Personal Loans - Banks & Credit Unions - RACV (Royal Automobile Club of Victoria) Personal Loan

RACV's Personal Loans

Personal loans are instant cash funds that you can get from a bank or a credit union. You can use this money for any type of expense and you just have to wait for the approval of the lender, which won't take longer than a few days.

A credit union that offers personal loans in Australia is RACV, or the Royal Automobile Club of Victoria, which was established over a century ago. The club was then made for the motorists of Victoria, but since then, RACV has extended its services to the rest of the community, providing all kinds of loans.

Personal loans are included in the list of products of RACV, and it's really easy to get this type of financial aid. You can apply on the website, or you can inquire about this loan over the phone. Your application will be processed after you pay the fee of $225. Once you get approval, you can go to the RACV office to sign the necessary documents and you will receive a cheque for your desired amount. The interest rate given by RACV is 9.49*% p.a., which is a fair figure compared to rates of other lenders.

What's great about getting this type of loan is that there's no need to put up collateral and you can get one even if your credit standing isn't that good. But it is a must that you repay the loan during the period that was given to you by the lender. One thing that you have to remember about personal loans is that you will be given higher interest rates. Since you won't be offering collateral, the lender has to use this higher rate to ensure repayment. Because of this, you must first make certain that you are capable of making monthly payments, and that the loan you wish to take out is really necessary.