ME Personal Loan

10.98% p.a.

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

$250

ME Personal Loan

10.98% p.a.

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

$250

Mozo Review   ME Personal Loan Review

Last updated: 22 November 2019.

What's hot:
  • Fixed repayments

  • No early repayment fees

  • No monthly account 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 (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 cheapest on the market.

Key features:

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's 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!

Who it's good for:

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.

Any catches?

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.

Details

Rates and fees information correct as at 20 January 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
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

*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.

Customer Reviews

How are ME personal loans rated by the Mozo community?

Overall customer rating
8.4/10
Price
8.3/10
Features
7.4/10
Customer service
8.2/10
Convenience
7.7/10
Trust
8.4/10

Latest reviews of ME Personal Loan

  • Overall 7/10
    Great

    No extra fees on early pay out.

    Read full review

    No extra fees on early pay out.

    Price
    7/10
    Features
    6/10
    Customer service
    5/10
    Convenience
    7/10
    Trust
    5/10
    Less
    Sharon, Victoria reviewed over 1 year ago
  • Overall 6/10
    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.

    Price
    5/10
    Features
    5/10
    Customer service
    5/10
    Convenience
    5/10
    Trust
    8/10
    Less
    Shaun, Queensland reviewed about 4 years ago
  • Overall 3/10
    l loathe borrowing from them

    The fee is enormous.

    Read full review

    The fee is enormous.

    Price
    1/10
    Features
    1/10
    Customer service
    2/10
    Convenience
    3/10
    Trust
    3/10
    Less
    Kathy, Victoria reviewed over 4 years ago
  • Overall 7/10
    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.

    Price
    7/10
    Features
    5/10
    Customer service
    6/10
    Convenience
    7/10
    Trust
    6/10
    Less
    Mel, New South Wales reviewed over 4 years ago
  • Overall 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.

    Read 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, New South Wales reviewed over 4 years ago
ME

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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