Interest rate from
10.98% p.a.
Comparison rate from
11.35% p.a.based on $30,000
over 5 years
Upfront fee
$250

Mozo editorial review ME Personal Loan - last updated: 13 July 2020

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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 most competitive on the market.

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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 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!

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Who is it 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.

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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 29 September 2021. 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

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.

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