bcu Personal Loans

bcu provides personal loans as well as car loans, home loans, savings accounts, credit cards, travel insurance and investment products.

Compare bcu personal loans and ratesBCU logo

The table below displays a snapshot of bcu’s secured personal loan products and rates on Canstar’s database, sorted by Star Rating (highest to lowest). Please note the products and Star Ratings displayed are based on a loan amount of $20,000 for a three-year loan in NSW.

 

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What personal loans does bcu offer?

bcu currently offers 2 different types of personal loans at the time of writing. These personal loans can be both secured and unsecured with the option of both variable and fixed interest available.

  1. Unsecured Freedom personal loan
  2. Secured Freedom personal loan

bcu Unsecured Freedom personal loan

This loan has the following features:

  • Rate of 10.80% with a comparison rate of 13.90% p.a.
  • Maximum loan term of 5 years
  • Borrow between $4,000 and $20,000
  • Flexible repayments of either weekly, fortnightly or monthly
  • Redraw available
  • No fees for early repayment

bcu Secured Freedom personal loan

This loan has the following features:

  • Rate of 9.08% with a comparison rate of 9.99% p.a.
  • Maximum loan term of 5 years
  • Borrow between $4,000 and $75,000
  • Redraw facility
  • Flexible repayments of either weekly, fortnightly or monthly
  • No fees for early repayment

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What can you use bcu’s personal loans for?

A personal loan with bcu can be used for many important life events, such as:

  • Buying a car
  • Debt consolidation
  • Holidays
  • Home renovations
  • Weddings

Personal loans are a relatively straightforward way of borrowing money with a structured repayment program. A personal loan with bcu could give you access to more money to pay for these major life events.

Check the product disclosure statement (PDS) from bcu to see what you can and can’t take out a personal loan for.

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bcu FAQs

Both the unsecured and secured personal loan options from bcu have a maximum loan term of 5 years.

There are a number of fees to be aware of when taking out a personal loan with bcu:

  • Application fee – $250 for secured freedom and $200 for unsecured freedom
  • Administration fee – $8 per month for both types of loans
  • Redraw fee – $25 for both types of loans

See this article for look at the average fees currently charged by personal loan providers on the market (based on Canstar’s Personal Loans Star Ratings for November 2017) to see if bcu’s fees are more or less what the average customer is paying.

Applying for a bcu personal loan is straightforward; you can do it online after visiting Canstar’s comparison tables. When applying for a personal loan with bcu (or most providers in Australia for that matter), you generally need to meet the following criteria:

  • You must be 18 years or old
  • You must live in Australia
  • You must be an Australian or New Zealand citizen or a non-resident holding a Temporary Residency VISA
  • Hold a regular income and good credit rating (see here for more info on how to get a good credit rating)
  • Show an ability to afford your loan repayments
  • Take out a loan of at least $4,000

If done online, the application process can take as little as 10 minutes, provided you have everything on hand. You may need to provide documents and ID such as:

  • A current driver’s license
  • Details of your current and previous (if applicable) employer
  • Details of your income, assets, expenses and liabilities
  • Previous tax returns if you are self-employed

You may also require your current account number for bcu if you’re an existing member.

bcu was established in 1970 by a group of banana growers in the Macksville district, as the Nambucca Banana Growers’ Federation Members Credit Union, to create an alternative to big banks in the region. The name they have today, bcu, stands for their heritage as the banana growers’ credit union.

In their first year, bcu had accumulated just $6,809 in assets under management, and today they manage over $1 billion. bcu has also expanded its physical presence, with branches and ATMs from Port Macquarie to south-east Queensland.

Thanks to its regional roots, bcu remains committed to providing jobs, economic diversity, and growth throughout their local region. Remote members of bcu who find they have to use other institutions’ ATMs are eligible for a number of free ATM transactions with their partner ATM network.

Certain bcu home loans received a 5-star rating from Canstar in our March 2017 star ratings; see our home loans comparison pages for details.

Freedom Secured (<$20,000)

Canstar Research
Rating:
Award: Personal Loans 3-Star Ratings

Written by: Regina Collins | Last updated: