Horizon Bank

Personal Loan Secured by Term Deposit

Real Time Rating™

4.41

/ 5
Advertised Rate

5.89%

Variable

Comparison Rate*

6.10%

Upfront Fee

$150

Loan amount

From $500

Real Time Rating™

4.41

/ 5
Repayment

based on $1,500 loan amount for 3 years

Highlighted

7.95%

Fixed up to 8.5%

8.78%

Wisr

$626

3 years

3.63

/ 5
Go to site

RateCity Says: Tech-savvy borrowers can join this digital lender, without needing to put down security.

Calculate repayment for Horizon Bank product

Advertised Rate

5.89%

Variable

Comparison Rate*

6.10%

Upfront Fee

$150

Loan amount

From $500

I'd like to borrow

$

Loan term

years

Your estimated repayment

$46

based on $1,500 loan amount for 3 years

Pros and Cons

Pros and Cons

  • No ongoing fees
  • Unlimited extra repayments
  • Flexible repayment options
  • Can apply online
  • Can apply in branch
  • Use the loan for any worthwhile purpose
  • Approval is instant
  • Requires security to be held

Horizon Bank Features and Fees

Horizon Bank Personal Loan Secured by Term Deposit Features and Fees

Details

Total repayments
Interest rate type
Variable
Borrowing range
$500 - $100m
Security type
Secured
Loan term

0 year to 10 years

Secured by
Deposit
Loan type
Is Fully Drawn Advance
Repayment frequency
Weekly, Fortnightly, Monthly

Features

Extra repayments
Yes
Redraw facility

redraw activation fee of $0

Instant approval
Time to funding
null hours

Fees

Upfront Fee

$150

Ongoing Fee
$0
Missed Payment Penalty
$30
Early Exit Penalty Fee
$0

Permitted Loan Purposes

New Car
Used Car
Motorcycle
Boat
Debt Consolidation
Renovation
Holidays
Medical Bill
Shares
Student Loan
Wedding

Application method

Online
Phone

Broker
In branch

Pros and Cons

  • No ongoing fees
  • Unlimited extra repayments
  • Flexible repayment options
  • Can apply online
  • Can apply in branch
  • Use the loan for any worthwhile purpose
  • Approval is instant
  • Requires security to be held

Horizon Bank Personal Loan Secured by Term Deposit Features and Fees

Details

Total repayments
Interest rate type
Variable
Borrowing range
$500 - $100m
Security type
Secured
Loan term

0 year to 10 years

Secured by
Deposit
Loan type
Is Fully Drawn Advance
Repayment frequency
Weekly, Fortnightly, Monthly

Features

Extra repayments
Yes
Redraw facility

redraw activation fee of $0

Instant approval
Time to funding
null hours

Fees

Upfront Fee

$150

Ongoing Fee
$0
Missed Payment Penalty
$30
Early Exit Penalty Fee
$0

Permitted Loan Purposes

New Car
Used Car
Motorcycle
Boat
Debt Consolidation
Renovation
Holidays
Medical Bill
Shares
Student Loan
Wedding

Application method

Online
Phone

Broker
In branch

FAQs

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.

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.

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 a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

What is a secured bad credit personal loan?

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.

Can I apply for a quick loan online?

While some lenders will require you to provide paperwork in person, many lenders will allow you to make an application for quick personal loan online. You’ll still need to provide information on your identity, income, and loan purpose in most cases.

Can I repay a $3000 personal loan early?

If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.

Check your loan’s terms and conditions before paying extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.

Are there $2000 emergency loans?

If you’re having trouble being approved for a loan of less than $2000 and urgently need to purchase household essentials, there may be emergency loan options available to you.

For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.

For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007

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 can quick loans be used for?

Many borrowers use quick loans to cover short-term or urgent costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics. Quick loans often have high interest rates compared with regular personal loans.

Before applying for a quick loan, consider your other available options, such as working out a payment plan or applying for an advance or extension. 

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.

How can I get a $3000 loan approved?

Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.

Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.

Are there emergency loans with no credit checks?

While many personal loans require a credit check as part of the application process, some personal loans and payday loans have no credit checks, which may appeal to some borrowers with a bad credit score.

Keep in mind that even if a loan is available with no credit check, the lender will likely want to confirm that you can afford the repayments on your current income.

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.

How long does it take to get a student personal loan?

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.

What do credit scores have to do with personal loan interest rates?

There is a strong link between credit scores and personal loan interest rates because many lenders use credit scores to help decide what interest rates to offer to potential borrowers.

If you have a higher credit score, lenders will probably classify you as a lower-risk borrower. That means they’ll be keen to win your business, so they may offer you a lower interest rate if you apply for a personal loan.

If you have a lower credit score, lenders will probably classify you as a higher-risk borrower. That means they might be concerned about you defaulting on the loan and costing them money. As a result, they might protect themselves by charging you a higher interest rate.

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.

How long will I have bad credit?

Most negative events that appear on a person’s credit file will stay in their credit history for up to seven years.

You may be able to improve your credit score by correcting errors in your credit report, clearing outstanding debts, and maintaining good financial habits over time.

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.