Personal Loans - Banks & Credit Unions - Encompass Credit Union Personal Loan

The Personal Loans Offered by Encompass Credit Union

Founded in 1953, Encompass Credit Union is an independent organisation which offers a wide variety of financial services that includes insurance, lending products, financial planning, and savings accounts for the people of Australia.

Encompass Credit Union, previously known as Transrail Credit Union, offers Personal Loans and Personal Loans Secured by Term Investment. The two loan options vary only in two ways: the duration of the loan and the presence of a collateral. In terms of loan duration, Personal Loans can last up to 7 years while Personal Loans Secured by Term Investment can last for as long as 30 years. When it comes to collateral, Personal Loans Secured by Term Investment requires a car or a property to be used as a collateral while Personal Loans do not require any form of collateral at all.

The two types of personal loans allow you to borrow as much as AU$50,000 and sends you account statements every month. They also permit various repayment options such as periodical payment from transaction or savings account, banking transfer via a telephone or through the Internet, and payroll deduction. The personal loans also come with a Loan Repayment Insurance that takes care of your repayment responsibilities and protects your collateral (for secured personal loans). Another useful feature of the personal loans is the redraw facility that allows you to make extra repayments on your loan that you can redraw afterwards.

The types of loans offered by Encompass Credit Union are available only for its members who also happen to be shareholders. In order to avail of the impressive loan offers, you must first join the organization. Other benefits of Encompass Credit Union members include free car buying services, home, car, health, landlords, and travel insurance, helpful financial tips, free mobile lending service, financial planning services, award-winning Encompass Visa credit card, convenient transaction accounts, flexible savings accounts, and competitive interest rates.