MyState Bank General Purpose Personal Loan

12.99% p.a.

16.42% p.a.based on $10,000
over 3 years

$200

MyState Bank General Purpose Personal Loan

12.99% p.a.

16.42% p.a.based on $10,000
over 3 years

$200

Mozo Review   MyState Bank General Purpose Personal Loan Review

Last updated: 7 March 2019.

What's hot:
  • Variable rates from 12.99% (16.42% comparison rate*)

  • Fast funding available

  • Free extra repayments and redraw ($500 minimum)

What's not:
  • $200 upfront fee

  • $10 monthly service fee

Mozo snapshot:

Whether you’re after a new car or a new kitchen, the MyState General Purpose Personal Loan will get you there. Since this loan is unsecured, you won’t have to put an asset up as collateral and credible borrowers could score a 12.99% variable rate (16.42% comparison rate*). You can have the money deposited into your account within 1 business day and pay off your loan sooner rather than later with the free extra repayments option.

Key features:

If you’ve been on the hunt for a flexible, unsecured personal loan, then the MyState General Purpose Loan could be just what you’ve been looking for. This unsecured loan features variable rates starting from 12.99% (16.42% comparison rate*) for credible borrowers and applications only take 10 minutes. And if that wasn’t fast enough, if you are approved for the loan, you’ll have the funds deposited into your account in one business day.

The loan is available for amounts as small as $3,000 right up to $50,000 and terms between 1 and 7 years.

When it comes to making your repayments, you’ll have a choice of either weekly, fortnightly or monthly repayments. Free extra repayments are also on offer and MyState do not charge an exit fee for paying off your loan early. And if you ever need any of your extra repayments back to cover unexpected bills, there is a free redraw facility available ($500 minimum).

One thing you will need to keep in mind about the MyState General Purpose Personal Loan is the $200 application and $10 monthly service fee, which can add up over time.

Who it's good for:

The MyState General Purpose Personal Loan is a great option for borrowers after fast funding and who want to pay the loan off fast as well.

Any catches?

Although the MyState General Purpose Personal Loan offers flexible loan features, you will have to budget for the $200 application and $10 monthly service fee, which over a three year loan totals $560.

Details

Rates and fees information correct as at 22 July 2019. 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
  • Variable

  • 12.99% p.a.variable

  • 16.42% p.a.based on $10,000
    over 3 years

Fees
  • $200.00

  • $10.00

  • $30.00

  • $0.00

  • $0.00

Other financial bits
  • $3,000.00

  • $50,000.00

  • 1 Year

  • 7 Years

  • Unsecured

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • yes

  • 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 MyState Bank personal loans rated by the Mozo community?

Overall customer rating
7.5/10
Price
6.9/10
Features
5.9/10
Customer service
8.0/10
Convenience
8.1/10
Trust
8.4/10

Latest reviews of MyState Bank General Purpose Personal Loan

  • Overall
    6/10
    MyState aren't that helpful

    I am tired of getting 30 dollar fees when my loan's are slightly overdrawn. Rather than helping...

    I am tired of getting 30 dollar fees when my loan's are slightly overdrawn. Rather than helping me to put all my debts in one account they won't lend me the fund's because I am on a disability pension & they don't seem to care. I am human not a Robot l need food, power, etc. Please help me.

    Price
    4/10
    Features
    4/10
    Customer service
    7/10
    Convenience
    5/10
    Trust
    6/10

    Tracy | Tasmania

    reviewed over 1 year ago

  • Overall
    7/10
    Highly recommended

    Fantastic credit union with great customer service.

    Fantastic credit union with great customer service.

    Price
    5/10
    Features
    5/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Ben | Tasmania

    reviewed over 4 years ago

  • Overall
    10/10
    Great customer service, focus and professionalism

    Exceptional customer service focus from Mystate credit union. The product features were...

    Exceptional customer service focus from Mystate credit union. The product features were thoroughly explained and when I was taken ill, the loan manager deterred my payments and sat with me to work out a repayment plan which suited me given the change of circumstances. Understanding, concerned and most professional loan manager.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Puspa | Tasmania

    reviewed almost 5 years ago

  • Overall
    6/10
    not bad

    N/A

    N/A

    Price
    5/10
    Features
    4/10
    Customer service
    8/10
    Convenience
    6/10
    Trust
    8/10

    Lisa | Tasmania

    reviewed about 5 years ago

  • Overall
    10/10
    AAA++ customer service & excellent interest rates

    Excellent customer service, personable and one case manager across all forms of finance.

    Excellent customer service, personable and one case manager across all forms of finance.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Name not supplied | Tasmania

    reviewed over 5 years ago

MyState Bank

About MyState Bank

MyState Bank is an Authorised Deposit-taking Institution and a national diversified financial services group headquartered in Tasmania. MyState Bank has strong roots in the Tasmanian community, offering lending, savings accounts, financial planning and insurance.

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