First Option Bank personal loan repayment calculator

Thinking about taking out a personal loan with First Option Bank? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how First Option Bank personal loans compare with other options.

I'd like to borrow

$

Loan term

Credit Score ()

Your estimated repayment

at interest rate 10.00 %

Total interest payable

$0

Total amount payable

$0

First Option Bank personal loans rates

Advertised Rate

5.99%

Fixed up to 9.39%

Comparison Rate*

6.27%

Repayment

$608

based on $20,000 loan amount for 3 years at 6.27%

Upfront Fee

$99

up to $499

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Company
Plenti
More details
Advertised Rate

5.75%

Variable up to 7.99%

Comparison Rate*

6.47%

Repayment

$606

based on $20,000 loan amount for 3 years at 6.47%

Upfront Fee

0%

of loan amount up to 5%

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Company
Symple Loans

Winner of Excellent credit personal loans, RateCity Gold Awards 2021

More details
Advertised Rate

6.95%

Fixed up to 17.95%

Comparison Rate*

6.95%

Repayment

$617

based on $20,000 loan amount for 3 years at 6.95%

Upfront Fee

$0

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Company
NOW Finance
More details
Advertised Rate

6.95%

Fixed up to 8.99%

Comparison Rate*

6.95%

Repayment

$617

based on $20,000 loan amount for 3 years at 6.95%

Upfront Fee

$0

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Company
Alex

Winner of Excellent credit personal loans, RateCity Gold Awards 2021

More details
Advertised Rate

6.95%

Fixed up to 17.95%

Comparison Rate*

8.57%

Repayment

$617

based on $20,000 loan amount for 3 years at 8.57%

Upfront Fee

$495

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Company
Pepper
More details
Advertised Rate

6.75%

Fixed up to 7.05%

Comparison Rate*

7.10%

Repayment

$615

based on $20,000 loan amount for 3 years at 7.10%

Upfront Fee

$250

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Company
OurMoneyMarket

Winner of Excellent credit personal loans, RateCity Gold Awards 2021

More details
Advertised Rate

5.99%

Fixed up to 21.99%

Comparison Rate*

7.26%

Repayment

$608

based on $20,000 loan amount for 3 years at 7.26%

Upfront Fee

$140

up to $250 . $140 for loans < $5000. $250 for loans > $5000

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Company
Latitude Financial Services
More details
Advertised Rate

6.99%

Fixed up to 9.49%

Comparison Rate*

6.99%

Repayment

$617

based on $20,000 loan amount for 3 years at 6.99%

Upfront Fee

$395

of loan amountup to $995 Establishment fee from 0%

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Company
SocietyOne
More details
Advertised Rate

7.95%

Fixed up to 8.5%

Comparison Rate*

7.95%

Repayment

$626

based on $20,000 loan amount for 3 years at 7.95%

Upfront Fee

$0

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Company
Wisr
More details
Advertised Rate

7.99%

Fixed

Comparison Rate*

8.62%

Repayment

$627

based on $20,000 loan amount for 3 years at 8.62%

Upfront Fee

$200

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Company
Heritage Bank
More details

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:

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.

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.

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

Can students with no credit history get loans?

It is possible for students with no available history of borrowing or managing money to get a personal loan, though it may be more difficult as well as expensive than for borrowers with a good credit history.

Having no credit history means having no credit score. While many lenders may consider having no credit score to be better than having a bad credit score, they may still consider it riskier to lend to an unknown borrower and may charge higher interest rates or fees than to borrowers with good credit scores.

Can you pay off a quick loan early?

Many lenders will allow you to make extra repayments onto a quick personal loan when you can afford them, or even exit the loan early, which can help reduce the total interest you are charged. Be sure to check your quick loan’s terms and conditions, as some lenders charge early exit fees for paying off a loan ahead of schedule.

Is it hard to improve your credit score?

It can be hard to improve your credit score, as it usually requires sacrifice and discipline, but hard doesn’t necessarily mean complicated. Some simple ways you can give your credit score a boost include closing extra credit cards, reducing your credit card limit, pay off any loans and make loan repayments on time.

As a general rule, the lower your credit score, the more remedies you can apply and the greater the scope for improvement.

Can I get a $2000 loan on Centrelink?

If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.

Some lenders may offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.

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.

What can I use a bad credit personal loan for?

Generally, bad credit personal loans can be used for the following purposes:

  • Debt consolidation
  • Paying bills
  • Buying vehicles
  • Moving expenses
  • Holidays
  • Weddings
  • Education

Some lenders restrict how their bad credit personal loans can be used as part of their commitment to responsible lending – be sure to check before applying.

What documentation is needed for a self-employed personal loan?

Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.

While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other documents, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.

Can I get a $4000 personal loan if I’m unemployed or on Centrelink?

Before most providers of personal loans or medium amount loans will approve an application, they’ll want to know you can afford the loan’s repayments on your current income without ending up in financial stress. Several lenders don’t count Centrelink benefits when assessing a borrower’s income for this purpose, so these borrowers may find it more difficult to be approved for a loan.

If you’re unemployed, self-employed, or if more than 50% of your income come from Centrelink, consider contacting a potential lender before applying to find out whether they accept borrowers on Centrelink.

Which lenders offer bad credit personal loans?

Several dozen lenders offer bad credit personal loans in Australia. These are generally smaller lenders that aren’t household names.

Can I get a personal loan if I receive Centrelink payments?

It is hard, but not impossible, to qualify for a personal loan if you receive Centrelink payments.

Some lenders won’t lend money to people who are on welfare. However, other lenders will simply consider Centrelink payments as another factor to weigh up when they assess a person’s capacity to repay a loan. You should check with any prospective lender about their criteria before making a personal loan application.