Personal Loans

A personal loan is a type of credit provided by financial institutions that can help you cover large expenses, consolidate debt, or fund major personal projects. Illawarra Credit Union offers several types of personal loans, including Car loans, unsecured Personal loans, and Home Improvement loans designed to meet various financial needs.

Illawarra Credit Union offers both secured vs unsecured. Secured car loan borrowers buying a motor vehicle, bike, boat, caravan, or pleasure craft that can be used as security against the loan, up to 5 years old (as at the date of application), anything outside of this would be an unsecured personal loan.

To be eligible for a personal loan with Illawarra Credit Union, you must be an Australian citizen, a permanent resident, or hold a valid visa. As long as you fall into one of these categories, you can apply for a personal loan. It’s important to have a stable income and maintain a good credit history to strengthen your loan application. Meeting these requirements ensures you can access the financial support you need through our personal loans.

Yes, self-employed individuals can still obtain personal loans from Illawarra Credit Union. While the application process might require additional documentation to verify income — such as tax returns or financial statements — our team is experienced in assisting self-employed applicants to secure the financing they need.

Your personal loan can be paid off early; however if you have a fixed rate personal or car loan an early repayment fee may apply. We  allow additional payments on Illawarra Credit Union Personal Loans.

If you decide to pay out your personal loan early, you can certainly do so. Illawarra Credit Union allows early repayment of personal loans, saving you on interest costs over time. It’s important to discuss potential fees or penalties for early repayment with us so you can make an informed decision.

Repaying your personal loan with Illawarra Credit Union can be done through several convenient methods, including direct debit from your personal bank account, online transfers, or in-branch payments. Setting up automatic payments can ensure you never miss a due date, helping you stay on track with your loan repayment schedule.

Yes, you can change the frequency of your personal loan repayments to weekly or fortnightly rather than monthly, to match your income schedule.

Keeping track of your repayments on personal loans is essential for maintaining your financial health. Illawarra Credit Union offers online and mobile banking solutions that allow you to monitor your loan balance, view transaction history, and check upcoming repayment dates, making it easy to stay on top of your loan.

A redraw facility on a personal loan allows you to withdraw funds you have paid above your minimum loan repayments, providing flexibility to access extra payments you’ve made. This feature is particularly useful if you need cash unexpectedly and have been making extra payments on your loan.

Making your last repayment on a personal loan is an important milestone. Once you’ve made this payment, we will review your account to ensure all costs have been processed correctly. Following this, your loan account will be closed, and you will be free from any further obligations related to the loan. We will confirm that your loan has been paid in full and is closed.

To default on a personal loan means failing to meet the legal obligations of the loan agreement, typically by failing to make the scheduled payments. Defaulting on a loan can have serious consequences, including damage to your credit score and legal action. It’s essential to contact us if you’re facing financial difficulties.