MoveBank Personal Loan
We currently don't have this product on Finder
- Interest Rate (p.a.)
- 13.74%
- Comparison rate (p.a.)
- 15.13%
- Min Loan Amount
- $5,000
Summary
A flexible personal loan that helps you save on monthly feesRevolut's personal loan offers some great flexibility, allowing you to make extra repayments without penalty and charging no ongoing monthly fees. This can help you pay your loan off sooner and save on interest.
However, you should weigh up the costs. Its minimum interest rate of 10.68% is on the more expensive side, while its $399 application fee is in the top 25% of higher fees when compared to other loans in our database.
Details
Product details
| Product Name | MoveBank Personal Loan |
| Interest Rate (p.a.) | 13.74% |
| Comparison rate (p.a.) | 15.13% |
| Interest Rate Type | Variable |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $25,000 |
| Loan Security | Unsecured |
How does MOVE Bank Personal Loan compare?
- Avoid ongoing fees. Unlike many other car loans on the market you won't be charged an ongoing monthly or annual account-keeping fee saving you money over the life of the loan.
- Pay your loan off faster. You have the flexibility to make additional repayments at any time allowing you to pay off your loan sooner and save on interest without facing the penalty fees some other lenders charge.
- Consider the lack of features. This loan received a low Finder Score as it lacks flexibility and features like a redraw facility or pre-approval which are often standard with other lenders.
- Watch out for upfront costs. You will be charged a $395 application fee which is a cost some other lenders may waive.
- Be aware of the loan term. The minimum loan term is 3 years which is less flexible than some other car loans that offer shorter periods.
How does the MoveBank Personal Loan work?
This unsecured personal loan does not require an asset as security. As a result, interest rates are higher and borrowing amounts smaller. The interest rate is variable and can fluctuate based on the market rate. As your repayments may be higher or lower for some months than others, you may find it harder to budget for your repayments. You can use the loan funds for any worthwhile purpose, but you cannot use them for commercial, investment or debt consolidation purposes.
What features does the MoveBank Personal Loan offer?
- Unsecured loan. This loan is unsecured and does not require an asset as collateral for the loan. As a result, interest rates are higher and borrowing amounts smaller.
- Variable rate. Your interest repayments are variable, meaning that your repayments may fluctuate based on the market rate.
- Terms up to 7 years. Your loan term can range from 1 to 7 years.
- Extra repayments. You can make extra repayments at no added cost.
- No early repayment fees. You won't have to pay a penalty if you repay the loan early.
- Free redraw. You can redraw your additional repayments for free online. Staff-assisted redraws will incur a fee of $25.
- No monthly fees. You won't be charged monthly or annual service fees.
How much does the MoveBank Personal Loan cost?
The costs for this loan include the following:
- Loan principal
- Interest rate of 13.74% p.a.
- Establishment fee of $150
There are no monthly fees for this loan. The comparison rate, which includes interest charges and fees, is 15.13% p.a.
What are the pros and cons of the MoveBank Personal Loan?
Pros.
- No monthly fees. This loan does not charge monthly fees, helping keep down the cost of the loan.
- Additional repayments, free redraw and no early-exit fees. You can make extra repayments and repay the loan early without having to pay a penalty. You can also redraw your additional repayments for free online.
Cons.
- Higher interest rate. Compared to a secured loan, unsecured loans have a higher interest rate. This makes the loan more expensive.
Am I eligible for the loan?
To be eligible for this loan, you must meet the following criteria:
- Be over the age of 18.
- Be a citizen or permanent resident of Australia
How do I apply for this loan?
You can apply for this loan online through the MoveBank website. Your application will take around 10 days to complete. The lender will contact you within 2 business days of applying. You will need to provide personal details as well as details around your employment, income, living expenses, assets and debts. Keeping your documents in hand can help speed up the process.
Compare other products from MoveBank
Sources
Your reviews
Richard Finder
Assistant publisher
Hi there, looking for more information? Ask us a question.
You are about to post a question on finder.com.au:
- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
- finder.com.au is a financial comparison and information service, not a bank or product provider
- We cannot provide you with personal advice or recommendations
- Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.
This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.