With the ME Bank personal loan there is a fixed 10.98% interest rate (11.35% comparison 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 most competitive on the market.
The ME Bank Personal Loan will be easy to budget for as it has a 10.98% p.a. fixed interest rate (11.35% p.a. comparison rate*), so each month you'll know exactly how much you need to pay. Loans start from $5,000 and go right up to $50,000 with loan terms ranging 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 are no fees for making extra loan repayments, but there's also no redraw allowed, so before making any extra repayments you'll want to make sure that you won't need that extra cash back in a hurry.
On top of this, there are no service fees, and if you pay your loan off early there are no early exit fees either. Just make sure you set up automatic monthly repayments so you don't miss a payment, or else you'll cop a $25 late fee. And remember to budget for the hefty $250 application fee!
The ME Bank Personal Loan could be a great option for you if you're looking for a top-notch fixed-rate loan so you can work your repayments into your budget. The ME Bank Personal Loan is an unsecured loan, which is great if you don't own a property or any other assets to use as collateral against the loan.
As with all personal loans, the longer the borrowing period, the more interest you'll 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, you should aim to do so.
Fixed
10.98% p.a. fixed
11.35% p.a.based on $30,000
over 5 years
$250.00
$0.00
$25.00
$0.00
$0.00
$5,000.00
$50,000.00
1 Year
7 Years
Unsecured
Fortnightly, Monthly
yes
no
none
none
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.
ME Bank is amazing.
Read full reviewME Bank is amazing.
ME Bank for me was an ethical choice with the knowledge that I was getting a good interest rate. I like the idea that ME banks profits go back to help support our super funds. Lovely bank.
Read full reviewME Bank for me was an ethical choice with the knowledge that I was getting a good interest rate. I like the idea that ME banks profits go back to help support our super funds. Lovely bank.
No extra fees on early pay out.
Read full reviewNo extra fees on early pay out.
They helped me at a time of need whereas my regular bank never helped.
Read full reviewThey helped me at a time of need whereas my regular bank never helped.
The fee is enormous.
Read full reviewThe fee is enormous.
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.
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