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Pros and cons

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

ING personal loans rates



Fixed Rate Personal Loan

Real Time Rating™


/ 5
Interest Rate


% p.a

Fixed up to 10.99%

Comparison Rate*


% p.a

Fixed up to 11.21%



based on $30,000 loan amount for 5 years at 6.99%

Upfront Fee


Redraw facility
Extra repayments
Fully drawn advance
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Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 7.20% would be $35,634*. Terms from - years


$100 establishment fee is waived for ING customers

Personal loan repayment calculator

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

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at interest rate 6.99 %

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Features of an ING personal loan

ING provides unsecured personal loans of at least $5,000 and up to $60,000 for a personal loan. Borrowers can pay it off over a loan term of two to seven 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.

  1. Complete the personal loan application form on the ING website.
  2. Submit the online application and wait for a response.
  3. Accept the contract.
  4. 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 $60,000, with a maximum term of seven 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.

Learn more about personal loans

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.

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.

How much can you borrow with a bad credit personal loan?

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.

What are the Westpac personal loan eligibility criteria?

The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:

  • You should be over 18 years old
  • You must be a permanent resident or hold a valid visa with confirmed employment in Australia
  • You should earn a regular and permanent income of at least $35,000 before taxes

If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:

  • Personal details including name, contact information, and residential address 
  • Proof of identity such as drivers licence or passport details
  • If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
  • If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips

Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.

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 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.

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.

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 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

What do single mothers need to apply for a personal loan?

Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).

Can single mothers get personal loans online?

Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.

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.

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.

Can I get a no credit check personal loan?

Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.