ME Personal Loan

10.98% p.a.

11.35% p.a.based on $30,000
over 5 years

$250

ME Personal Loan Review

Rates and fees information correct as at 21 August 2018.

Review published: 29 November 2012

What's hot:

  • Fixed repayments

  • No monthly account fees

  • No early repayment fees

What's not:

  • $25 late payment fee

  • $250 application fee

Mozo snapshot:

With the ME Bank personal loan there is a fixed 10.98% interest rate but you won't have any ongoing monthly fees or charges, so compared with other unsecured personal loans that charge you fees on top of the interest rate, this loan is one of the cheapest on the market.

Key features:

The ME Bank personal loan will be easy to budget for as it has a fixed 10.98% interest rate so each month you'll know exactly how much you need to pay. Loans start from as low $5,000 and go up to $50,000 and borrowing periods range from 1 to 7 years. The ME Bank Personal loan is an unsecured loan so there's no need to offer up collateral such as a car, or property to secure the rate.

There's no charge for making extra repayments on your loan but there's also no redraw allowed, so before making any extra repayments you'll want to be sure that you won't need the extra cash back in a hurry.

There is no application fee and if you are able to pay out the loan early there are no early exit fees. But be sure to set up automatic monthly repayments or you will be hit with a $25 late fee.

Who it's good for:

Anyone looking for a fixed rate loan so that they can work their repayments into their monthly budget. As the ME Bank personal loan is an unsecured loan, this is also a good loan if you're young and/or haven't got property or assets to put up as collateral.

Any catches?

As with all personal loans the longer the borrowing period the more interest you pay so even though this is a fixed rate loan (and your repayments won't increase) if you can afford to pay back a little extra each month do so.

How are ME personal loans rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
8.3

Based on 41
ME personal loans reviews

8.4 7.5 8.2 7.8 8.3

Read ME personal loan reviews by the Mozo community

Latest reviews of ME Personal Loan

ME

ME Personal Loan (Fixed, Unsecured) personal loan review

Overall rating   6 / 10

They helped a lot.

They helped me at a time of need whereas my regular bank never helped.

Full review

They helped me at a time of need whereas my regular bank never helped.

    Price   5 / 10

    Features   5 / 10

    Customer service   5 / 10

    Convenience   5 / 10

    Trust   8 / 10

Less

Shaun (QLD), reviewed over 2 years ago

ME

ME Personal Loan (Fixed, Unsecured) personal loan review

Overall rating   3 / 10

l loathe borrowing from them

The fee is enormous.

Full review

The fee is enormous.

    Price   1 / 10

    Features   1 / 10

    Customer service   2 / 10

    Convenience   3 / 10

    Trust   3 / 10

Less

Kathy (VIC), reviewed almost 3 years ago

ME

ME Personal Loan (Fixed, Unsecured) personal loan review

Overall rating   7 / 10

Good rates, easy to apply

Longstanding customer, good rates and easy to deal with.

Full review

Longstanding customer, good rates and easy to deal with.

    Price   7 / 10

    Features   5 / 10

    Customer service   6 / 10

    Convenience   7 / 10

    Trust   6 / 10

Less

Mel (NSW), reviewed about 3 years ago

ME

ME Personal Loan (Fixed, Unsecured) personal loan review

Overall rating   9 / 10

Reliable, excellent!

ME bank - savings for Union members, currently no processing fee for union members and an extremely low personal loan interest rate.

Full review

ME bank - savings for Union members, currently no processing fee for union members and an extremely low personal loan interest rate.

    Price   9 / 10

    Features   1 / 10

    Customer service   9 / 10

    Convenience   6 / 10

    Trust   9 / 10

Less

Adele (NSW), reviewed over 3 years ago

ME

ME Personal Loan (Fixed, Unsecured) personal loan review

Overall rating   9 / 10

They understand that not everything runs smoothly

During the life of my personal loan I went through many life changes. I was unemployed for 6 months during which I travelled overseas for 3 months. This is my second loan through ME Bank , and every time I rang to explain a difficulty, they had...

Full review

During the life of my personal loan I went through many life changes. I was unemployed for 6 months during which I travelled overseas for 3 months. This is my second loan through ME Bank , and every time I rang to explain a difficulty, they had solutions and were always willing to be flexible.

    Price   9 / 10

    Features   8 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Virginia (QLD), reviewed over 3 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

  • 10.98% p.a. fixed

  • 11.35% p.a.based on $30,000
    over 5 years

Fees

  • $250.00

  • $0.00

  • $25.00

  • $0.00

  • $0.00

Other financial bits

  • $5,000.00

  • $50,000.00

  • 1 Year

  • 7 Years

  • Unsecured

Features

  • Fortnightly, Monthly

  • yes

  • no

  • none

  • none

About ME

ME stands for a new kind of banking - one that's fairer, more transparent and is committed to great deals for its customers. ME was created by Australia's leading super funds and has award-winning home loans and term deposits, low-cost savings accounts, country-wide ATM access and banking experts that come to you at your convenience.

*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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