Your selected personal loans
ING Direct started in Australia in 1999, pioneering branchless banking through a low-cost online model. It rebranded to ING in 2017 and is a wholly owned subsidiary of the multinational Dutch bank, ING Group.
ING has become a popular alternative to the Big 4 for many Aussie customers, offering a broad range of personal finance products that include savings accounts, home loans, credit cards, insurance and personal loans.
ING offers unsecured personal loans between $5,000 and $60,000 with competitive interest rates.
No monthly fees, no exit fees
Borrow between $5,000 and $60,000
Competitive fixed interest rates starting at 6.89 % p.a.
Additional repayments allowed
Upfront fee of $199
Fixed rates only
Longer loan terms only available for $30,000+
No redraw allowed
ING’s Unsecured Personal Loan is available to borrowers from $5,000 to $60,000. A couple of rules apply however: loans of up to $30,000 are only allowed up to 5 year terms. Therefore longer terms, 6 and 7 years, are only available for amounts over $30,000.
ING offers personalised fixed interest rates from 6.89% p.a. to 19.99% p.a. (comparison rate from 7.17% p.a to 20.31% p.a.).
Your interest rate will be based on a number of factors, including your income, credit history, the personal finance information you provide and the bank’s assessment of your application. It’s also worth noting that there is a significant upfront fee of $199, which is partly offset by the fact that there are no monthly fees. There is also no exit fee.
All up, this is a competitive loan with fixed interest rates and loan term limits that should help some borrowers. It’s also helpful that there are no ongoing fees or early repayment fees.
Where to get it:
Apply with ING online - it’s only a 20 minute process, the bank says. If you’re able to visit ING’s Lounge in Sydney, the staff can assist with your online application.
Your selected personal loans
It really needs more branches especially in regional areas
It was east to obtain, good customer service and fast processing. No issues throughout loan term and can pay down as quick as you like with no hidden fees or charges.
ING are the most honest I’ve found. They tell me the truth every time, I’ve felt looked after every time I’ve called or messaged them. Their customer service is amazing!
Took over 5 weeks and 3 different occasions of asking for additional documents which were always ready and provided almost immediately just to end up having a loan rejected, with absolutely no explanation. My account was locked citing "fraud" and customer service was not able to assist, just redirected to a whole different team after waiting over an hour and a half to speak with an agent. Shortly after received an email that the application was unsuccessful with no explanation as to why after being run in circles for well over a month. Utterly disappointed and will be taking this further with the company directly.
You could have an initial response in just 60 seconds from the time you submit your application. If ING needs more information or supporting documents to complete your assessment, your application may take approximately 2-5 business days to complete.
Existing customers can receive their loan on the same day it’s accepted but also must transfer the money to an Orange Everyday account. Non-ING customers can apply but the application might take slightly longer.
If you have a good credit score, a steady income and minimal debts and even some money saved, getting a $5,000 loan should be within your reach.
According to the Mozo personal loans calculator, a $15,000 with an interest rate of 10.35% p.a. paid over three years would cost you $436 per month.
The total interest paid on this loan would amount to $2,513.
There are a number of top personal loans on the market, including Mozo Experts Choice Awards winners, which are chosen based on their attractive interest rates, low fees and flexibility. Your decision of which is best for your needs, should factor in these important aspects of the loan.
* WARNING: 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. 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.
^See information about the Mozo Experts Choice Personal Loan Awards
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