NOW FINANCE drops fee-free personal loan

By Polly Fleeting ·
woman shocked about now finance's fee free loan

Today, Aussie lender NOW FINANCE introduced a no fee feature on its personal loan. 

That’s right, no fees. 

For customers applying for the NOW FINANCE Unsecured Personal Loan, and borrowing between $5,000 and $15,000, there are no fees at all. Meaning borrowers won’t pay establishment fees, ongoing fees or an early repayment penalty. 

However, for loans over $15,000 customers will pay fees, including a $495 upfront cost and $13 monthly service fee. 

So, if you’re on the hunt for a small personal loan, introduce yourself to NOW FINANCE’s newest fee-free offer:

NOW FINANCE no fee personal loan

NOW FINANCE Unsecured Personal Loan
Promoted
  • No fees on loans between $5,000 and $15,000
  • Fixed rates from 6.95% (6.95% comparison rate* for loans under $15,000)
  • Extra repayments allowed

If you’re looking for a small personal loan, draw your attention to the NOW FINANCE Unsecured Personal Loan. For customers looking to borrow between $5,000 and $15,00 there are no fees on this loan, meaning no upfront, ongoing or early repayment fees. On these smaller loans, rates start at a low 6.95% (6.95% comparison rate*) and customers can make extra repayments whenever they like.  However, for those looking to borrow over $15,000, there are fees - including a $495 upfront fee and $13 monthly service fee. This also means that rates start at 6.95% (8.57% comparison rate*).

Which other lenders offer fee-free personal loans? 

The truth is, NOW FINANCE isn't the first to introduce fee-free personal loan options. 

In some cases, lenders offer completely fee-free loans, while in others there is a late payment fee (meaning if you always make your repayments on time, you’ll pay no fees!).  

According to the Mozo database, there are nine lenders that don’t charge an application, monthly or early repayment fees (conditions may apply):

  • Alex Personal Loan 
  • Citi Personal Loan Plus
  • Credit Union SA Education Community Personal Loan  
  • Liberty Personal Loan 
  • MoneyPlace Unsecured Personal Loan 
  • Police Credit Union Solar Eco Loan (No late payment fee) 
  • SocietyOne Unsecured Personal Loan
  • South West Slopes Credit Union Greener Futures Loan (No late payment fee) & Unsecured Personal Loan
  • Sydney Mutual Bank Green Loan (No late payment fee) 

Check out some of these great options below:

Compare fee-free personal loans

Alex Personal Loan
Promoted
  • No upfront fee (for applications submitted between 15 Sep 2020 and 30 Sep 2020
  • No ongoing, exit or early repayment fees
  • Fixed rates from 6.95% (6.95% comparison rate*)

Want a personal loan with no upfront or ongoing fees that’ll reward you for your good credit? Meet the Alex Personal Loan. For customers that apply between the 15 of September 2020 and 30 September 2020, Alex will waive the $295 upfront establishment fee. Not only that, there are no ongoing, exit or early repayment fees to worry about. You’ll also be please to know that fixed rates start at a low 6.95% (6.95% comparison rate*), based on your credit history. Plus, extra repayments are allowed - just remember though, if you miss a regular repayment you’ll cop a $20 late payment fee.

Liberty Personal Loan
Promoted
  • No ongoing, exit or early repayment fees
  • No application fee (for customers with excellent credit)
  • Fixed rates start at 7.65% (7.65% comparison rate*)

If you have a healthy credit score and need a competitive personal loan, the Liberty Personal Loan might be the right choice for you. Not only does this unsecured loan reward customers with excellent credit with rates starting at 7.65% (7.65% comparison rate*), but they may waive the upfront application fee to. These fees range from 0% to 5.5% and are based on an applicant’s credit history. Bear in mind, if you don’t have good credit this fee can go up to a hefty $950. There are some fees you won’t have to worry about across the board though, these include ongoing, exit and early repayment fees. However, there is a $10 late payment fee to be mindful of if you miss a regular repayment.

SocietyOne Unsecured Personal Loan
Promoted
  • No ongoing, exit or early repayment fees
  • No establishment fee for customers with excellent credit
  • Fixed rates start from 6.99% (6.99% comparison rate*)

An excellent credit history should be rewarded, and that’s exactly what the SocietyOne Unsecured Personal Loan does. For customers with an exceptional credit score, they won’t pay an establishment fee (which can go up to 5.00% and is added to the principal amount of the loan). There are also no pesky ongoing monthly fees, exit costs or early repayment penalties on this loan either. Fixed rates start at a low 6.99% (6.99% comparison rate*), and customers can make extra repayments if they want to. With this loan it’s important to stay on top of your regular repayments, otherwise you’ll have to pay $35 in a late payment fee if you miss one.

MoneyPlace Unsecured Personal Loan
Promoted
  • No ongoing, exit or early repayment fees
  • No upfront fee for customers with excellent credit
  • Fixed rates start from 7.65% (7.65% comparison rate*)

After a low rate and no fees? The MoneyPlace Unsecured Personal Loan might offer you just that. With no ongoing, exit or early repayment fees, this loan already has a few things going for it. However, for customers with good credit, this product gets even more competitive. Fixed rates start from 7.65% (7.65% comparison rate*), based on a borrower’s credit history. Plus, the establishment fee starts at 0% for customers that receive the lowest rate, but goes up to 5% for those that receive the highest rate. And if you’re after a little flexibility, there are free extra repayments allowed on this loan. Just bear in mind there is no redraw facility and a $10 late payment fee each time you miss a regular repayment.

Want to check out more personal loan options? Head to our personal loan hub.

*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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Polly Fleeting
Polly Fleeting
Money writer

Polly Fleeting is a personal finance writer here at Mozo, specialising in loans and credit cards. Her work is aimed at helping people find ways to make smart product choices, reduce debt and get more for their hard-earned dollars. Polly has a degree in Journalism from the University of Technology, Sydney.