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Minimum and maximum loan periods vary between 6 months and 10 years. Comparison
interest rates vary between 6.55% and 20.89% p.a. Total interest repayments vary between
$1,387 and $4,165 over the life of the loan. *Comparison rate is based on an unsecured loan
of $10,000 for a term of 3 years. WARNING: This comparison rate is true only for the
examples given and may not include all fees and charges. Different terms, fees or other loan
amounts might result in a different comparison rate. These rates can change without further
notice. All rates quoted are per annum. For more information regarding fees click on "View
fees & additional info +" for each product or contact the provider.
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What type of loan are you looking for?
MyState Bank personal loans – Get extra cash for your plans
You’ve figured out your plans down to how much cash you’ll need. Now it’s time to shop for lenders and products so you can decide which option is a good fit for you.
Perhaps you’ve come across MyState Bank personal loans and want the long and short of how they work. In this guide, BestFind can help you narrow down your options, so keep reading.
MyState Bank personal loans at a glance
- Loan amount – From $3,000 to $75,000
- Loan terms – 1-10 years
- Interest rate type – Fixed or variable
- Security – Secured or unsecured options available
- Pros – You can make additional repayments, and there’s fast funding available.
- Cons – There’s a $200 establishment fee and a $10 monthly fee to consider when calculating borrowing costs.
- Best for – People looking for flexible loan options and competitive rates.
What loans does MyState Bank offer?
You can apply for the following loan types:
- Fixed rate personal loans. These are split into secured and unsecured options. Fixed rates guarantee that your minimum loan repayment amount never changes during your term, making budgeting easier.
- Variable rate personal loans. This product is also divided into secured and unsecured options. Variable rates can fluctuate over the life of the loan, but they have the advantage of free redraws and no penalties when you pay your debt early or make lump sum payments.
- Package discount personal loans. This product is designed for borrowers who already have a mortgage with MyState Bank. It’s an unsecured personal loan that comes with a fixed or variable rate.
Features of MyState Bank personal loans
- Secured and unsecured options. A secured personal loan requires an asset such as a vehicle. It, therefore, has a lower interest rate than an unsecured personal loan. Unsecured credit only allows you to borrow between $3,000 and $50,000 over 1 to 7 years, while you can get $10,000 up to $75,000 over 1 to 10 years when you opt for secured credit.
- Repayment frequency. Flexible monthly, fortnightly, and weekly repayment options are available.
- Extra repayments. MyState Bank allows you to make extra repayments whenever you want with no fees or penalties.
- Early payout. You can also pay out your debt at an earlier date, although fees and charges apply for fixed rate options.
- Suitable for many uses. A MyState Bank personal loan is available for purposes such as holidays, medical expenses, weddings, or debt consolidation. If you want to finance your new or used car, MyState Bank car loans could be the right choice for you.
Eligibility criteria requirements
You need to fulfill the following requirements:
- Be at least 18 years old
- Be an Australian citizen or permanent resident
- Have a good credit rating and a clean credit history
- Provide two forms of ID such as a driver’s licence, passport, or Medicare card
- Provide payslips if employed or most recent tax assessment if self-employed
Applying for a MyState Bank personal loan
Looking for some fast funding? Your best option is to apply online. Fortunately, you can do so via BestFind’s comparison table above. The process only takes 10 minutes. All you have to do is click the right “Go to Site” button which takes you to MyState Bank’s website.
Once you reach the application page, fill in the form and submit it. If approved you can receive funds in not more than one business day. Here are a few pointers to help improve your chances of approval:
- Figure out an affordable repayment that matches your budget. Our MyState Bank personal loan calculator is the perfect tool for this job.
- Ensure you pay your other debts on time to establish a good track record and boost your credit score.
- Check your credit report and fix any errors that may be dragging your credit rating down.
- Avoid too many applications since these will lower your credit score and make you look like a desperate borrower.
About MyState Bank
MyState Bank currently has over 135,000 customers and more than 60 years of experience under its belt. Besides personal loans, this Tasmanian-based financial institution also offers home loans, transaction accounts, savings accounts, insurance, and business solutions.
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