Digital bank Hiver launched personal and car loans to put the needs of busy Australian workers first.
Started last year From one of Australia’s largest client-owned banks, Teachers Mutual Bank, digital bank Hiver has expanded its product offering beyond bank accounts to include personal and car loans for essential workers.
Hiver is currently offering customers 5% cashback for those who use the Visa debit card for essentials like groceries, public transport and utility bills.
Carolyn Murphy, Hiver’s Chief Digital Bank Officer, said Hiver is focused on providing convenient and innovative banking services that meet the needs of Australians who have been on the front lines of the pandemic.
“Nurses, doctors, teachers, paramedics and the police do so much for society and they deserve a bank that understands them,” Ms Murphy said.
Hiver customers looking to take out a personal or auto loan can borrow from $4,000 to $50,000 unsecured, with repayment terms ranging from six months to six years.
Essential workers are offered flexibility, including the option to make monthly, fortnightly, or weekly repayments, and no application or ongoing fees, including monthly service fees.
Hiver’s loan offering also includes the option of unlimited additional repayments and fee-free redrawing of variable rate loans.
According to Hiver, the application process can be completed within 15 minutes and an initial decision is made in less than 30 minutes after submitting the application.
Applicants who receive an unconditional loan approval will be granted same-day financing if their contracts are electronically accepted before 1:00pm AEST on business days (Monday through Friday).
Applicants can upload supporting documents via Hiver’s secure messaging facility through the digital bank’s app.
To become a Hiver customer, membership eligibility applies. To meet the eligibility requirements, you must be an Australian citizen and fit into one of the following employment categories:
1. Education staff:
• Preschool, primary school or secondary school
• A tertiary educational institution such as TAFE or university
2. Employees in the field of rescue services:
• Employees of a state fire service
• Air Services Australia Fire and Rescue Service employees
• Police (State & Federal)
• State Emergency Services (SES)
• Emergency services (including paramedics)
3. Healthcare workers:
• Health care administrators
• All other healthcare professions
4. Graduate from an Australian university
5. Student currently studying at an Australian university
6. Immediate family of Hiver members
In the personal loan market? The table below features unsecured personal loans with some of the lowest interest rates on the market.
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