Arab Bank Australia
Arab Bank Australia has five branches in Sydney and two in Melbourne, and customers have access to more than 3,000 rediATMs across the country.
The assets held by Arab Bank Australia total more than $1 billion.
Arab Bank Australia personal loan repayment calculator
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Pros and cons
- Extra repayments with no penalty
- No late fees
- Flexible repayment options
- Interest rates may be high
- Early exit fees may apply
- Limited branch access
Arab Bank Australia personal loans rates
based on $30,000 loan amount for 5 years at 12.32%
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based on $30,000 loan amount for 5 years at 13.90%
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based on $30,000 loan amount for 5 years at 14.99%
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based on $30,000 loan amount for 5 years at 16.57%
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Features of Arab Bank Australia personal loans
Loan types - secured or unsecured. A secured personal loan is where you use an asset (like a property or a car) as collateral. An unsecured personal loan is where there is no collateral, although your credit history and current financial situation will be considered.
Interest rates - variable and fixed
Loan amounts - from $5,000 to $50,000
Loan terms - one to five years
Repayment options - weekly, fortnightly or monthly. Repayment can be made via internet banking, and direct debit from an Arab Bank Australia account.
Fees - you may be charged an application fee, account-keeping fees and an early exit fee. Arab Bank doesn’t charge late fees.
Arab Bank Australia customer service
Arab Bank Australia offers customers several ways to get in contact, with the option for face-to-face customer service at its branches as well as phone and online services.
- Branch (only in Sydney and Melbourne)
- Mobile banking staff
- Mobile app
- Online banking
Who is eligible for an Arab Bank Australia loan?
To apply you must:
- Be 18 years or over
- Be an Australian permanent resident or citizen
- Have a reasonable credit history
- Have proof of employment
How to apply for an Arab Bank Australia personal loan
You can either apply in person at a branch or online.
You will likely need the following documents and information:
- Proof of address
- Proof of ID (like a driver’s licence, passport or Medicare card)
- Proof of income, assets and liabilities
Arab Bank Australia personal loans review
Arab Bank Australia offers a range of personal loan options, with the option to have a secured or unsecured loan with either a variable or fixed interest rate.
Arab Bank Australia’s interest rates are not the cheapest on the market, so you might find better value elsewhere.
Like other financial institutions in Australia, Arab Bank Australia tends to charge higher interest rates for unsecured loans compared to secured loans, while fixed-rate loans tend to be higher than variable-rate loans.
When it comes to its secured personal loans, Arab Bank Australia charges high interest rates, while its unsecured personal loans have moderately high to high interest rates.
The fees charged on personal loans by Arab Bank Australia vary, so it pays to carefully compare these before applying.
Arab Bank Australia does allow extra repayments without penalty, but only on its variable personal loans, not fixed. It does not offer a redraw facility.
Learn more about personal loans
Where can I get a personal loan?
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.
What is an unsecured bad credit personal loan?
A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
Do student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
Can you refinance a $5000 personal loan?
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
What do single parents need for a personal loan application?
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term
How much can you borrow with a bad credit personal loan?
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
What do single mothers need to apply for a personal loan?
Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).
Can I get a no credit check personal loan?
Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.
What are the pros and cons of personal loans?
The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.
One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.
Are there low doc personal loans?
Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.
It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.
Can unemployed single parents get personal loans?
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.
Will comprehensive credit reporting change my credit score?
Comprehensive credit reporting may change your credit score, either positively or negatively, depending on an individual's situation.
Under comprehensive credit reporting, credit providers will share more information, both positive and negative, about how you and other Australians manage credit products. That means credit reporting bureaus will be able to make a more thorough assessment of everyone’s credit behaviour. That will lead to higher scores for some consumers and lower scores for others.