ME Bank is an Australian-owned bank created by one of Australia’s leading industry super funds. In 2015, ME Bank rebranded and are now known as ME.
ME offers its customers a wide range of financial products and services, including a personal loan which can be used for a variety of purposes including a car, debt consolidation, holiday, medical bills, weddings and a wide range of other uses.
In addition to personal loans, ME Bank provides a range of award-winning home loans and term deposits, low-cost savings accounts, country-wide ATM access and banking experts that come to you at your convenience.
ME is an online-only operation, which means it doesn’t have branches. You can apply for personal loans online, however they also have a customer service line if you need to speak to someone.
ME Bank personal loan repayment calculator
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Features of a ME Bank personal loan
ME Bank offers personal loans between $5000 and $50,000 for periods between one to seven years. Borrowers can choose to pay ME Bank personal loans in either fortnightly or monthly instalments until the loan is paid off. A one-off establishment fee is included in the ME personal loan, but there are no ongoing fees attached to the loan. Borrowers wishing to pay off their ME Bank personal loan sooner can do so without penalty as there are no fees for extra repayments or early loan repayments.
ME Bank personal loans can be used for a range of different purposes including:
- Education fees
- Debt consolidation
- Home renovations
- Medical bills
ME personal loans – customer service
ME Bank doesn’t have any branches, but you can apply for a personal loan through the ME website. You can also talk to them via email or over the phone.
- Online banking
- Phone, Monday to Friday, 8am to 6pm and Saturday 9am to 5pm (AEST)
Who is eligible for a ME Bank personal loan?
To be eligible for a ME Bank personal loan you’ll need to meet the following criteria:
- Be 18 years or over
- Be an Australian citizen or permanent resident
- Open an account for personal use
- Have a good credit history
How to apply for a ME Bank personal loan?
To apply for a ME Bank personal loan, borrowers can apply online through the website. The application process takes around 10-15 minutes to complete and involves the following steps:
- Once you’ve compared your personal loan options, you can apply online from any device
- Once you’ve completed your personal loan application and provided supporting documentation, ME will review your application
- Once approved for a personal loan, the funds will be available in your account within two business days.
At the time of application, you’ll need to provide the following documentation:
- Proof of identity
- Proof of income and employment
- Details of any other assets and financial commitments
ME Bank personal loans review
When it comes to comparing the ME Bank personal loan to other personal loans on the market, it’s worth noting that this personal loan has no ongoing account-keeping or annual fees. In addition to this, there is no charge for making additional repayments and no fees for paying off your personal loan before the loan term.
This ME Bank personal loan is unsecured, which means borrowers don’t need to provide security (i.e. collateral) when applying for the personal loan. This personal loan also has a fixed interest rate, which means your interest rate will stay the same throughout the loan term.
The ME personal loan can be used for a wide variety of purposes, including cars, holidays and debt consolidation. However, it can’t be used to pay business expenses, bills, or to fund a property purchase or tax costs.
Borrowers who prefer face-to-face customer support should take note that ME Bank is 100 per cent online. In saying that, borrowers can contact a ME lending specialist via phone, online and through email.
Before applying for a ME Bank personal loan, always do your research and compare your personal loan options to make sure you’re getting a loan that suits your budget, needs and lifestyle.
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The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.