Rates and fees verified as correct at 06 March, 2021. Other information correct at the time of writing. Advertiser disclosure.
|Product||Interest rate from||Comparison rate from||Upfront fee|
|Secured Personal Loan (Fixed)|| |
12.13% p.a.based on $30,000
|Secured Personal Loan (Variable)|| |
13.72% p.a.based on $30,000
|Unsecured Personal Loan (Fixed)|| |
14.81% p.a.based on $30,000
|Unsecured Personal Loan (Variable)|| |
16.41% p.a.based on $30,000
Secured Personal Loan
If you have a car, boat or guarantee you can apply for abal banking’s secured loan option. The asset you put up will be used as security for the loan, so this means failing to pay the loan could result in your asset being seized. If you know you can diligently repay your loan, going for the secured loan option will save you big bucks in interest, due to the low interest rate attached. Loan amounts can range from $5,000 to $50,000 and you can choose to pay it off over a term of between 1 and 5 years. The secured loan comes with either a fixed interest rate, which means your repayments won’t change or a variable rate that can alter depending on the market. Also bear in mind there is an upfront application fee to budget for as well as an ongoing monthly service fee.
Unsecured Personal Loan
Alternatively, for borrowers who don’t hold an asset to use as security there is an unsecured loan available through abal banking. While this will mean your assets won’t be put at direct risk if you default on the loan, your interest rate will be higher than the secured rate option. When you take out the unsecured loan, you can lock in your rate with a fixed interest rate or leave it variable. Loans can also be taken out for a period of 1-5 years and you can potentially borrow between $5,000 and $30,000. Like the secured personal loan option, there is also an application cost and monthly service fee attached to this loan.
To apply for a personal loan from Arab Bank Australia you’ll need to head to your local branch in the Sydney or Melbourne area and bring the following docs with you:
Mozo users have rated abal banking personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
Pleasant experience applying for a personal loan. Rates are reasonable as well.Read full review
Pleasant experience applying for a personal loan. Rates are reasonable as well.
dislike at their good decide and approved a loan at good interest rate and repayments received at themRead full review
dislike at their good decide and approved a loan at good interest rate and repayments received at them
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