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.
