RACV personal loans
RACV was established in Melbourne in 1903 as a motorists’ social club. The club operated to encourage and develop the motoring industry and actively sought to protect the rights of motorists. Today RACV supports their 2.2 million members and the wider community through their motor insurance products, personal and car loans, as well as the RACV Community Foundation.
RACV personal loans are suited to a wide range of borrowers and can be used for a variety of purposes like renovations, holidays, debt consolidation, caravan and car purchases. Existing RACV members may be eligible for discounts depending on their level of membership.
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Why choose RACV
RACV Personal Loans
Personal Loans calculator
Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios.
Your estimated repayments
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- This is an estimate of how much you would pay (weekly/fortnightly/monthly) based on your borrowing amount, interest rate and loan term.
- Calculations assume that details entered into calculator, including interest rates, do not change for the lifetime of the loan.
- Interest is calculated by compounding on the same frequency as the repayment selected, i.e. weekly, fortnightly or monthly.
- Months are assumed to be of equal length. However, given that some months are longer than others, interest charged by vary depending upon the month.
- The calculation rounds of the personal loan repayment to the closest dollar value without decimals.
- All calculations are estimates only; there are no guarantees, pre-qualifications or pre-approvals for borrowing. All results are based solely upon the data entered into the calculator.
- Your final mortgage repayments or borrowing amount will depend on your lender’s eligibility criteria among other factors.
- Calculator does not include the cost of fees or other extra charges.
- Calculator does not account for changes to interest rates over time.
- This calculator is for information purposes only. Any advice is general and has not taken into account your personal circumstances. Read our full disclaimer.
Features of an RACV personal loan
Whether it’s a caravan, car, holiday or home improvement, RACV personal loans can be used for a range of purposes. RACV provides secured fixed-rate personal loans to its members and borrowers who wish to become members. Its loan terms range between one to seven years and have a minimum loan amount of $5,000.
Some of the main features of an RACV personal loan include no account-keeping fees, easy online application and fast approval, often within five working hours. It’s worth mentioning that borrowers wishing to pay out their personal loan before the term will face a penalty. In some circumstances, there’s no need for a deposit.
RACV personal loans can be used for a range of different purposes including:
- Student fees
- Debt consolidation
- Renovations
- Shares
- Holidays
- Medical bills
- Weddings
RACV personal loans – customer service
Customers looking to contact RACV customer service can do so via:
- Phone, 9am to 5pm (AEST) weekdays
- Branch (Victoria only)
Who is eligible for an RACV personal loan?
To be eligible for an RACV personal loan, you’ll need to meet the following criteria:
- Be at least 18 years old
- Be an Australian citizen, permanent resident or have a valid visa
- Have a regular income
- Have a good credit rating
- Have not filed for bankruptcy in the past seven years
- Be looking to borrow a minimum of $5,000
How to apply for an RACV personal loan?
To apply for an RACV personal, borrowers can apply online through the RACV website, over the phone or in store. The application process takes around 10 minutes and involves the following steps:
- Once you’ve compared and selected an RACV personal loan, you can get the application started online.
- Once you’ve submitted your application, RACV will review your application and reply within five working hours of receiving your application.
- If your application is approved, RACV will call you to talk through the details.
- Upon final approval, the funds will be credited to your loan account usually within 24 hours.
At the time of application, you’ll need to provide the following documentation:
- Proof of identity
- Proof of income and employment including payslips
- Details of any other financial commitments
RACV personal loans review
RACV personal loans may appeal to borrowers who are already members or would like to become a member. Under the RACV membership benefits scheme, existing members may be eligible for a discount and should check before applying.
The RACV secured fixed-rate personal loan has a moderately low interest rate and has no ongoing fees. Borrowers have the option to make additional repayments, however there is a fee for paying out the loan before its term. It’s worth mentioning that there is a high upfront application fee for the RACV personal loan in addition to a late payment fee.
The RACV personal loan allows borrowers to choose either fortnightly or monthly repayments.
While RACV do have a number of branches in areas of Victoria, borrowers who do not live near a branch can contact the lender by phone and email.
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