Did someone say personal loan interest rate cuts? That’s right! We’re only one month into 2020 and we’ve already seen a number of different lenders slash personal loan interest rates by 1% to as much as 6% in the last month.
These personal loan interest rate changes predominantly took place among fixed-rate loans, with just one variable loan rate cut in January.
Heritage Bank, Hume Bank, Latitude, MyState Bank and NOW Finance were among some of the lenders that made changes to personal loan products in January 2020.
Let’s take a deeper look at a handful of the personal loans that recently underwent rate changes:
Latitude Personal Loan
Super low fixed rates from 6.99% p.a. (8.25% p.a. comparison rate^^)
Extra repayments allowed
Loan amounts from $3,000
If you’re looking for the right personal loan to cover a tropical holiday escape or other big upcoming expense, then be sure to check out the Latitude Personal Loan (Secured). Latitude recently dropped the rates on this loan by 6%, so it currently offers super low fixed rates from 6.99% p.a. (8.25% p.a. comparison rate^^) on loans amounts of $3,000 and up with 1-7 year term options. On top of this, the Latitude Personal Loan (Secured) comes with flexible features like extra loan repayment. Just keep in mind that if you pay your loan off in the first half of your loan term, a $300 early repayment penalty applies. Loans under $5,000 come with an application fee of $140 while over that amount will be a $250 fee.
Heritage Bank Car Loan
Low fixed rates from 5.99% p.a. (6.63% p.a. comparison rate^^)
Extra repayments (early repayment penalty may apply)
Multi-award-winning bank in the 2019 Mozo People’s Choice Awards**
After a solid car loan to help you get the car of your dreams? Then take a look at the Heritage Bank Car Loan! This loan recently saw a 1% slash to its rates, this loan currently offers low fixed rates starting from 5.99% p.a. (6.63% p.a. comparison rate^^) on amounts between $5,000 and $100,000 with 1-7 year loan term options. In addition, the Heritage Bank Car Loan allows extra repayments (early repayment penalty may apply) and a loan redraw facility, plus, you’d be borrowing from a bank that won multiple awards in the 2019 Mozo People’s Choice Awards**. Keep in mind that this is a secured loan, so your new ride will be used as a security asset against the loan
Latitude Personal Loan
Competitive fixed rates from 7.99% p.a. (9.24% p.a. comparison rate^^)
If you’re on the hunt for a top-notch personal loan that doesn’t require any assets as security, then look no further than the Latitude Personal Loan (Unsecured). Since recently having its’ rates dropped by a whopping 6%, this loan currently offers competitive fixed rates from 7.99% p.a. (9.24% p.a. comparison rate^^) on loans from at least $3,000 or more. Additionally, this loan offers flexible weekly, fortnightly & monthly repayment options, as well as the ability to make extra loan repayments. Just remember, if you pay your loan out in the first half of the term there's a $300 early repayment penalty.
NOW Finance Unsecured Personal Loan
Fixed rates from 7.95% p.a. (9.56% p.a. comparison rate^^)
After recently having a 1% cut to its’ rate, the NOW Finance Unsecured Personal Loan now offers competitive fixed rates starting from 7.95% p.a. (9.56% p.a. comparison rate^^) on amounts between $5,000 to $40,000 and 2-7 year loan terms. Not to mention, this loan offers tailored interest rates based on your credit score, meaning that if your credit report is in good shape you could be rewarded with lower rates. On top of this, this loan offers the flexibility to make extra loan repayments, however, just watch out for the $175 early repayment penalty if you pay the loan off within the first 6 months (or $120 if paid within the first 12 months).
^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 for the amounts and terms below, 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. ^Based on $10,000 over 3 years ^^Based on $30,000 over 5 years
So, whether you’ve been eyeing off car loans to hook you up with a sweet new ride or you’ve been looking for the right personal loan to help rid yourself of last year’s debt, now could be the time to slide in and take advantage of these hot new rates.