Personal / Car Loan FAQs
- Do I have to be a First Option member to take out a loan?
- How much can I borrow?
- How do I make repayments on the loan?
- How often will I receive information on my account?
- What security is required?
- What happens if I get sick, have an accident or lose my job?
- Do I need to take out insurance?
Do I have to be a First Option member to take out a loan?
First Option Bank is a mutual financial services organisation and as such is owned by its members, each one of whom is a shareholder. You must be a member of First Option Bank to have a loan.
How much can I borrow?
The minimum amount you can borrow is $1,000 for a Personal Loan (secured or unsecured) and $3,000 for a Car Loan. You may wish to consider a credit card or overdraft for smaller amounts. The maximum amount you can borrow is $15,000 with an unsecured loan, although this will depend upon your circumstances. Secured loans are dependent upon the security offered. In all circumstances our personal loans are limited by your ability to meet your repayments.
How do I make repayments on the loan?
You can arrange to make your loan repayments either by payroll deduction, direct debit from your savings or transaction account, Internet Banking transfer or by a transfer from another financial institution.
How often will I receive information on my account?
Most statements are produced quarterly. Additional or duplicate statements can be requested at any time (fees apply). Account information is also available through our Internet Banking and Easy App services.
What security is required?
The security required will depend upon your individual circumstances. Examples of the type of security we may require are a mortgage over the property and a Bill of Sale over an asset such as a motor vehicle. A fee is payable where this is required.
What happens if I get sick, have an accident or lose my job?
The best way to obtain peace of mind that your repayment obligations will be met in the case of accident, illness or involuntary unemployment is to take out insurance.
Do I need to take out insurance?
It is recommended that you take out insurance on your loan. Although it is not compulsory it is designed to cover your lending obligations in the case of sickness, accident or involuntary unemployment.