RACV Personal Loan Review, Fixed Rates from 10.69% p.a., Borrow $5,000 to $30,000 with $499 Fee and Fast 24‑Hour Payout

Overview of the RACV personal loan

The RACV personal loan offers fixed rates from 10.69% p.a., allowing Australians to borrow between $5,000 and $30,000 with a one‑off $499 fee. This is a secured product, so you’ll need an asset as collateral but you won’t pay ongoing account-keeping fees once the application fee is paid.

Fixed rates mean predictable repayments, and RACV advertises fast approval times with payouts often within 24 hours after approval. For many borrowers in Australia seeking certainty and speed, the RACV personal loan is a practical option to consider.

Costs, rates and repayment features

Alongside the headline fixed rate, comparison rates sit higher to reflect fees and charges; typical comparison rates run above the advertised rate depending on loan size and term. There’s a penalty for full repayment in the early part of the contract (for example, before you’ve paid 75% of the term), so factor that into your plan if you expect to settle early.

The $499 application fee is payable up front and replaces ongoing fees, which keeps regular account costs low. RACV allows extra repayments and flexible fortnightly or monthly direct debits aligned to your pay cycle, making it easier to manage the loan from day-to-day.

Eligibility and how to apply

To apply for an RACV personal loan you must be at least 18, an Australian citizen or permanent resident, and have steady employment with a clean credit history in recent years. Typical documentation includes a driver’s licence, proof of income (payslips or bank statements), and details of the asset you’re using as security.

Applications can be completed online or by phone and often take around 10 minutes to lodge; RACV aims for quick assessments and 24‑hour payouts once approved. Make sure to check all eligibility criteria and have your documents ready to speed up approval and access to funds.

Who should pick the RACV personal loan?

If you need cash quickly and have an asset to secure the borrowing, the RACV personal loan is worth a look—especially for borrowers prioritising fixed repayments and transparency. It suits drivers, tradies, and homeowners who can offer collateral and value no ongoing fees and a fast turnaround.

However, if you can’t or don’t want to put up security, or you expect to pay the loan out very early, compare unsecured personal loans and other lenders before you commit. Compare rates, total cost including the $499 fee, and read the product disclosure to ensure the RACV personal loan matches your budget and timeline.