About Suncorp Bank
As a banking entity, Suncorp’s online fast loan offer takes a moment of navigation to access. It is Australia’s largest insurer and a giant banking presence too, hence it is not wholly geared to small personal loans.
This is a negligible issue for potential customers logging on to apply for a small loan, however, as their presence and reliability offset any small slow-down in the online loan application process.
In late 2016 Suncorp announced its participation in Australian netball and this warm overture of sponsorship has endeared them greatly to Australians.
While running a fairly standard and tight ship on personal loans, citizens nonetheless recognise Suncorp as a broadly positive and amicable loan partner, based on their sport and other social initiatives.
How to do it
Headquartered in Brisbane, Queensland, any prospective client of Suncorp’s can make an application either at a branch or easily online. While most quick loan applicants are existing clients, even a formerly unknown individual can log on and go through the online application process.
Supporting documentation can all be electronic and although not the speediest approval time available, it generally only takes a business day or two for a consumer to see the funds reflect in their account.
What Suncorp Bank can offer you
Although offering the gamut of services one would expect from a typical bank, Suncorp have done well to present their fast loan offer as a stand-alone aspect of their business.
Although it takes a few navigational clicks to access, all necessary details are displayed on the loans page including debt warnings and their rates and terms.
A small loan can be taken out at a fixed interest rate, currently 10.99% against a comparative rate of 11.58%.
A flexible interest rate on repayments is offered at 11.19% against a comparative rate of 11.78%. Pleasingly transparent right there in the dialogue box, Suncorp’s costs are $175 for the initiation of a loan and $5 monthly to service the account.
Even small loans are substantial
Suncorp does, while obviously being open to much larger loans, pitch their minimum small loan amount at $5000.
This may well not be for everyone in the market that their personal cash loans are aimed at, yet is well met by the other percentage who find a few hundred $ or a maximum of around $2000 a little low.
In a Nutshell
- Loan minimum $5,000
- Loan maximum $50,000
- Interest rate 10.99% fixed rate per annum and 11.19% per annum variable rate
- Loan term minimum 12 months
- Loan term maximum 7 years
- Average processing time 1 business day
- Online application
- In-store application
- Unsecured loan option
- Secured loan option
- Early repayment
Existing Clients & Newcomers Welcome
Clearly making a foray into the fast cash loan sector, Suncorp does come with massive reassurance for all, that they are dealing with a highly reputable entity that has the clout and dynamism to cater for all needs.
Their online presence distinguishes between new and existing clients. There is no penalty for early repayment, provided this is effected within the first 12 months of a loan being taken out. This is a generous feature that appeals to many and is atypical of a bank.
Repayments can be made weekly, fortnightly or monthly. The maximum repayment term is 7 years. The repayment works on automatic debit orders from a client’s bank account.
Refinance an Existing Loan
Extending their offer to bring everyone home to a single financial institution, Suncorp will also refinance existing loans from other entities and they make some effort to accommodate any client’s current financial arrangements.
While one can repay almost immediately with no repercussions, clients utilising the fast loan offer from Suncorp generally take out larger loans over a period of a few years.
Eligibility & Requirements
- Earning a stable income
- Credit check
- Good credit history
- Bank statements
- Proof of address
Other Products & Services
- Personal Loans
- Credit Cards
- Home Loans
- Shares and Margin Lending
- International Trade Finance
- Business Banking
- Vehicle & Home Insurance
- Life, Income Protection, Funeral & Injury Insurance
- Health Insurance
- Travel Insurance
Here’s a short video about Suncorp Bank
- Registered Office Level 28 Brisbane Square, Queensland, Brisbane, 266, Australia
- GPO BOX 1453, Brisbane, 4001, Australia
- Monday 08:00 – 18:00
- Tuesday 08:00 – 18:00
- Wednesday 08:00 – 18:00
- Thursday 08:00 – 18:00
- Friday 08:00 – 18:00
- Saturday Closed –
- Sunday Closed –