Newspaper article News Mail Bundaberg Qld.

Credit Unions Tops for Personal Loans

Newspaper article News Mail Bundaberg Qld.

Credit Unions Tops for Personal Loans

Article excerpt

WHEN it comes to getting a good deal on personal loans, credit unions mostly beat the major banks.

Research group Canstar Cannex recently completed a C[pounds sterling]star ratingC[yen] of personal loans, and among the 43 loans awarded the top 5-star rating, not one came from a bank.

Credit Union Australia, for instance, charges 11.2% on an unsecured loan Co the only catch is that you'll need at least 20% home equity.

If you can offer some security, it's possible to get an even lower rate.

IMB, for example, has a rate of 9.9% on secured personal loans.

Many loans come with upfront charges and monthly fees, which can really bump up the overall cost.

GE Money, for instance, charges a $250 loan application fee.

If you're borrowing a relatively small amount like, say, $5000, this instantly adds an extra 5% on to the cost of the loan.

Depending on how you plan to use the loan funds, you could be entitled to special rate discounts. …

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