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Suncorp |
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Suncorp is a Queensland bank that grew from a merger with a state owned bank; a state owned insurance group and a prominent private bank. It is Australia’s fifth largest listed financial services group.
Suncorp is particularly strong in Queensland and its focus is on retail customers and small to medium sized businesses. As its roots are in small business lending and insurance it has a particular strength in personal financial services such as insurance.
Suncorp offers secured personal loans, unsecured personal loans and car loans. Suncorp will lend for any worthwhile purpose and they have a fast approval process which promises conditional approval after one working day. There is also an online application site, although there is a maximum loan amount of $80,000 that doesn’t apply to telephone and branch loans. Although Suncorp is based in Queensland it lends throughout Australia.
The unsecured personal loan has an establishment fee of $175 and a $5 monthly keeping fee; there is also an early payout fee of $300. All of these are in addition to the advertised interest rate. The repayment can be weekly, fortnightly or monthly. The rate is fixed throughout the term of the loan, as are the repayments although there is no penalty for overpayment. There is a minimum loan of $5,000 and no maximum for a non-online application although loan amounts will take account of the personal circumstances of the borrower. The term of the loan is between one and seven years. Loan protection insurance is also offered.
Car loans can be either secured or unsecured. If the car loan is unsecured then it is given on the same terms and interest rate as the unsecured personal rate. The secured car loans are only available for cars up to five years old purchased from a dealership. All other cars can only be bought through an unsecured personal loan.
A secured car loan has a lower interest rate and is secured on the vehicle under a chattel mortgage, where Suncorp has an interest in the car. The establishment fee of $175 and the $5 monthly keeping fee are the same, and the payment frequency can also be weekly, fortnightly or monthly. Fees are also payable to the Register of Encumbered Vehicles. The interest rate is also fixed throughout the term of the loan. The same minimum and maximum terms and amounts apply as with a personal loan. |
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