ING Personal Loans
ING Australia is part of ING Group, a multinational bank headquartered in Amsterdam, the Netherlands.
Based in Sydney, ING is Australia’s fifth largest bank. It has held an Australian banking licence since 1994 and has more than 1,700 staff and 2 million customers. ING also has a 24/7 contact centre in Tuggerah, NSW.
As well as personal loans, ING also provides home loans, transactional banking, superannuation, credit cards and insurance.
ING personal loan repayment calculator
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ING personal loans rates
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Fixed Rate Personal Loan
based on $30,000 loan amount for 5 years
Fully drawn advance
Pros and cons of an ING personal loan
- Fixed interest rate
- No ongoing fees
- No early repayment fees
- Establishment fee charged
- Potential late payment fee
- No variable-rate personal loan available
Features of an ING personal loan
ING provides unsecured personal loans of at least $5,000 and up to $30,000 for a personal loan. Borrowers can pay it off over a loan term of two to five years.
ING only has unsecured, fixed-rate personal loans and doesn’t have a variable-rate option.
This lender charges various fees on its personal loans including establishment fees and late fees. However, ING doesn’t charge ongoing fees and there are no penalty fees for early repayment.
ING doesn’t give different rates to different people based on their credit profile. The bank only has one personal loan rate, which is common for larger banks.
ING personal loans – customer service
ING has no branches, but it does have an ING Lounge in the Sydney CBD, open 9am to 5pm on weekdays.
Customers can also contact ING by phone, email and through the post. ING has a dedicated personal loans phone line, which is in operation from 8am to 8pm (AEST/AEDT) seven days a week.
If you’re an existing customer, you can also get in touch with ING using its online messaging service.
Who is eligible for an ING personal loan?
- Must be over the age of 18 and have a valid proof of ID (i.e. driver’s licence or passport).
- Must be an Australian citizen, New Zealand citizen or a permanent resident of Australia with an Australian residential address.
- Must earn at least $36,000 per year before tax and must be able to demonstrate this as your main source of income.
- Must have a good credit score.
How to apply for an ING personal loan?
The application process takes about 20 minutes and can be done through ING’s website.
- Complete the personal loan application form on the ING website.
- Submit the online application and wait for a response.
- Accept the contract.
- If you’re approved, you may be paid on the same day you accept the loan.
You may also need the following documents ready before you apply:
- PAYG payslips
- Proof of super income
- Bank statements
- Tax returns
ING personal loans review
As a big bank, ING provides personal loans suitable for those with good credit history. It does not provide personal loans for self-employed people.
Personal loan customers can borrow up to $30,000, with a maximum term of five years.
ING may charge various fees, including an establishment fee, and late fees. If you’re applying for an ING personal loan, it’s best to read the contract carefully. However, ING customers can pay off their loan early without penalty.
ING’s interest rate for personal loans are very low for a major bank lender. But borrowers with poor credit ratings will likely not be approved if they apply for an ING personal loan.
If you’re looking for the best personal loan rates for you, it’s worthwhile to compare personal loan rates from several different lenders and consider your personal financial situation.
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Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
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.
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process:
- First, find a lender willing to give you a bad credit personal loan. This process will be simplified if you go through a finance broker or use a comparison website like RateCity.
- Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced.
- Third, instead of spending those savings, use them to pay off the new loan.
Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to be approved faster, while a borrower with bad credit is less likely to have a loan approved and, if they are approved, may be approved slower.
Some lenders are able to approve applications with little documentation and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.
Failing to repay loans and bills will damage your credit score. So will falling behind on your repayments. Your credit score will also suffer if you apply for credit too often or have credit applications rejected.
You're entitled to one free credit report per year from credit reporting bodies like Equifax, Dun & Bradstreet, Experian and the Tasmanian Collection Service. You can also get a free report if you’ve been refused credit in the past 90 days.
Credit reporting bodies have up to 10 days to provide reports. If you want to access your report sooner, you’ll probably have to pay.
Different credit reporting bodies may use different formulas to calculate credit scores. However, they use the same type of information: credit history and demographic profile.
They’re likely to look at how many credit applications you’ve made, which lender the applications were for, what purpose they were for, how much they were for and your repayment record. They’ll also look at your age and postcode. They’ll also look to see if you’ve had any bankruptcies or other relevant legal judgements against you.
Your score can change if your demographic profile changes or new information is added to your file (such as a new loan application) or existing information is removed from your file (i.e. because it has reached its expiry date).
Your credit history covers everything to do with applying for loans. It includes the number of loans you’ve applied for, the amounts you’ve borrowed and your record of meeting repayment schedules.
A person is deemed to have ‘bad credit’ when they have a poor history of managing credit and repaying debts.