Greater Bank offers a personal loan with flexible repayment options and a free online redraw facility.
If you’re looking for a competitive personal loan, this flexible offer from Greater Bank is one to consider. You can be approved within 24 hours and you can choose between weekly, fortnightly or monthly repayments to suit your budget. No fees are charged if you choose to make additional repayments and you can also pay off the whole of the loan amount early without paying a penalty fee.
|Product Name||Greater Bank Unsecured Personal Loan|
|Interest Rate (p.a.)||From 8.95% (fixed)|
|Comparison Rate (p.a.)||9.34%|
|Interest Rate Type||Fixed|
|Min Loan Amount||$5,000|
|Max. Loan Amount||$50,000|
Factors to consider about the Greater Bank Unsecured Personal Loan
This is an unsecured loan, which means that Greater Bank doesn’t require collateral to secure it. No monthly fees apply, but you will be charged an establishment fee of $250. A redraw facility is available online for no charge, but a fee will be levied for redraws made by written request. The interest rate is fixed for the term of loan at 8.95% p.a.
Greater Bank also offers a secured personal loan option where you can benefit from a lower interest rate if you offer up collateral to be used as security.
Features of the Greater Bank Unsecured Personal Loan
If you’re interested in applying for this loan, here are some of its features to consider:
- Quick approval. If your application is complete, you can be approved for your loan within 24 hours.
- No security required. This is an unsecured loan, so you won’t be required to provide collateral as a guarantee.
- Fixed interest rate. Interest is fixed at 8.95% p.a., so your repayments won’t change with fluctuations in the interest rate.
- Flexible repayments. Choose to make repayments on a weekly, fortnightly or monthly basis. Additional repayments are allowed for no extra fee.
- Early repayment. If you’d like to repay the whole of the loan amount before the end of the loan period, you can do so without risking a penalty fee.
- Loan term. This loan can be repaid over a period of 1 to 5 year(s).
- Fees. Monthly fees are waived, but an establishment fee of $250 applies. If you default on repayments by an amount equal to less than two repayments, a fee of $6 will be charged. For a bigger default, you will be charged $20.
How to apply for the Greater Bank Unsecured Personal Loan
Applications can be submitted online. Keep in mind you’ll need to meet the following criteria to apply:
- You must be at least 18 years old.
- You must be an Australian permanent resident.
- Your credit history must be in reasonable shape.
You will be asked to submit the following documents to support your application:
- Two payslips no more than four weeks old
- Bank statements from the last three months
- A signed letter from your employer as proof of your position and income
- Driver’s licence, passport or photo card as identification
- Statements to prove that existing loans are up to date
If you receive child support, rental income or a family tax benefit, you will need to provide documentation relative to these additional income sources.
If you’re sure you need a loan, make sure you compare different loan types, even those that require collateral. In the end it comes down to what you’re willing to pay in fees and interest and, more importantly, what you can afford.