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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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.
Medium amount loans can be repaid between 16 days and 2 years. Many personal loans have terms between 1 year and 5 years, though some are as short as 6 months while others last for 10 years.
Generally, the shorter a loan’s term, the more expensive your regular repayments may be, but the less total interest you’ll pay. Loans with longer terms mean more affordable repayments, but more interest charges over the full term.
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.
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.
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.
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.
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.
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.
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.
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.