefits it provides to its existing customers and new applicants. Credit Union SA offers the feature of additional repayment to its customers. Another exciting feature is that no monthly fees are included in any repayment. Below-average interest rates surely grab the attention of any personal loan applicant.
Credit Union SA charges an establishment fee from its customers, which can be a drawback of the bank’s services. Customers of Credit Union SA have limited branch access as a limited number of branches are available in the country. Regarding different loan options, Credit Union SA has limited loan options that can be offered to the customers.
Types of Personal Loans by Credit Union SA
Credit Union SA ranks among Australia’s best personal loan providers because of the different personal loan options available at the bank. These personal loans are mentioned below with respective interest, comparison rates, and applied charges:
|Online-only Special Fixed Rate Personal Loan
|Special Fixed Rate Personal Loan
|Fixed Rate Personal Loan
|Variable Rate Personal Loan
Among the interest rates and comparison rates, additional charges are also applicable to personal loans that are explained below:
- Credit Union SA charges an establishment fee of $250 on applying for a new personal loan or an increase to an existing personal loan.
- In the case of an Online-only Special Fixed Rate Personal Loan, the establishment fee is $350.
- There are no monthly and redraw fees applicable to the customer.
- The Arrear Fee is payable when the bank sends the letters to the borrower on partial repayment or no repayment within the due date. This fee is applicable from the second letter onwards.
Note- The Bank sends 4 letters: the first letter arrears in 3 to 10 days, the second letter arrears in 11 to 18 days, the third letter arrears in 19 to 26 days, and the fourth letter arrears in 27 days or more from the due date.