$500 to $20k
based on $20,000 loan amount for 3 years
- No application fees
- No early repayment fees
- Can apply online
- Can apply in branch
- Only pay interest on outstanding balance
- Monthly fee charged
- Has ongoing fees
Early Exit Penalty Fee
Missed Payment Penalty
Redraw Activation Fee
Available to 457 Visa Holders
Line Of Credit
$500 - $20k
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Bank of Melbourne is a Victoria-based Australian bank. Its headquarters and call centre are based in the Melbourne CBD, and the bank has 106 branches spread across the state.
In addition to personal loans, Bank of Melbourne, or BoM as it is also known, offers a wide range of home loans, credit cards, insurance and superannuation products and services.
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.
In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours. However, if a lender needs more information or needs more time to verify the provided documents, the application process may take longer.
A bad credit personal loan is 'secured' when the borrower offers up an asset, such as a car or jewellery, as collateral or security. If the borrower fails to repay the loan, the lender can then seize the asset to recoup its losses.