With MoneyPlace's Unsecured Personal Loan, the interest rate you receive will depend on your credit report, with those with excellent credit ratings receiving the best rate of 7.65% and no upfront or ongoing fees. And because the rate is fixed for the life of the loan, you'll be protected against any rate rises.
As the loan is unsecured, you don't have to put up an asset as security and you can choose a loan amount from $5,000 to $45,000 and a term between 3 and 5 years.
On top of its low cost offering, you'll also have the opportunity to make additional payments on your loan thanks to the extra repayments facility. But keep in mind, after you've made those extra repayments you won't be able to access them, as there is no redraw facility is available. Unlike many fixed rate loans that come with a break cost fee if you pay out the loan early, with MoneyPlace's Unsecured Personal Loan you're free from the bite of exit fees.
One thing to keep in mind, is this loan only comes with the option of monthly repayments, which might not suit a borrower who gets paid on a weekly or fortnightly basis. And if you get behind on your repayments a $15 late payment fee applies.
Who it's good for:
MoneyPlace's Unsecured Personal Loan is perfect for a borrower looking for a low cost loan alternative to the big banks in Australia.
The competitive low rate of 7.65% (7.65% comparison rate) and $0 application and ongoing fees is only available to creditworthy borrowers. So if your credit report is in the red, you'll be looking at a higher rate and may also be charged upfront and ongoing fees.