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CUA | Credit Union Australia Personal Loans

 

CUA

 
 

CUA, or Credit Union Australia, is a large Queensland based credit union which has seventy branches spread across most Australian provinces.

Credit Union Australia was originally the Queensland Postal Cooperative Credit Union, set up by postal workers in the Brisbane General Post Office.  It merged with a number of other credit unions in the 1990s including the Credit Society, the Metropolitan Credit Union and the Australian National Credit Union to get a presence in New South Wales, Western Australia, Victoria and Canberra.
CUA markets itself as a credit union that gives a wider range of financial services including most types of insurance, financial planning, commercial finance and term deposits.  CUA also offers a young saver’s club (Kids Club) and an over 55s club (the Platinum Club).

There are four types of personal loans offered by CUA, secured personal loans, unsecured personal loans, car loans and overdrafts.  There accounts offer a certain number of transactions free every month. 

The loans have a 24 hour approval period and can have a pre approval option.  Unlike many other lenders there are no monthly fees, although there is an application fee at the beginning of the loan.  Both lump sums and early payouts are allowed without any penalty.   Payment periods can be flexible and a loan can be given for up to seven years.

The secured personal loan can be secured by real estate of at least the value of the loan.  A lower interest rate is available for those who have at least 20% equity within their property.  The unsecured loan is calculated at a higher rate than the secured loan.

There are three types of car loans, those for cars between three and five years old, those for new cars costing up to $30,000 and loans for more expensive new cars.  There is finance pre-approval available for car loans, which means that a car can be paid for at the time of purchase.  The second hand cars attract the highest interest rate, followed by the less expensive newer cars, with the more expensive cars attracting the lowest interest rate.

 An overdraft facility is available for smaller sums.  It charges a higher rate of interest than the lump sum loan options, but the interest rate is only charged when the money is needed rather than from the outset of the loan.  There are two types of overdraft, the everyday overdraft which is pre-agreed and attracts a competitive interest rate but also a monthly fee and a “Just In Case” overdraft which is not pre-agreed and attracts a high rate of interest 


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