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Secured Personal Loan

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Loan Term

years

Repayment Frequency

Secured Personal Loan Pros and Cons

Pros:
  • Features a low rate
  • No ongoing fees
  • No early exit penalty
  • Can apply online
  • Can apply in branch
Cons:
  • Application fee charged
  • Requires security to be held

IMB Bank Secured Personal Loan Fees and Features

New Car
New Car
Used Car
Used Car
Motorcycle
Motorcycle
Boat
Boat
Student Loan
Student Loan
Debt Consolidation
Debt Consolidation
Renovation
Renovation
Shares
Shares
Holidays
Holidays
Medical Bill
Medical Bill
Wedding
Wedding
Upfront Fee
Upfront Fee
$250
Ongoing Fee
Ongoing Fee
$0
Borrowing range
Borrowing range
$2k - $60k
Total Repayments
Total Repayments
$33,300
Early Exit Penalty Fee
Early Exit Penalty Fee
$0
Missed Payment Penalty
Missed Payment Penalty
$0
Redraw Activation Fee
Redraw Activation Fee
N/A
Repayment Type
Repayment Type
Fixed
Loan Type
Loan Type
Secured
Secured by vehicle
Secured by vehicle
Secured by property
Secured by property
Security by bank deposits
Security by bank deposits
Available to 457 Visa Holders
Available to 457 Visa Holders
Redraw Facility
Redraw Facility
Extra Repayments
Extra Repayments
Line of Credit
Line of Credit
New Car
New Car
Used Car
Used Car
Motorcycle
Motorcycle
Boat
Boat
Student Loan
Student Loan
Debt Consolidation
Debt Consolidation
Renovation
Renovation
Shares
Shares
Holidays
Holidays
Medical Bill
Medical Bill
Wedding
Wedding
Upfront Fee
Upfront Fee
$250
Ongoing Fee
Ongoing Fee
$0
Borrowing range
Borrowing range
$2k - $60k
Total Repayments
Total Repayments
$33,300
Early Exit Penalty Fee
Early Exit Penalty Fee
$0
Missed Payment Penalty
Missed Payment Penalty
$0
Redraw Activation Fee
Redraw Activation Fee
N/A
Repayment Type
Repayment Type
Fixed
Loan Type
Loan Type
Secured
Secured by vehicle
Secured by vehicle
Secured by property
Secured by property
Security by bank deposits
Security by bank deposits
Available to 457 Visa Holders
Available to 457 Visa Holders
Redraw Facility
Redraw Facility
Extra Repayments
Extra Repayments
Line of Credit
Line of Credit
Other Restrictions
age of car used as security must be less than or equal to 6 years old

IMB Bank was established in 1880 as the Illawarra Mutual Building Society. It offers secured and unsecured personal loans for a variety of different purposes, as well as home loans, credit cards, and other banking and insurance services. 

IMB has branches in Illawarra, Sydney, NSW South Coast, the ACT and Melbourne. IMB customers can also receive service via mobile home loan specialists, a network of ATMs, and free phone and internet banking.

FAQs

It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full time employment, so several self-employed personal loans require borrowers to have excellent credit.

If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.

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