Personal Loans help & FAQs
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What is the pre-approval time?
Loan pre-approval is within 7 working hours, subject to applicants satisfying all conditions. Our working hours are between 9am and 5pm, Monday to Friday, excluding public holidays. -
What’s the minimum loan amount?
$8,000. -
How long are the loan terms?
Our loan terms are available for periods between 3 and 7 years. -
How long is my quote valid for?
30 days. -
Can I get a pre-approval on a car loan application?
Yes. Pre-approvals are valid for 30 days. -
When will I receive my loan funds?
If the conditions of your loan have been met, the loan contract will be available for signing the following business day and the funds will be processed either via cheque, BPAY or EFT 24–48 hours from settlement. -
Are there any special offers for members?
Absolutely. As an RAA member, you’ll get 1% p.a. discount off the standard interest rate for RAA Finance loans. You’ll also get $100 off the loan establishment fee. -
Are your loan rates fixed or variable?
Our interest rates are fixed for the term of the loan. This means you’ll always know what your monthly repayments are. -
Can I get a loan for business or commercial vehicles?
Unfortunately, no. Vehicles used as taxis or for ridesharing also fall under the definition of business or commercial vehicles. -
I’m living in SA on an overseas visa – am I eligible for a loan?
To apply for a loan, you must be an Australian citizen or permanent resident residing in SA or Broken Hill. Unfortunately, we can’t accept temporary visa holders. -
I only have an overseas driver’s licence – can I still apply for a loan?
If you’re applying for a secured loan (for a car), you must have a current, valid and unconditional Australian driver’s licence. For unsecured loans, a driver’s licence isn’t required, but you have to be a home buyer/owner. -
Do I need to have a deposit for a loan?
Generally, no. However, for the purchase of jet skis, motorcycles or imported vehicles, it may be required. -
What’s the difference between a secured and an unsecured loan?
Secured loans are those where there’s an asset backing the loan – in addition to your contractual promise to pay. The lender – in our case, RAA Finance – can take possession of that asset if you don’t repay the loan as agreed. Unsecured loans, on the other hand, don’t require you to provide an asset, but this will increase the amount of interest you pay.
