One of the biggest drawcards of the P&N Bank Secured Personal Loan is its super low rate, at just 6.99% (7.97% comparison rate) when you use your car as security for the loan.
On top of this low rate offering, you'll also enjoy the flexibility of a fee free extra repayments facility, allowing you to pump additional cash into your loan at any time (e.g when you receive that well deserved work promotion or bumper tax return). Just be mindful that paying off your loan early will result in a $105 early repayment fee. But the good news is no exit fee applies.
If at any time you find you need to redraw on those extra repayments you've made, you can do just that thanks to the redraw facility. Add to this the fact that you can set up your repayments to suit your pay cycle either weekly, fortnightly or monthly and the P&N Secured Personal Loan truly is great value.
Loans are available for amounts over $5,000 and you can choose a term between 2 and 5 years. When you take out the loan, there's a pretty standard $199 upfront fee and you'll also be charged a $10 fee on a monthly basis.
Who it's good for:
If you are simply after a low rate loan with the features to help you pay it off sooner, then the P&N Secured Personal Loan could just be your borrowing match.
Keep in mind the loan is secured, which means you'll need to put up your motor vehicle as collateral. If you are not after a secured loan, then check out the Unsecured Personal Loan from P&N Bank.
As the P&N Secured Personal Loan is variable, your rate could change at any time during the term of the loan.