Unsecured Personal Loans 2016 means the Four Pillars 'et al' offer unsecured variable interest rate and fixed interest rate personal loans, where interest is calculated on the 'Outstanding Loan Owing' (not the 'Initial Loan Amount') for the term of the personal loan as small as $5,000 and up to $50,000 - from one year up to a maximum of 7 years.
Westpac is presently offering the cheapest 'variable interest rate' unsecured personal loan @ 12.99% at a Comparison Rate of 14.01% p.a. when the 'Loan Application Fee' and 'Monthly Fee' are converted to an interest cost equivalent based on an unsecured $30,000 loan over five years:
| Westpac | (as at 4 Nov '16) 12.99% plus a $250 'Loan Establishment Fee' and a $10 'Monthly Service Fee'. After factoring in the 'Loan Application Fee' and 'Monthly Fee' the Comparison Rate is 14.01% p.a. based on an unsecured $30,000 loan over five years. |
| CBA | (as at 4 Nov '16) 13.90% plus a $150 'Loan Establishment Fee' and a $10 'Monthly Service Fee'. The Comparison Rate when the 'Loan Establishment Fee' and 'Monthly Service Fee' are converted to an interest cost equivalent rate of 14.77% p.a. based on an unsecured $30,000 loan over five years. Late Payment Fee of $20 if payment is more than 5 business days late. |
| NAB | (as at 4 Nov '16) Floating Rate of 13.69% plus a $150 'Loan Application Fee' and a $10 'Monthly Fee'. The Comparison Rate when the 'Loan Application Fee' and 'Monthly Fee' are converted to an interest cost equivalent rate of 14.56% p.a. based on an unsecured $30,000 loan over five years. |
| ANZ | (as at 4 Nov '16) Floating Rate of 14.69% plus a $NIL 'Loan Approval Fee' and $30 'Quarterly Loan Administration Charge'. The Comparison Rate when the 'Monthly Service Fee' is converted to an interest cost equivalent rate is 15.55% p.a. based on an unsecured $30,000 loan over five years. |
Below is Mozo's listing of the 'Best Personal Loans in Nov 2016' (at 4 Nov '16). Again important to delineate personal loans that are Fixed or Variable rate, Secured or Unsecured or for a motor vehicle or not. which are often over 2% lower than similar Unsecured Personal Loans offered by the Four Pillars.
Below is SMH's listing on 4 Nov '16 of low interest personal loans where rates vary according to Fixed or Variable, Secured or Unsecured (or if you own property) and for a motor vehicle loan or not.
