RACQ Bank Personal Loans
What personal loans does RACQ Bank offer?
RACQ Bank currently offers one personal loan product, which comes with the following features:
- Variable interest rate
- Loan amounts between $3,000 and $60,000
- No minimum loan term
- Unlimited additional repayments with no fees
- Discounts for RACQ members
What can you use RACQ Bank’s personal loans for?
RACQ Bank says its personal loans can be used for purposes such as travel, debt consolidation, renovations and weddings.
Check the product disclosure statement (PDS) from RACQ Bank to see what you can and can’t take out a personal loan for.
What are the loan terms on RACQ Bank’s personal loans?
RACQ Bank’s personal loans have no minimum term, but have a maximum term of five years.
What are the fees on RACQ Bank’s personal loans?
RACQ Bank charges a $200 establishment fee on its personal loans. RACQ Bank says it does not charge ongoing or early repayment fees on its personal loans.
Do RACQ Bank personal loans come with minimum repayments?
RACQ Bank does not specify any minimum repayments on 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 an RACQ Bank personal loan?
RACQ Bank says the first step is completing an online applications form, a process it says takes around 10 minutes. RACQ Bank will then phone you within one business day to let you know what supporting documents it needs in rder to assess yur application.
But before you commit to a particular loan, you may want to consider comparing your personal loan options with Canstar.
When applying for a personal loan with RACQ Bank (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
- Have 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
To support your application 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 RACQ Bank if you’re an existing member.
About RACQ Bank
The Royal Automobile Club of Queensland (RACQ) was originally founded over 100 years ago in 1904. Nowadays, RACQ is known as ‘Queensland’s Largest Club’ and offers a number of insurance products such as car, life, home & contents and travel insurance in addition to personal loans and other banking services through RACQ Bank.