Get approved for up to $50,000 with a competitive personal loan that doesn’t require security.
MyState Bank offers customers an unsecured loan product that doesn’t require any collateral to secure the loan amount. Interest is variable and when the loan is used for general purposes, the rate starts at 12.99% p.a. This loan can be used for a number of purposes, from buying a new or used car to financing home renovations.
3 things you should know about this loan
- No security and flexible loan use. This loan is unsecured and you can use the funds you're approved for for any purpose.
- Make extra repayments. You're able to make additional repayments throughout the loan term and access them if you need to through the redraw facility. Keep in mind there is a $500 minimum redraw as well as a $30 fee for each redraw.
- High fees. There is a $200 application fee and a $10 monthly fee.
|Product Name||MyState Bank Unsecured Personal Loan|
|Interest Rate (p.a.)||From 12.99% (variable)|
|Comparison Rate (p.a.)||16.42%|
|Interest Rate Type||Variable|
|Min Loan Amount||$3,000|
|Max. Loan Amount||$50,000|
- Low minimum borrowing amount
- Use the loan for any purpose
- Redraw facility available
- $200 application fee
- Monthly fee of $10
- Redraw fee of $30
Factors to consider about the MyState Bank Unsecured Personal Loan
The amount for which you are approved depends on MyState Bank’s evaluation of your personal finances. If approved, you will be charged an application fee, as well as a monthly fee for managing the loan.
The maximum loan period is 7 years (10 years for the secured personal loan option). You can also make additional repayments or even settle the whole loan amount early without penalty. Additional repayments can be accessed through a redraw facility for a fee of $30 per redraw. Loan insurance is available to cover repayments in the event of accident or injury.
Features of the MyState Bank Unsecured Personal Loan
Here are some of the features you can expect with this unsecured personal loan:
- Easy application. You can apply for this loan online, upload documents and bank statements directly to your application and save an incomplete application form to be submitted later.
- Financial assessment. Loan approval depends on MyState Bank’s assessment of your bank statements, assets and liabilities.
- No security. This is an unsecured loan, which means that you won’t be required to use your valuable assets to guarantee the loan amount.
- Flexibility. This loan can be used for any purpose.
- Loan terms. You can repay this loan over 1 to 7 years
- Loan amount. This loan is available from $3,000 up to a maximum of $50,000.
- Redraw facility. This facility is available for a minimum of $500 per redraw. A fee of $30 is charged for every redraw.
- Fees. An establishment fee of $200 applies for setting up the loan. Following this, a monthly fee of $10 is charged.
- Repayment options. You can make repayments on a weekly, fortnightly or monthly basis. If you choose to make weekly or fortnightly repayments, the total must be equal to at least the required minimum monthly amount.
How to apply for the MyState Bank Unsecured Personal Loan
Applications can be submitted online, by telephone or by appointment at a local MyState Bank branch. Keep in mind you need to meet the following criteria to apply:
- You must be at least 18 years old.
- You must be an Australian citizen or permanent resident.
- You must have been employed full-time or part-time for the last three months (or one year if you work casually).
- You must not have any defaults or bankruptcies in your credit history.
You will also be asked to submit information about your finances, including:
- Two of your most recent payslips. If you are self-employed, you’ll have to include a copy of your two latest tax returns, including profit and loss statements for the past two financial years and your most recent tax assessment.
- A list of assets such as vehicles, savings, property and art.
- A list of liabilities including credit cards, existing loans and outstanding debts.
- Identification including a passport, ID card or Medicare card.
While the application process is simple and no security is required, this loan still represents a binding financial commitment. MyState Bank won’t approve a loan that you can’t afford, so before applying, explore alternatives to see if you can find terms and rates better suited to your circumstances.