Unsecured Personal Overdraft
- Last updated on 12 Jul 2020
Unsecured Personal Loan - (Excellent Credit)
Fixed
8.40%
up to 10.89%
10.12%
Low Rate Personal Loan - (Excellent Credit)
Variable
14.99%
15.76%
$0
$500 to $20k
based on $20,000 loan amount for 3 years
Pros
- No application fees
- No early repayment fees
- Can apply online
- Can apply in branch
- Only pay interest on outstanding balance
Cons
- Monthly fee charged
- Has ongoing fees
New Car | Total repayments $42,812 |
Used Car | Early Exit Penalty Fee $0 |
Motorcycle | Missed Payment Penalty $0 |
Boat | Redraw Activation Fee N/A |
Student Loan | Repayment Type Variable |
Debt Consolidation | Loan Type Unsecured |
Renovation | Available to 457 Visa Holders |
Shares | Redraw Facility |
Holidays | Extra Repayments |
Medical Bill | Line Of Credit |
Wedding | Upfront Fee $0 |
Ongoing Fee $12 Monthly | Borrowing range $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.
Although Bank of Melbourne was established in 1989 as an independent organisation, it has been part of the Westpac Group since 1997.
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.
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FAQs
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 ‘unsecured’ when the borrower doesn’t offer up an asset (such as a car or jewellery) as collateral or security. Lenders charge higher interest rates on unsecured loans than secured loans.
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.