People’s Choice Personal Loan Review with Fixed 8.99% p.a., Redraw, No Monthly Fees and $2k to $40k Loans for Aussies
Aussie-focused breakdown of the People’s Choice unsecured personal loan with fixed 8.99% p.a., redraw flexibility, no monthly fees and loans from $2,000 to $40,000
Overview of the People’s Choice personal loan
The People’s Choice personal loan is a straightforward unsecured option for Aussies needing between $2,000 and $40,000. With a fixed rate advertised at 8.99% p.a. and a comparison rate around 10.73% p.a., it delivers predictable repayments over loan terms up to seven years.
Because it is unsecured, you do not need to offer property or other assets as security. The product targets everyday uses like renovations, car repairs, debt consolidation or unexpected expenses, and it comes with no monthly account fees for most customers.
Costs, fees and repayment flexibility
Applicants should note a $250 application fee applies, which affects the effective cost of borrowing. There are no ongoing monthly account fees, and People’s Choice often waives monthly charges for eligible members, saving around $72 a year compared with some rivals.
Repayment frequency is flexible: weekly, fortnightly or monthly options suit Aussie pay cycles. Extra repayments and early payout are allowed without penalty, and a redraw function means you can access extra payments if your cashflow changes.
Who benefits most from this loan
People’s Choice personal loan suits borrowers who value certainty and straightforward terms. The fixed 8.99% p.a. rate gives payment stability, which is handy for households budgeting around mortgage and living costs across Australia.
If you prefer a simple online application and clear pre-approval, this product’s 90-day pre-approval window helps lock in amounts quickly. It also appeals to those without collateral or who want to avoid the complexities of secured lending.
How to apply and what to watch for
Applications are online and typically require ID, proof of income and living expenses. People’s Choice will assess your credit profile; borrowers with stronger credit histories may secure the advertised fixed rate, while others might receive different pricing based on risk.
Watch the comparison rate when comparing offers, as it factors in fees and gives a truer cost picture than headline p.a. rates alone. Factor in the $250 establishment fee and your loan term when calculating total interest and repayments to choose the right loan size.