Unsecured Loan (Average Credit)
- Last updated on 04 Apr 2020
ING Personal Loan
All rates shown are per annum. ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823.
Fixed
8.99%
9.13%
Fixed Rate Personal Loan
Fixed
14.00%
up to 17.3%
14.68%
4.5%
of loan amount
$5k to $25k
based on $20,000 loan amount for 3 years
Pros
- No ongoing fees
- No early repayment fees
- Can apply online
Cons
- Application fee charged
- Cannot apply in branch
New Car | Total repayments $41,883 |
Used Car | Early Exit Penalty Fee $0 |
Motorcycle | Missed Payment Penalty $15 |
Boat | Redraw Activation Fee N/A |
Student Loan | Repayment Type Fixed |
Debt Consolidation | Loan Type Unsecured |
Renovation | Available to 457 Visa Holders |
Shares | Redraw Facility |
Holidays | Extra Repayments |
Medical Bill | Line Of Credit |
Wedding | Upfront Fee 4.5% of loan amount |
Ongoing Fee $0 | Borrowing range $5k - $25k |
Ability to upload financials electronically.
No bankruptcies, judgements or defaults
Compare and review personal loans with similar features
An alternative to traditional banks, MoneyPlace is a peer-to-peer lending service which connects borrowers looking for personal loans to investors willing to lend.
MoneyPlace works differently to a traditional bank. As a peer-to-peer lender, MoneyPlace doesn’t directly provide borrowers with the finance for a loan. Instead, it connects them to a range of investors who charge interest for loaning funds.
MoneyPlace is an online-only operation, which means it doesn’t have branches. You can apply for loans online, however they also have a customer service line if you need customer support.
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FAQs
In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours.
A bad credit personal loan is ‘secured’ when the borrower offers up an asset (such as a car or jewellery) as collateral or security. The lender can then seize the asset if the borrower fails to repay the loan.
Personal loans with no credit check are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They carry a range of risks, including putting individuals into a worsened cycle of debt due to higher than average fees.
A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset (such as a car or jewellery) as collateral or security. Lenders charge higher interest rates on unsecured loans than secured loans.
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.
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, with 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 guarantee the loan, taking on the financial responsibility if the borrower defaults.
A person is deemed to have ‘bad credit’ when they have a poor history of repaying debts.
Credit ratings/scores are calculated by credit reporting bodies such as Equifax, Dun & Bradstreet, Experian and the Tasmanian Collection Service. These are separate organisations, so they use different systems.
Equifax gives scores between 0 and 1,200:
- 833 to 1,200 = Excellent
- 726 to 823 = Very good
- 622 to 725 = Good
- 510 to 621 = Average
- 509 or less = Below average
Dun & Bradstreet (through the Credit Simple service) gives scores between 0 and 1,000:
- 800 to 1,000 = High end
- 700 to 799 = Great
- 500 to 699 = Average
- 300 to 499 = Room to improve
- 299 or less = Low
Experian gives scores between 0 and 999:
- 961 to 999 = Excellent
- 881 to 960 = Good
- 721 to 880 = Fair
- 561 to 720 = Poor
- 0 to 560 = Very poor
The Tasmanian Collection Service doesn’t give scores. Instead, it prepares credit reports for credit providers and then lets those providers make their own assessment.
Comprehensive credit reporting means including both positive and negative information on a person’s credit file. Before comprehensive credit reporting was introduced, only negative information was included.
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 usually 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.