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Mecu is a large credit union. It sells itself as a “non-bank” that is based upon co-operative principles while providing a professional banking service. It was the first Australian credit union to get a Standard & Poor rating, proving its stability. Mecu offers a full range of personal financial products including credit cards and insurance.
It is made up of a large number of small neighbourhood, workplace and Catholic parish based credit unions (credit unions have their roots in nineteenth century Catholic social teaching). There are a number of personal loans available from mecu, which include car loans, personal loans, overdrafts, investment loans and equity loans. They also offer loans under the government backed green loans scheme.
Personal loans have a minimum sum of $1,000, which is lower than most lenders. It is marketed as a loan suitable for consolidating other debts, particularly credit card debts. The personal loans come with twenty four hour banking. They also operate a salary crediting scheme, which means that loan repayments can be credited directly from payroll.
The share loans have a slightly lower interest rate than the personal loans, but the minimum amount is higher at $5,000.
The overdraft also has a minimum amount of $1,000, although this is the approved amount and does not have to be taken out at the time. The interest rate is the same as the personal loan but only charged when the money is spent.
The green loans are offered with government backing. It is offered up to $10,000 and can only be used for goods that are approved by the Australian government. The maximum term is four years. Unlike loans offered under this scheme by other lenders this loan is interest free to members of mecu. It is tied to a home sustainability audit.
The goGreen loans do pay interest, but at a considerable discount from other personal loans. They are intended for home improvements, particularly water and energy saving devices. There is a minimum amount of $3,000.
The goGreen car loans can be used for either new or second hand cars. It is sold as an environmentally friendly option. The interest rates are determined by how environmentally friendly the vehicle is and CO2 offset is built in to the loan. There are flexible payments and extra payments can be made without attracting any fee or penalty. Automatic salary crediting is available with car loans, just as it is with personal loans. |
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