ME Personal Loan
- Interest Rate (p.a.)
- 10.98%
- Comp. Rate (p.a.)
- 11.35%
- Min Loan Amount
- $5,000
Summary
Borrow from $5,000 up to $50,000 with terms up to 7 years. Interest charges and establishment fees apply.
This personal loan from ME is unsecured and you can use it for a range of purposes including debt consolidation or a large purchase. You can apply for loan amounts from $5,000 up to $50,000. The interest rate is fixed, meaning that your repayments will remain steady over the lifetime of your loan. This makes it easier to predict and budget for your repayments. This loan does not have account-keeping fees, but there’s an establishment fee of $250. The interest rate is fixed at 10.98% p.a., with a comparison rate of 11.35% p.a.
Pros
-
No monthly fees
-
No penalty for early repayments
-
Fixed interest rate
Cons
-
$250 application fee
Details
Product details
| Product Name | ME Personal Loan |
| Interest Rate (p.a.) | 10.98% |
| Comp. Rate (p.a.) | 11.35% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $50,000 |
| Loan Security | Unsecured |
Main points to consider about the ME Personal Loan
The ME Personal Loan comes with a fixed interest rate of 10.98% p.a. You can apply for between $5,000 and $50,000 and you'll have up to 7 years to repay what you borrow.
The loan comes with no monthly or early repayment fees, but keep in mind a $250 application fee applies.
Features of the ME Personal Loan
- Fixed interest rate. This loan comes with a fixed rate, meaning it won't change over the life of your loan. This rate is 10.98% p.a.
- Use for a range of purposes. You can use the loan for a variety of purposes such as consolidating debt or making a large vehicle. Note you cannot use the loan to pay a tax bill or for business reasons.
- No annual or monthly account-keeping fees. The loan does not come with any monthly or annual account-keeping fees.
- Flexible repayments. ME will not penalise you for making extra repayments in addition to your regular repayments, allowing you the flexibility to pay off your loan when you can. There is no fee if you pay out your loan early.
- Loan terms. You can choose loan terms of between 1 to 7 years.
- Loan amounts. You can apply for between $5,000 and $50,000, making this loan suitable for a range of purposes and budgets.
- Establishment fee. There's a one-off establishment fee of $250.
How to apply for ME Personal Loan
- ME Bank is currently not lending for personal loans.
You can apply for the ME Personal Loan online. First, check you meet the eligibility requirements:
- You're 18 years of age or older
- You're are Australian permanent resident or citizen
- You have a good credit rating
You can apply for this loan on your own or make a joint application. Keep the following on hand to complete your application:
- ID documents such as your driver's licence
- Information about your employment and income
- Financial details such as your assets, liabilities and expenses
The application will take about ten minutes to complete. If you are approved, the funds will take approximately two business days to be transferred to your account.
Compare other personal loans
Your reviews
Richard Finder
Editor
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Nikki Angco
November 19, 2018
Hi Stewart,
Thanks for getting in touch! We recommend to go directly to the ME website and view their contact page to get started with the application.
Hope this clarifies!
Best,
Nikki
john
September 12, 2018
What is the best way to obtain car finance for pensioners.Good credit rating ,no debts,own furniture and have been in premises for 7 years.Have some money in account but need to access app.$5000 to purchase a better class of vehicle.
Joel Marcelo
September 12, 2018
Hi John,
Thanks for leaving a question on Finder.
Since you mentioned you are a pensioner, you can get a pensioner car loan. You don’t have to be working to get a car loan, as long as you still have some kind of income, such as Centrelink payments, a disability pension, age pension, or another kind of pension.
However, your range of options will still be more limited than someone who is still in full-time employment. To save time and avoid application fees, you’ll want to make each inquiry count.
There are two possible ways to start:
1. Find out how much you can borrow, and then find a car to match. If you want to know how much you can borrow and then pick out a car based on that amount, you can get pre-approved for a car loan. If this sounds like your style, find out how to get pre-approved car loans here.
2. Decide what kind of car you want, then find a loan to match. This will often help you save money overall, because you might end up borrowing less, having lower repayments, and finding a more competitive offer. Read on if you’re interested in doing it this way.
To compare lenders who can help you, please refer to our list of pensioner car loans.
Cheers,
Joel
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Maria
August 22, 2016
Hi I just need to ask a question I hv a loan from u guys but it nearly finished n I need to paid the of my loan left did I allowed to reduced my loan up thanks
Elizabeth Barry Finder
August 22, 2016
Hi Maria,
Just to clarify, you’ve come through to finder.com.au, not ME Bank. However, you are able to repay your personal loan to save on interest and you won’t be penalised. You can contact ME Bank directly to organise your early repayment.
Hope this helps,
Elizabeth
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John
March 05, 2016
I have 1 default from 5 yrs ago it won’t go away in my credit record.
It was pay long time ago.
Will this effect my application?
Elizabeth Barry Finder
March 06, 2016
Hi John,
Thanks for your question.
Credit defaults are listed on your file for a five-year period and then they are removed from the credit reporting agency, so you can expect it to be removed soon. Your credit file will be checked as part of the application and you need good credit in order to be approved. It would be best to confirm your eligibility with ME Bank before you apply.
Thanks,
Elizabeth
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john
November 04, 2015
i own my home worth 700.000 i have 1 credit card i owe 8000 i need a loan that’s all i owe pls i owe 400 dolls on a another credit card but will pay that up me self with in 4 weeks
i earn 1000 dollars a week i work 5 days thank you. John
Elizabeth Barry Finder
November 05, 2015
Hi John,
You’ve come through to finder.com.au not ME Bank. If you’re looking to apply for this personal loan you can submit your application on the ME Bank website.
I hope this has helped.
Thanks,
Elizabeth
stewart
November 18, 2018
I am on the aged pension work 5 hors a fortnight declared with centrelink my partner is on new start and works part time declared with centrelink wish to apply for a $5000 loan to purchase a car mine the motor is seized or the money could be used to repair motor which I would prefer if can be fixed with in the $5000 dollars I feel it could please email all details
regards Stewart
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