I have been with the credit union since 1980s when it was Australian Central Credit Union. Always found it a great institution. We have even moved interstate and would not even consider going elsewhere. The call staff are always amazing.
Declined a $10k refinance on a Personal Loan. Shameful Union.
I have been with People's Choice two times, both for Vehicle Loans. One loan was honorably settled after continuous and timely repayments. The other loan now 2 years is currently being paid right on time every fortnight. I wanted to change the current vehicle to a newer version by borrowing $10k, repaying the outstanding $7k to PCCU on existing loan, and settling the balance $3k as part of purchase of new vehicle.
Having a good credit repayment history on two loans I was declined the credit for $10k loan. They claimed I did not meet their credit guidelines. Probably some guidelines peculiar to PCCU. When assessing the loan they did not understand the logic that when two family members earn, they share the household expenses. What they did was they considered my part of the income (after salary sacrifice to super) against the total household expenses with out removing a portion for the partner. The partner herself earns 4 times myself. I would think their assessing logic itself is flawed.
I would not advise anybody to even consider PCCU if you have any finance requirements. Poor quality organization, poor quality people.
Absolutely the worst I can not stress this enough stay well clear..
Absolutely the worst I can not stress this enough stay clear..they draw you in with low rates but never deliver even though we own several properties and have a credit score of 900 !! And serviceability is overwhelmingly 100% even stated by them.. she wanted a loan for a vehicle but she made the mistake of saying she had a partner and they insisted that both her and I sign omg the vehicle is hers its registered in her name..they just wanted to force another person to be liable and open another account.. and if you do the online application you will have a credit check done and since you will probably refuse their offer like us you will have put an extra mark on your credit file affecting your score all for nothing..
Tried to apply for a personnel loan online to consolidate a two credit cards, rep called within an hour and wanted to know everything about my finances which even my home loan provider did not ask, which I duly provided in the interim rep was trying hard to sell income protection insurance, car insurance and home and content insurance, spent more than 1 hour on this call and she advised will call back if loan is approved or not, few days of chasing up and then they advised they cannot provide the loan without security.
I went to my bank and got the loan done within a 24 hours and all I needed was my payslip.
Even though they have great products, would not bother going back again, staff are trained to push add-ons rather than sell the essentials and never bother to follow up if it is not in their best interest.
Questions & Answers
ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.