People's Choice Personal Loans


People’s Choice provides personal loans as well as bank accounts, home loans, credit cards, general insurance, and financial planning services.

What personal loans does People’s Choice offer? 

People’s Choice currently offers the following personal loan products: 

Discounted Personal Loan

  • A fixed interest rate for the first five years, which then reverts to the standard variable rate
  • Lower rates available if you secure the loan against a motor vehicle, motorcycle, or caravan

Discounted Personal Loan (Car Loan)

  • A fixed interest rate for the first five years, which then reverts to the standard variable rate
  • Loan amounts above $20,000
  • Can be used to either purchase a car (up to tow years of age) or refinance an existing car loan with the vehicle in question as security

Unsecured Personal Loan (Low Rate)

  • A fixed rate for the life of the loan
  • No security required
  • Available for any ‘worthwhile’ purpose

Unsecured Personal Loan

  • A fixed rate for the life of the loan
  • No security required
  • Available for any ‘worthwhile’ purpose

Compare Personal Loans

What can you use People’s Choice’s personal loans for?

A personal loan with People’s Choice can be used for many important life events and large expenses, such as:

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

As noted above, People’s Choice says its personal loans can be used for most purposes. However, its Discounted Personal Loan (Car Loan) is only available for either buying a car (up to two years of age) or refinancing an existing car loan.

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

What are the loan terms on People’s Choice’s personal loans?

People’s Choice personal loans come with a maximum term of either seven years for unsecured loans and 10 years for secured loans.

What are the fees on People’s Choice’s personal loans?

People’s Choice charges a $250 application fee on all of its personal loans, and a $75 fee if it becomes necessary to prepare substitute security. People’s Choice says it does not charge ongoing fees on its personal loans.

Do People’s Choice personal loans come with minimum repayments?

People’s Choice does not specify any minimum repayment required for its personal loans. However, depending on the terms of your personal loan you may be required to make a minimum regular repayment. Check the PDS for more information.  

How to apply for a People’s Choice personal loan?

People’s Choice says customers can apply for a personal loan over the phone, online or at one of its branches. But first, you may want to consider comparing your personal loan options with Canstar before committing.

Compare Personal Loans

When applying for a personal loan with People’s Choice (or most providers in Australia for that matter), you generally need to meet the following criteria:

  • You must be 18 years 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 you could improve your credit rating)
  • Show an ability to afford your loan repayments
  • Take out a loan of at least $2,000, $10,000, or $20,000 depending on which personal loan you’re applying for

If completed online, the application process may take as little as 10 minutes, People’s Choice says, provided you have everything on hand. You will need to provide documents and ID including:

  • Income details – pay slips, child support, pensions, overtime, allowances, rental income, commissions etc
  • Expense details – utility bills, rent, board, loan repayments, credit and store cards, maintenance, lease payments etc
  • Asset information – cash savings, value of motor vehicles, shares, bonds, property, furnishings etc
  • Residential and employment details for the last three years
  • Australian driver’s licence number and expiry

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

About People’s Choice 

People’s Choice (formerly People’s Choice Credit Union) was founded in 1949. It is a 100% member-owned credit union.

Compare Personal Loans With Canstar

Written by: Nina Tovey | Last updated: May 22, 2019