ME Personal Loan
ME Personal Loan
Mozo Review ME Personal Loan Review
Last updated: 2 August 2018.
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.
Details
Rates and fees information correct as at 17 October 2018.
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
Customer Reviews
How are ME personal loans rated by the Mozo community?
Latest reviews of ME Personal Loan
- Overall7/10
Great
No extra fees on early pay out.
Read full review
No extra fees on early pay out.
Price7/10Features6/10Customer service5/10Convenience7/10Trust5/10Less
Sharon | Victoria
reviewed 22 days ago
- Overall6/10
They helped a lot.
They helped me at a time of need whereas my regular bank never helped.
Read full review
They helped me at a time of need whereas my regular bank never helped.
Price5/10Features5/10Customer service5/10Convenience5/10Trust8/10Less
Shaun | Queensland
reviewed almost 3 years ago
- Overall3/10
l loathe borrowing from them
The fee is enormous.
Read full review
The fee is enormous.
Price1/10Features1/10Customer service2/10Convenience3/10Trust3/10Less
Kathy | Victoria
reviewed about 3 years ago
- Overall7/10
Good rates, easy to apply
Longstanding customer, good rates and easy to deal with.
Read full review
Longstanding customer, good rates and easy to deal with.
Price7/10Features5/10Customer service6/10Convenience7/10Trust6/10Less
Mel | New South Wales
reviewed over 3 years ago
- Overall9/10
Reliable, excellent!
ME bank - savings for Union members, currently no processing fee for union members and an...
Read full review
ME bank - savings for Union members, currently no processing fee for union members and an extremely low personal loan interest rate.
Price9/10Features1/10Customer service9/10Convenience6/10Trust9/10Less
Adele | New South Wales
reviewed over 3 years ago
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.
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ME
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10.98% p.a.
11.35% p.a.based on $30,000
over 5 years
$250.00upfront and $0.00/month
