IMB Bank Secured Personal Loan

6.89% p.a.

7.24% p.a.based on $30,000
over 5 years

$250

IMB Bank Secured Personal Loan Review

Rates and fees information correct as at 22 August 2018.

Review published: 3 December 2012

What's hot:

  • Low 6.89% fixed interest rate

  • No ongoing fees

What's not:

  • $250 application

  • $50 late fee

Mozo snapshot:

If you're looking for a way to finance an upcoming large expense like a wedding or dream around the world holiday, IMB are offering an impressively low fixed rate personal loan of 6.89%. In fact, this is one of the cheapest personal loan rates on the market, but it is only available if you have a car to put up against the loans as security.

Key features:

The IMB fixed personal loan starts from as low as $2,000 and goes up to as much as $60,000. It is available for periods of between 1-5 years and no matter how long or how much you borrow, the interest rate will always stay a cool 6.89%.

Interest is calculated daily and charged monthly. Payment options are limited to monthly repayments but you can make extra repayments at any time (for free) but there is no redraw facility.

Although there are no ongoing account keeping fees, the IMB personal loan has a $250 application fee and a steep $50 fee if your payments are late.

Who it's good for:

This is one of the cheapest personal loans on the market so its a great loan to get if you need to cover some upfront expenses but don't have the cash right now to pay the full cost. And because you can pay out the loan early without any penalties it has great flexibility.

Any catches?

You'll need a car as security to put against the loan which may exclude some borrowers.

How are IMB Bank personal loans rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
6.6

Based on 5
IMB Bank personal loans reviews

7.8 6.6 7.0 7.0 6.4

Read IMB Bank personal loan reviews by the Mozo community

Latest reviews of IMB Bank Secured Personal Loan

IMB Bank

IMB Bank Secured Personal Loan (secured by vehicle up to 6 years old, Fixed) personal loan review

Overall rating   1 / 10

Extremely poor customer service

The customer service received by the IMB team is completely unprofessional, asking probing questions on a continual basis about personal family matters associated with our loan. Their level of communication and ability to listen is very poor. They...

Full review

The customer service received by the IMB team is completely unprofessional, asking probing questions on a continual basis about personal family matters associated with our loan. Their level of communication and ability to listen is very poor. They evoked a real air of distrust and I would seriously dissuade anyone from dealing with this company.

    Price   7 / 10

    Features   4 / 10

    Customer service   0 / 10

    Convenience   1 / 10

    Trust   0 / 10

Less

Paul (VIC), reviewed over 4 years ago

IMB Bank

IMB Bank Secured Personal Loan (secured by vehicle up to 6 years old, Fixed) personal loan review

Overall rating   4 / 10

Customer service is nil

I have been with this bank for 15 years when I went to apply for a personal loan it was not accepted even though I had a credit card with them. They suggested I try another bank or increase my credit limit which I did not want to do I did not find...

Full review

I have been with this bank for 15 years when I went to apply for a personal loan it was not accepted even though I had a credit card with them. They suggested I try another bank or increase my credit limit which I did not want to do I did not find them helpful or care about me as a person, I have just opened up another account with a bank that has approved my loan and treats me with the respect that I deserve.

    Price   4 / 10

    Features   4 / 10

    Customer service   5 / 10

    Convenience   5 / 10

    Trust   4 / 10

Less

Kerry (NSW), reviewed over 4 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Rates

  • Fixed

  • 6.89% p.a. fixed

  • 7.24% p.a.based on $30,000
    over 5 years

Fees

  • $250.00

  • $0.00

  • $50.00

  • $0.00

  • $0.00

Other financial bits

  • $2,000.00

  • $60,000.00

  • 1 Year

  • 5 Years

  • Vehicle

Features

  • Monthly

  • yes

  • no

  • Must be secured with a vehicle up to 6 years old. For more information, go to https://www.imb.com.au/

  • none

About IMB Bank

IMB is one of Australia's largest building society servicing the lower east coast of Australia. IMB's better value banking offers its customers lower cost banking and secure services. IMBs' face-to-face facilities allow them to offer a more personalised service in taking care of the IMB community. IMB offers a range of products including insurance, business banking, term deposits, saving & transaction accounts and home & personal loans.

*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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