The St.George fixed rate unsecured loan has a high 14.35% interest rate so you'll want to select a loan term that enables you to pay off the loan in the least amount of time that will fit with your monthly budget. You can select a term between 1 - 5 years.
If you've got a busy lifestyle and can't get to a branch, you can apply for St.George personal loans online. The application only takes about 15 minutes and St.George say that the loan can be approved within 60 seconds. You have the option between weekly, fortnightly and monthly repayments options.
Other than your monthly loan repayments you will also have to pay a $9 monthly service fee.
One of the downsides of this loan is that you can't make extra repayments and if you do pay out the loan you will have to pay a penalty fee and break costs. But because it is a fixed loan, each month you will have set repayments so this should help with monthly budgeting.
If you are planning to get a loan within half an hour you'll need to have a $195 ready at hand for the application fee. And once you have the loan, set up automatic repayments otherwise you will have to pay a $9 late payment fee.
Who it's good for:
Fixed loans are best for people who need to stick to a set monthly budget and don't want to worry about changes in interest rates.
Because this is an unsecured loan you will be paying top dollar for your borrowing so try to set the most aggressive repayment plan you can so that you pay the least amount of interest possible.
If you pay off your loan within 12 months there will be a $150 early repayment penalty or $100 after 12 months and before end of term and you may also have to pay break costs.