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ME Bank personal loans – Stay in control of your money needs
ME (Members Equity) is a 100% Australian lender owned by top industry super funds. It’s also a branchless lender that moves with the times to deliver affordable and convenient financial services. Take a look at what ME Bank personal loans offer in the guide below.
Important facts about ME personal loans
Interest rate: 10.98% p.a. (subject to change)
Interest rate type: Fixed
Comparison rate: 11.35% p.a.
Loan amounts: $5,000 – $50,000
Loan terms: 1-7 years
Security type: Unsecured personal loan Pros
There’s no need to use your asset or property as security when accessing funds.
There are no fees for account keeping or early repayments.
The fast online application only takes 10 minutes.
You have to pay an establishment fee of $250.
ME personal loans are not available for business expenses, tax bills, or payments for property purchases.
Joint applications are not available so you can only apply as an individual.
There’s no redraw facility, so any extra repayments you make won’t be accessible.
Features of personal loans from ME
Consider the following ME Bank personal loan features when deciding if this option is right for you:
Borrowing limits. The minimum amount of $5,000 might be too large, especially when all you need is a small personal loan for minor expenses. However, if you need to borrow more, your capacity will depend on your credit score, income, and how much debt you owe.
Repayment terms. Since you can pay your loan over 1-7 years, it’s easier to find a repayment that fits your budget. BestFind’s ME personal loan calculator is handy for this.
Fixed interest rate. A fixed rate is stationary, so your minimum repayments will always be the same amount you start out with.
Extra repayments. Besides your minimum repayments, you can also make additional repayments. Checking out of your contract at an earlier date is a smart move if you want to save on credit costs.
Fees and charges. There are no account keeping or early repayment fees. But there’s a $250 establishment fee, a $5 duplicate statement fee, and a $25 dishonour or late payment fee.
Flexible repayment options. Repayments can be made fortnightly or monthly. It’s possible to change the due date, repayment amount, and frequency under certain conditions. Different uses for ME personal loans
Like most lenders, ME personal loans are available for most personal purchases and expenses such as:
Cars, motorbikes, boats, or even scuba gear
Holiday and travel
How to apply for a personal loan from ME Bank
ME Bank is a branchless lender so you can only apply for credit through their website. To go there, click “Go to Site” but before you start the application process, make sure you meet ME’s lending criteria. You must be:
At least 18 years or older
An Australian citizen or permanent resident
Applying on your own behalf and as an individual
A low-risk borrower with a good credit rating
Additionally, you must provide your driver’s licence or passport as well as some information about your income and expenses. The application only takes about 10 minutes, and once you’re approved, the money will show up in your account over the next two business days.
While you’re scoping out ME personal loans, you can also take the time to compare other personal loan options with BestFind. This helps cover all your bases when it comes to getting the right loan for you.
About ME Australia
ME has been in the game since 1994. The financial services provider previously went by the name ME Bank, but they’re now referred to as ME after a rebrand. Aside from personal loans, ME also offers financial products like home loans, bank accounts, and credit cards.
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