MyState Bank Unsecured Fixed Rate Personal Loan
- Interest Rate (p.a.)
- 9.99%
- Comp. Rate (p.a.)
- 12.45%
- Min Loan Amount
- $3,000
Summary
Borrow from $3,000 to $50,000 with terms up to 7 years. Costs include interest charges and establishment fees.
- Please note that MyState Bank no longer directly offer personal loans. They have partnered with Plenti to offer personal loans.
MyState Bank offers an unsecured personal loan for amounts ranging from $3,000 to $50,000. Their terms are from 1 to 7 years. This loan is unsecured and does not require an asset as security. Interest rates are fixed, meaning that your repayments will remain the same throughout the lifetime of the loan. Rates starts from 9.99% p.a., with a comparison rate of 12.45% p.a. Fees include an establishment fees of $200 and a monthly account keeping fee of $5.
Pros
-
Fixed interest rate
-
Flexible repayments
-
Early repayment without penalty
Cons
-
Good credit rating required
-
$200 establishment fee
-
$5 monthly account keeping fee
Details
Product details
| Product Name | MyState Bank Unsecured Fixed Rate Personal Loan |
| Interest Rate (p.a.) | 9.99% |
| Comp. Rate (p.a.) | 12.45% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $3,000 |
| Max. Loan Amount | $50,000 |
| Loan Security | Unsecured |
Things to consider about a MyState Bank Unsecured Fixed Rate Personal Loan
This is an unsecured loan, so there's no need to use an asset as collateral on it. It also features a fixed rate, meaning that your minimum repayment amount will never change. Successful applicants can also choose whether to make their repayments weekly, fortnightly or monthly, depending on what suits their lifestyle best.
Applications take just 10 minutes to complete and successful applicants could have their funds transferred in as little as one business day. Loans are available on terms from 1 year and up to 7 years, and there's no penalty charge if you choose to pay off your loan early.
Features of the MyState Bank Unsecured Fixed Rate Personal Loan
This loan comes with a number of features, including:
- Interest rate. This loan has a competitive interest rate of 9.99% p.a. with a comparison rate of 12.45% p.a.
- Fixed rate. The rate of this loan is fixed, so the minimum repayments will never change.
- Unsecured. This loan does not require asset security.
- Loan purpose. This loan can be used for any legitimate purpose, from consolidating debts or paying medical bills to taking that dream holiday.
- Quick application. Applications take just 10 minutes to complete with the required documentation.
- Quick funding. Upon approval, you could have the funds in your account the next business day.
- Loan terms. This loan features repayment terms of 1 to 7 years.
- Flexible repayments. You can choose to repay this loan weekly, monthly or fortnightly.
- Loan amount. Borrow from $3,000 to $50,000.
- Extra repayments. Choose to repay the loan early penalty-free.
Fees and charges
There are also a number of fees and charges associated with this loan.
- Establishment fee. This loan includes an establishment fee of $200.
- Account keeping fee. This loan has a monthly account keeping fee of $5.
- Dishonour fee. If you miss a repayment, you'll be charged an additional $30.
*Please note that other fees and charges may also apply.
How to apply for a MyState Bank Unsecured Fixed Rate Personal Loan
If you want to apply for this loan, simply click "Go to Site" and submit an application through the lender's website directly. However, before applying, please ensure that you meet the following criteria:
- You are over the age of 18
- You are an Australian citizen/permanent resident
- You have a good credit rating
- You are currently employed
You will also need the following documentation:
- Two forms of ID – driver's licence, Australian passport or Medicare card
- Two payslips – if you have an employer
- Your most recent tax assessment – if you are self-employed
If you are unsure as to whether you are eligible, you can check your credit score for free ahead of time or you can contact MyState Bank by phone to discuss any details with them. However, before applying for a loan, you should always compare your unsecured personal loan options thoroughly, to ensure that you get the best deal for your circumstances.
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