South West Slopes Bank Secured Personal Loan
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- Interest Rate (p.a.)
- 8.50%
- Comparison rate (p.a.)
- 8.50%
- Min Loan Amount
- $500
Summary
Avoid paying application or ongoing fees with the SWS Bank Secured Personal Loan.With a Finder Score of 8.2, the SWS Bank Secured Personal Loan places in the top 44% of secured personal loans in our database. It stands out by not charging application or ongoing monthly fees, a key benefit compared to many other loans.
However, its minimum interest rate of 8.50% p.a. is in the top half of higher rates we compare. This could make it a more expensive option over the life of the loan for some borrowers.
Details
Product details
| Product Name | SWS Bank Secured Personal Loan |
| Interest Rate (p.a.) | 8.50% |
| Comparison rate (p.a.) | 8.50% |
| Interest Rate Type | Variable |
| Min Loan Amount | $500 |
| Max. Loan Amount | $200,000 |
| Loan Security | Secured |
How does SWS Bank Secured Personal Loan compare?
- No application fee. This loan stands out from many competitors by not charging a fee to apply.
- Zero ongoing fees. You won't pay the monthly account-keeping fees that are a common cost with other personal loans.
- High maximum loan amount. You can borrow up to $200,000 with this loan which is higher than many other secured loans.
- Higher than average interest rate. Its minimum interest rate of 8.50% p.a. places it in the top half of higher rates in our database making it more expensive than many secured loans.
How does the SWSbank Secured Personal Loan work?
This personal loan from South West Slopes Bank is for members only and is secured. You will need to provide an asset as collateral for the loan. The loan comes with low minimum borrowing amounts and high maximum borrowing amounts. You can use the loan funds to make worthwhile purchases. This loan does not charge any fees.
What features does SWSbank Secured Personal Loan offer?
- Secured loan. You will need to provide security for this loan.
- No-fee loan. You won't be charged any fees – only interest.
- Varying loan term. The maximum loan term is 15 years.
- High borrowing amounts. Borrowing amounts range from $500 up to $200,000.
- Flexible repayments. You can choose between weekly, fortnightly and monthly repayments as it suits you.
- Additional repayments. You can make additional repayments at no charge.
- Redraw facility. You have access to the redraw facility at no charge.
How much does the SWSbank Secured Personal Loan cost?
The costs associated with this loan include:
- Loan principal
- Interest charges of 8.50% p.a.
This loan does not charge any other fees. The comparison rate, which includes interest charges and fees, is 8.50% p.a.
Pros and cons
Pros
- Zero fees. Fees add to the cost of the loan, making it more expensive. With zero fees, you only pay interest charges.
- Additional repayments and redraw. You can make additional repayments and redraw them at no cost.
Cons
- Risk of repossession. Secured loans come with the risk of your asset being repossessed by the lender if you default on your payments.
Am I eligible for this loan?
To be eligible for this loan, you need to be:
- Over the age of 18
- Living in Australia
- An Australian citizen or permanent resident
How do I apply for this loan?
You can apply for the loan online, through the South West Slopes Bank website. As part of the process, you’ll have to submit details of your income and any debts you have.
Have all the required documents at hand to speed up the process.
Compare other products from South West Slopes Bank
Sources
Your reviews
Richard Finder
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