MyState Bank Secured Personal Loan

7.99% p.a.

8.96% p.a.based on $30,000
over 5 years

$200

9.49% p.a.

10.46% p.a.based on $30,000
over 5 years

$200

MyState Bank Secured Personal Loan Review

Rates and fees information correct as at 16 August 2018.

Review published: 5 April 2018

What's hot:

  • Variable interest rates from 7.99% (8.96% comparison rate)

  • Free early repayments

  • Flexible repayment schedule

What's not:

  • $200 application fee

Mozo snapshot:

If you’ve got a car to put up as security, then the MyState Bank Secured Personal Loan might be right up your alley. The loan offers a variable rate as low as 7.99% (8.96% comparison rate), and flexible loan terms from 1-10 years. Plus you’ve got the option to pay your loan off early with no extra cost and use the redraw facility. However, there is a $200 application fee and $10 monthly service fee to budget for.

Key features:

When looking at personal loans, your first question is probably, “what’s the interest rate?” Well, MyState Bank Secured Personal Loan gives you 2 different variable rates depending on how old the car is that you’re using for collateral. If your car is up to 2 years old, you can get an interest rate as low as 7.99% (8.96% comparison rate). Or, if your car is 2-7 years old, the interest rate is 9.49% (10.46% comparison rate).

As far as fees are concerned the MyState Bank Secured Personal Loan comes with a $200 application fee and a monthly $10 service fee.

If you’re interested in paying off your loan early, then you can with no worries. The MyState Bank Secured Personal Loan allows you to to cut down your interest by making unlimited free early repayments and there’s no penalty for repaying the entire loan early. Also if you decide you need the funds back from your early repayments you’ll be able to redraw that money as long as it’s a minimum of $500.

Being able to properly budget repaying your car loan can be super important. So the fact that MyState Bank allows you to choose from 1-10 year loan terms, that can be paid either weekly, fortnightly or monthly lets you make sure you’re able to get the repayment schedule best for your finances. Also, the loan allows you to borrow between $10,000 and $75,000 dollars.

Who it's good for:

Since you can snag a better rate if you use a car that’s less than 2 years old for security, the MyState Bank Secured Personal Loan is particularly suited to owners of a new car.

Any catches?

If your car is over 2 years old, be aware that you’ll be getting a slightly higher interest rate. Also, make sure you budget for the $10 monthly service fee and $200 application fee.

How are MyState Bank personal loans rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
8.4

Based on 9
MyState Bank personal loans reviews

7.8 7.2 8.9 9.0 9.1

Read MyState Bank personal loan reviews by the Mozo community

Latest review of MyState Bank Secured Personal Loan

MyState Bank

MyState Bank Secured Personal Loan (vehicles up to 2 years old, Variable) personal loan review

Overall rating   9 / 10

Excellent all round

They are professional, courteous and care for their customers. I would not go anywhere else.

Full review

They are professional, courteous and care for their customers. I would not go anywhere else.

    Price   8 / 10

    Features   8 / 10

    Customer service   10 / 10

    Convenience   9 / 10

    Trust   9 / 10

Less

Jennie (TAS), reviewed about 3 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Currently showing

Rates

  • Variable

  • 7.99% p.a.variable

  • 8.96% p.a.based on $30,000
    over 5 years

Fees

  • $200.00

  • $10.00

  • $30.00

  • $0.00

  • $0.00

Other financial bits

  • $10,000.00

  • $75,000.00

  • 1 Year

  • 10 Years

  • Other, Vehicle

Features

  • Weekly, Fortnightly, Monthly

  • yes

  • yes

  • none

  • none

Rates

  • Variable

  • 9.49% p.a.variable

  • 10.46% p.a.based on $30,000
    over 5 years

Fees

  • $200.00

  • $10.00

  • $30.00

  • $0.00

  • $0.00

Other financial bits

  • $10,000.00

  • $75,000.00

  • 1 Year

  • 10 Years

  • Other, Vehicle

Features

  • Weekly, Fortnightly, Monthly

  • yes

  • yes

  • none

  • none

About MyState Bank

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

*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.

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