CUA Personal Loans

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

Compare CUA personal loans and rates

The table below displays a snapshot of CUA’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.

 

Compare Personal Loans

What personal loans does CUA offer?

CUA currently offers 2 different types of unsecured personal loans at the time of writing, they include:

  1. Fixed rate unsecured personal loan
  2. Variable rate unsecured personal loan

Both loans have a ‘Discount’ option, which offers a lower interest rate for larger loan amounts.

CUA fixed rate unsecured personal loan

This loan has the following features:

  • Rate of 11.99% with a comparison rate of 11.99% p.a.
    • The discount fixed rate personal loan (for loans of $30,000-$60,000 has an interest rate of 10.99% with a comparison rate of 10.99%)
  • Loan term between 1 and 7 years
  • Loan amount between $5,000 and $30,000
  • No monthly or establishment fees
  • Unlimited additional repayments at no cost
  • Flexible repayments of either weekly, fortnightly or monthly
  • No penalties for early payout
  • Redraw available funds

CUA variable rate unsecured personal loan

This loan has the following features:

  • Rate of 11.89% with a comparison rate of 11.89% p.a.
    • The discount fixed rate personal loan (for loans of $30,000-$60,000 has an interest rate of 10.89% with a comparison rate of 10.89%)
  • Loan term between 1 and 7 years
  • Loan amount between $5,000 and $30,000
  • No monthly account keeping or establishment fees
  • Unlimited additional repayments at no cost
  • No penalties for early payout
  • Free redraw facility available
  • Flexible repayments of either weekly, fortnightly or monthly

Compare Personal Loans

What can you use CUA’s personal loans for?

A personal loan with CUA 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 CUA could give you access to more money to pay for these major life events.

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

Compare Personal Loans

CUA FAQs

Both the fixed and variable rate personal loan options from CUA have a loan term between 1 and 7 years depending on the loan amount.

At the time of writing, CUA currently don’t have any additional fees. They have a $0 Establishment fee and monthly account keeping fees as well as a free redraw facility available and no penalties on early payout. They charge a $90 security administration fee on secured loans, but both of their personal loan products are unsecured.

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 CUA’s fees are more or less what the average customer is paying.

Applying for a CUA personal loan is straightforward; you can do it online after visiting Canstar’s comparison tables. When applying for a personal loan with CUA (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 CUA if you’re an existing member.

In addition to personal loans, CUA also offers a secured car loan. The table below displays a snapshot of CUA’s car loan products, sorted by Star Rating (highest to lowest). The results shown are based on a 5-year loan for $20,000 in NSW.

Compare Car Loans

CUA (Credit Union Australia) was founded in 1946 by Jack Harvey, as a merger between three small Queensland-based credit unions. Today it is Australia’s largest customer-owned financial institution, and their profits come back to their customers as better rates and lower fees.

Some of CUA’s earliest innovations included a field office operating out of a caravan to serve their regional customers in the 1960s to 1970s. CUA is now acclaimed as an employer of choice when it comes to gender equality, winning the WGEA award in 2011, 2014, and 2015.

CUA supports the Australian community in particular through children and schools. CUA Community Care gave $75,000 in grants in 2015 to the school projects across Australia that receive the most votes. They also regularly give $5,000 grants to reward schools for fighting childhood obesity with School Fun Runs and health eating initiatives. They also have been sponsoring SIDS and Kids (SNK) since 2014.

They also sponsor innovation for the community. CUA sponsors entrepreneurs through the annual River City Labs start-up mentoring and networking program. And the CUA Hackathon is another major innovation event.

Disaster relief packages were made available to customers affected by Cyclones Marcia and Lam. And every year, natural disasters or not, employees receive one day of leave per year to volunteer for the charity or cause they care about.

CUA also supports the environment through the Credit Union Foundation Australia (CUFA). This foundation develops grassroots-to-government solutions for credit unions to improve sustainability and relieve poverty in their region.

Join the conversation about breaking news, research insights, and promotional offers on CUA products with their Facebook or Twitter accounts.

Unsecured Variable Personal Loan

Canstar Research
Rating:
Award: Outstanding Value Personal Loans

Written by: Regina Collins | Last updated: