MyState Bank Unsecured Personal Loan

Borrow from $3,000 to $50,000 with terms up to 7 years. Costs include interest charges and establishment fees.

  • Please note that MyState Bank no longer directly offer personal loans. They have partnered with Plenti to offer personal loans.

MyState Bank offers an unsecured personal loan for amounts ranging from $3,000 to $50,000. Their terms are from 1 to 7 years. This loan is unsecured and does not require an asset as security. Interest rates are variable, meaning that your repayments will fluctuate based on the market interest rate. Rates starts from 9.99% p.a., with a comparison rate of 13.51% p.a. Fees include an establishment fees of $200 and a monthly account keeping fee of $10.

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From 9.99% (variable)

Interest Rate (p.a.)

13.51%

Comparison Rate (p.a.)

$3,000

Min Loan Amount

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Details

Product NameMyState Bank Unsecured Personal Loan
Interest Rate (p.a.)
From 9.99% (variable)
Comparison Rate (p.a.)13.51%
Interest Rate TypeVariable
Min Loan Amount$3,000
Max. Loan Amount$50,000
Loan SecurityUnsecured

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.

Compare other personal loans

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Symple Loans Personal Loan

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Borrow up to $50,000 and earn 1 Qantas Point for every $1 borrowed.

⭐Special Offer: Earn up to 50,000 Qantas Points with a personal loan from Symple.
Plenti Personal Loan

From 6.39% (fixed)
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Citi Personal Loan Plus
8.90% (variable)
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A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years. Note: Monthly account service fee will be waived for applications submitted before 31 January 2022.
Harmoney Unsecured Personal Loan

From 5.35% (fixed)
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Alex Bank Personal Loan

From 4.99% (fixed)
4.99%
$2,100
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You'll receive a fixed interest rate from 4.99% p.a. to 19.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Note: The $295 establishment fee will be waived for loan applications submitted by 3 November 2021.
SocietyOne Unsecured Personal Loan

From 5.95% (fixed)
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A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
NAB Personal Loan Unsecured Fixed

From 6.99% (fixed)
7.91%
$5,000
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You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. (7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
NOW Finance No Fee Unsecured Personal Loan

From 5.95% (fixed)
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No Establishment Fee
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You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $7,999 with loan terms between 18 months and 3 years or borrow $8,000 to $50,000 with loan terms between 18 months and 7 years.

⭐ Finder Exclusive: Apply and settle a NOW Finance No Fee Unsecured Personal Loan for home improvement by 31 Dec for a chance to win a $2,000 Bunnings gift card.
OurMoneyMarket Personal Loan

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⭐ Finder Exclusive: Apply before 31 October 2021 to secure a discounted rate of 5.45% p.a. (comparison rate: 6.07% p.a.) for the first 12 months on loans over $35,000. T&Cs apply.
MoneyMe Personal Loans

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$10
You'll receive an interest rate between 6.25% p.a. and 19.95% p.a. based on your risk profile
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Wisr Personal Loan ($5,000 to $30,000)

From 6.49% (fixed)
6.49%
$5,000
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$0 - Waived Establishment Fee
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Wisr  Personal Loan ($30,001 to $64,000)

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Plenti Variable Rate Personal Loan

From 6.39% (variable)
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NAB Personal Loan Unsecured Variable Rate

From 6.99% (variable)
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Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 5.35% p.a. and based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

Logo for ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 8.99% p.a.
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Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 years to 7 years loan terms available. This loan comes with no fees for extra repayments and no early exit fees.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 5.95% p.a. and 19.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

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6 Comments

    Default Gravatar
    Tony
    April 19, 2018

    Hi, im looking to borrow 6500, i have worked for my employer for over 6 years (part time) but since december 2017 stepped down to casual… Can i still apply with MyState?

      Avatarfinder Customer Care
      Joshua
      April 19, 2018

      Hi Tony,

      Thanks for getting in touch with Finder.

      Unfortunately, MyState requires you to be working at least for a year if your work is casual.

      In case you are looking for other options, you may refer to our list of personal loan for casual employees. On that page, you will see a table that allows you to conveniently compare your options. Once you find the right one for you, click on the “Go to Site” green button to learn more or initiate your application.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      I hope this helps. Should you have further questions, please don’t hesitate to reach out again.

      Have a wonderful day!

      Cheers,
      Joshua

    Default Gravatar
    Shelia
    July 29, 2017

    I need a loan to pay my debts but I need a cosigner. Could you help me find a lender that would help me?

      Avatarfinder Customer Care
      Rench
      July 29, 2017

      Hi Shelia,

      Thanks for reaching out to us. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.

      Please read more about debt consolidation and find helpful tips about consolidating debt and find a place where you can compare your options to consolidate your debts. You may click on your preferred lender to see more details then select on ‘Go to Site’ button to submit an online application.

      Hope this information helped.

      Cheers,
      Rench

    Default Gravatar
    Colette
    June 27, 2017

    I receive social security benefits of a 1600 per month until I graduate from high school next year. i turned 18 the first month of this year, but for June I did not receive my benefit check. The bank closed my account before the end of May,but not enough time change my direct deposit for June. I am out 1600 for this month. I need to pay for things for this month. I need a loan until the bank sends a check what I they took in and kept. Can you help me? It was identity theft.

      Default Gravatar
      Danielle
      June 27, 2017

      Hi Colette,

      I’m sorry to hear about the problem you’re having.

      First of all, you would need to solve your identity theft issue before it goes out of control. Better speak to your bank and ask what help you can get provided that you need your money.

      If you need to get a loan to pay off your bills, there are payday loans you can use for emergencies. Please check that one and see what help you can get.

      Moreover, it would be wise to contact the free financial counselling hotline service on 1800 007 007 to help you get as much information as possible regarding your situation before you apply for a loan.

      I hope this helps.

      Cheers,
      Danielle

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