Founded in 1994, Members Equity Bank, widely known as ME, is owned by 26 of Australia’s leading industry super funds. In 2015, ME Bank rebranded and are now known as ME.
ME provides its customers a wide range of financial products and services, including award-winning home loans, term deposit and savings accounts. ME also has more than 3000 ATMs across the country.
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
I'd like to borrow
Credit Score ()
Your estimated repayment
at interest rate 10.00 %
Total interest payable
Total amount payable
Pros and cons
- No ongoing fees
- Can apply online
- No penalties for early repayment
- Upfront fees
- No branch access
- No redraw facility
ME Bank personal loans rates
based on $30,000 loan amount for 5 years at 11.35%
Fully drawn advance
Go to site
Features of a ME Bank personal loan
ME offers fixed-rate, unsecured personal loans between $5000 and $50,000 for loan terms between one to seven years. Borrowers can choose to pay ME 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 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, live chat or over the phone.
- Online banking
- Live online chat, Monday to Friday 9am to 5pm (AEST)
- Phone, Monday to Friday, 8am to 8pm 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 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
It’s worth noting that ME personal loan has no ongoing account-keeping fees, no early termination fee and no extra repayment charges.
ME personal loans are unsecured, which means borrowers don’t need to provide security when applying. 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 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 is 100 per cent online. Borrowers can contact ME via phone, online live chat and through email.
Before applying for a ME 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.
Learn more about ME Bank
Where can I get a personal loan?
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.
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.
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 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.
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.
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.
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.
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.
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 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.
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 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.
Can I repay a $3000 personal loan early?
If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.
Check your loan’s terms and conditions before paying extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed 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).
How can I get a $3000 loan approved?
Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.
Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.