MOVE Bank Personal Loan
- Interest Rate (p.a.)
- 13.74%
- Comp. Rate (p.a.)
- 14.80%
- Min Loan Amount
- $5,000
Summary
Get an unsecured variable rate loan with no monthly fees and free extra repayments.
MOVE Bank’s unsecured personal loan comes with a variable interest rate of 13.74% p.a. The rate can fluctuate based on the market rate. This may make it harder to predict and budget for your repayments. While the loan does not charge monthly fees, you will have to pay an establishment fee and interest charges.
Details
Product details
| Product Name | MOVE Bank Personal Loan |
| Interest Rate (p.a.) | 13.74% |
| Comp. Rate (p.a.) | 14.80% |
| Interest Rate Type | Variable |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $25,000 |
| Loan Security | Unsecured |
How does the MOVE Bank Personal Loan work?
This unsecured personal loan does not require an asset as security. As a result, interest rates are higher and borrowing amounts smaller. The interest rate is variable and can fluctuate based on the market rate. As your repayments may be higher or lower for some months than others, you may find it harder to budget for your repayments. You can use the loan funds for any worthwhile purpose, but you cannot use them for commercial, investment or debt consolidation purposes.
What features does the MOVE Bank Personal Loan offer?
- Unsecured loan. This loan is unsecured and does not require an asset as collateral for the loan. As a result, interest rates are higher and borrowing amounts smaller.
- Variable rate. Your interest repayments are variable, meaning that your repayments may fluctuate based on the market rate.
- Terms up to 7 years. Your loan term can range from 1 to 7 years.
- Extra repayments. You can make extra repayments at no added cost.
- No early repayment fees. You won't have to pay a penalty if you repay the loan early.
- Free redraw. You can redraw your additional repayments for free online. Staff-assisted redraws will incur a fee of $25.
- No monthly fees. You won't be charged monthly or annual service fees.
How much does the MOVE Bank Personal Loan cost?
The costs for this loan include the following:
- Loan principal
- Interest rate of 13.74% p.a.
- Establishment fee of $150
There are no monthly fees for this loan. The comparison rate, which includes interest charges and fees, is 14.80% p.a.
What are the pros and cons of the MOVE Bank Personal Loan?
Pros.
- No monthly fees. This loan does not charge monthly fees, helping keep down the cost of the loan.
- Additional repayments, free redraw and no early-exit fees. You can make extra repayments and repay the loan early without having to pay a penalty. You can also redraw your additional repayments for free online.
Cons.
- Higher interest rate. Compared to a secured loan, unsecured loans have a higher interest rate. This makes the loan more expensive.
Am I eligible for the loan?
To be eligible for this loan, you must meet the following criteria:
- Be over the age of 18.
- Be a citizen or permanent resident of Australia
How do I apply for this loan?
You can apply for this loan online through the MOVE Bank website. Your application will take around 10 days to complete. The lender will contact you within 2 business days of applying. You will need to provide personal details as well as details around your employment, income, living expenses, assets and debts. Keeping your documents in hand can help speed up the process.
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