Frequently asked questions about our Personal Loans

Loan Features

Applying for an Easy Loan

Managing your Loan

 

Loan Features

What are the minimum loan requirements? 

The minimum loan amount must be $5,000 or more to a maximum of $35,000. All applicants must be 18 years of age or over. Each loan applicant is subject to Easy Street's lending criteria.


What can I use an Easy Loan for? 

You can use the an Easy Loan for the following:

  • A new or used car, motorbike, boat and caravan
  • Holiday and Travel
  • Debt consolidation to combine cards or other smaller loans into one loan
  • Home improvements, home appliances
  • To purchase shares or managed funds


Is there a redraw facility available? 

A free redraw facility is available on all EasyLoans if repayments in excess of your repayment obligations are made. There is no minimum amount for redraw.


Do I need to provide security for my loan? 

Easy Loans are unsecured so you do not need to guarantee the loan against any assets.


Is a variable or fixed rate best for me? 

A variable loan allows you to make extra repayments to your loan at any time. These repayments could be weekly, fortnightly or monthly. You are also free to make a lump sum payment. However your repayments may increase if interest rates increase.

A fixed loan will guarantee that your loan repayments will never increase over the term of the loan as you are protected from rate increases. You know exactly what your repayments will be each time which helps you budget each month. However, please note that you are free to make a lump sum repayment if you wish.


Are there any establishment, ongoing or early repayment fees? 

For a complete list of all applicable loan fees visit Easy Street loan fees and charges webpage.


Applying for an Easy Loan

Do I have to be a Community First Credit Union Member to apply for a loan on Easy Street? 

You can apply without being a Member but once your loan is approved you need to become a Member of Community First Credit Union (Easy Street is a division of Community First Credit Union) so that you can download your loan contracts from our internet banking site and then to manage your loan thereafter. 

After you apply online, we will advise you what forms you will need to complete and return to us in order to become a Member.


What if I am an existing Community First Credit Union Member but want to apply for a loan with Easy Street in joint names?

If you have a Membership in a single name with Community First Credit Union but intend to apply for a loan in joint names you will need to answer NO when prompted to answer in the online application as to whether you are an existing Member of Community First Credit Union. In this case a new joint Membership will need to be opened in joint names of the loan application. 


How do I become a Member of Community First Credit Union?

To become a Member you need to complete and return by post to Easy Street the following forms:

  • Easy Street Membership Application and Internet Banking Access.
  • Copies of required identification documents that have been certified as true and correct copies of the original by a Justice of the Peace.

All completed forms and certified copies of identification documents must be posted to the following address: Loans Department, Easy Street Financial Services, Reply Paid 98, Lidcombe NSW 1825.


Why do I need to become a Member? 

You need to become a Member so that you can access your loan contracts which have been posted on our secure internet banking site. You can also manage your loan via Easy Street Internet Banking. 


Why do I need to provide identification?

This is a test that the credit union uses to make sure you are you, and not someone posing as you, in an attempt to commit fraud. It’s the credit union’s first line of defence against identity theft and money laundering. We are also required by law to positively identify all members wishing to open an account.

What information do I have to provide in my EasyLoan application? 

We recommend that you keep the following documents at hand while you complete the online application so that you can readily answer the questions in the application. The more details you provide the more fully we are able to assess your application. 

  • Your salary and details of any other income, such as rent or dividends
  • If you are self-employed, your income figure from your last years tax return
  • Your current employer's details (name, address and phone number)
  • If you have not been in your current job for three years, the details of your previous employment
  • Your driver's licence number
  • If you have not been living at your current address for at least three years, the details of your previous address
  • Details of your assets and liabilities including home and other property values, the values of your savings and investments, shares, life insurance, motor vehicles and personal effects
  • If you are buying your home and have a mortgage, the details of the monthly payments
  • If you are renting or boarding, the details of your landlord/real estate agent's name and contact number
  • Details of all your monthly financial commitments (payments made for other loans/credit cards/store accounts, etc)

Please note: for full approval of your loan we may request originals of documents to verify statements made in your application and to identify good financial conduct in regards to credit facilities. We regret that we are unable to accept online statements or photocopies of any documents requested to verify statements made in your application. These documents listed above, in support of your loan application must be originals. All original documentation will be returned to you by post as soon as the loan is funded.


What happens after I apply? 

Within minutes of submitting your application online you will receive an email from us, which will either:

  • Conditionally approve your loan application
  • Refer your application to our Credit Acceptance Department for assessment (in this case a final answer will be given by email within 24 hours)
  • Decline your application.

If your loan is approved, you will receive a second email within 24 hours of application, advising you that your loan contracts have been posted by mail. Upon receipt of these contracts you need to sign and return 2 copies to us along with originals of any other documentation requested as a condition of full approval. 


Why do I receive two contracts?

You receive two contracts so that we are able to maintain a copy. Please sign and return both copies of the contracts along with any originals of documents as requested under the Conditions of Approval. When we receive both these copies (signaling your acceptance) we will sign both and send one back to you for your records. We will then fund your loan account. 


When can I expect my answer? 

In some cases we will be able to conditionally approve your loan in minutes after the online application is submitted. This conditional approval will be sent by email. If your loan gets referred to a Credit Acceptance Officer you will receive an answer by email within 24 hours. 


What are the conditions of approval? 

Conditions of approval refers to original documentation required by us to support your loan application. What documentation is required will depend on each individual loan’s circumstances. Typically, we require originals of your two most recent payslips. However in some cases such as a loan for debt consolidation, we may require that you provide proof of closure of an existing credit card or loan. All documentation requested needs to be originals. They can not be photocopies or online statements. These documents are returned to you by post when the loan is funded.


Why has my loan been referred to a Credit Acceptance Officer? 

Your loan has been referred as your application did not pass our automatic credit rating scorecard. This does not mean that you are not successful in your application it simply means we just need to clarify a few things before we give you the go ahead. However please note in some cases we may decline your loan application if it does not meet our loan approval criteria.

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Managing your loan

How do I make repayments on my Easy Loan

The simplest way would be to set up a debit payment from a nominated external bank account. You can opt for weekly, fortnightly or monthly repayments. 

You can also make ad hoc lump sum payments from any external financial institutions account but we recommend that you set up a regular debit so that you remain in control of your repayments.


How do I pay off my loan faster? 

You are free to pay off your loan outside of your contracted monthly repayment by changing your repayment frequency to a fortnightly or weekly payments. In doing this you will reduce the amount of interest you will need to pay and in this way pay off your loan sooner. You are also free to make lump sum repayments. 


How do I redraw funds? 

You redraw any funds in excess of your mandatory repayments via Easy Street internet banking. All redraws are free.


What is loan protection? 

If you get sick, have an accident or involuntarily lose your job then you can ensure that you meet your loan repayment by taking out loan repayment insurance. This insurance helps you meet your loan obligations for the period you may be unable to work. For further information on loan repayment insurance click here.

 

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