With the advancement in technology, it has become very easy to obtain personal loans in Australia.
There are many institutions offering these loans, and that can make it challenging to find a service that suits you. When selecting a bank for personal loans Australia, you should consider their interest rates, terms, and any extra fees.
In this guide, we will cover 5 of the best personal loan banks in Australia.
1. Latitude Financial Services
At Latitude Financial Services, you can access loans of between $3,000 and $50,000. The company offers secured and unsecured personal loans, and the secured ones are cheaper by 1%.
The interest rates you get will be dependent on your risk profile. This bank charges application fees which depend on the loan amounts. The loan terms range from 2 to 7 years, and you will only pay an early repayment fee if you make the payment in the first half of your loan term.
This bank allows you to take loans of between $5,000 and $55,000, and all their products are unsecured. The loans come with terms of up to 7 years. You don’t have to wait till the end of your term to pay off the loan- you can make early repayments without incurring any extra charges.
The loans come with variable rates of 10.69% per year. You should note that the bank charges a $10 monthly fee and a $150 application fee.
ING offers personal loans of between $5,000 and $30,000. The loans have interest rates of 8.99% per annum, and since the rate is fixed, you should be able to budget reliably.
Another advantage of this bank is that it does not charge any ongoing fees. The application process will take you only 20 minutes, and the money will be sent within a few hours of acceptance. The bank does not charge early repayment fees, but you will suffer a late repayment fee of $20.
4. Now Finance
Now Finance stands out from the competition by offering personal loans account manager. Their personal loans range from $5,000 to $40,000. Their interest rates are fixed at 8.95% per year. This interest rate is reasonable, but you will also have to pay an establishment fee of $495 and a monthly fee of $13. Loans from this bank are unsecured.
5. Heritage Bank
Heritage Bank offers personal standard loans, car loans, and low rate secured loans. At 10.99%, standard personal loans are the most expensive. They can either be secured or unsecured. The terms of these loans range from 1 year to 10 years, and paying the loans early can attract penalties. With the standard personal loans, you can get a minimum of $5,000, and this comes with a monthly service fee.
Choosing a bank for personal loans can be hard. You can consider taking loans from one of the five banks listed above. Make sure the terms and interest rates of the banks work for you. For example, if you can’t afford to pay a loan in five years, you can go for a bank with longer terms.