ME Bank, or simply ME, is a Melbourne-based direct bank offering a wide range of services, from home loans to banking products to credit cards, which operates as a subsidiary of Bank of Queensland.
They also offer personal loans, which is why it’s important to know as much about them and their features as possible before applying to ensure you’re making the right call.
Fortunately, you can find out all you need to know about ME personal loans, as well as compare a variety of other lenders in the market, all in one place with Savvy today.
*Please note that Savvy does not represent ME Bank for their personal loan product. ME Bank is not accepting any new personal loan applications until June 2022.
The features and benefits of ME Bank personal loans
You can take out a personal loan up to as much as $50,000 (from as little as $5,000) depending on your borrowing power, making them suitable for your needs, big or small.
Of course, it’s crucial to be able to tailor your repayment cycle to your income requirements, so you can set an end date for your loan which ensures your instalments are manageable.
You won’t have to worry about putting your car or any other asset up as collateral for your personal loan, as ME Bank’s finance deals are all unsecured.
If you find yourself in a position to pay more than the minimum monthly amount, you can do so without incurring any fees, which can help you save on interest overall.
Depending on which is most comfortable for you, you can make your repayments every second week or once a month (although not weekly, which other lenders offer).
You can set up automatic payments with ME Bank so you can simply set and forget about having to remember to go out of your way to transfer money manually.
The pros and cons of personal loans with ME Bank
No account-keeping fees
Ongoing monthly fees can build up over time and end up costing you a significant amount over the life of your loan, but you won’t have to worry about them here.
100% online application process
You won’t have to leave your home when applying for personal finance, saving any trips to your local branch (of which ME Bank has none as a direct digital bank).
Less competitive interest rates
Interest rates start at 10.98% p.a., making the minimum amount far higher than many of the other personal loans offered around Australia.
Establishment fee charged
Whilst you’ll avoid ongoing fees, an establishment fee charged on these loans will still set you back $250, which isn’t an insignificant amount of money for most borrowers.
Unavailable to borrowers with bad credit
If you’ve struggled with credit in the past and it’s reflected in your score, you won’t have much scope to apply for finance with ME Bank, even if it’s on the mend.
More about ME Bank loans explained
How do I apply for a personal loan with ME Bank?
The process of applying for finance with ME Bank isn’t very different from that of any other lender. With a fully online process, your application will be conducted via their website. Familiarise yourself with the process here if you decide to apply with ME:
Make sure you’re eligible
It’s always crucial to ensure that you meet the various criteria required to qualify for a personal loan before you apply. While these points may differ in minor ways between lenders, they’ll generally cover the same points. These include the following:
- You must be at least 18 years of age
- You must be an Australian citizen or permanent resident
- You must display a strong credit history
- You must open an account with ME Bank for personal use
Gather your documentation
Similarly, it’ll save a great deal of time and minimise the chances of delays in the application process if you’re able to ensure that you have all the documentation required to qualify for your application. Submitting incorrect documents or not having the right files on hand can hold up the process and prevent you from accessing them as soon as you need them. These documents may include:
- ID, such as a driver’s licence or passport
- Recent payslips and/or bank statements
- Details on any outstanding liabilities and expenses, as well as assets
- Evidence of employment (such as a contract) may be required
Submit your application
From there, you can fill out their application form via their website, which should only take you around ten minutes or so to complete. From there, simply submit and await a response.
Get approved and receive your funds
If they’re satisfied with your application, you’ll be notified of approval. You’ll be required to electronically sign an agreement and return it to them, after which point the funds can be advanced directly into your account for your personal use.
Why is it important to compare personal loans?
Comparing personal loans is crucial most of all because doing so can save you a tremendous amount of money. Interest and fees can add up to thousands of dollars over your loan term but securing a good deal can make a big difference. For instance, on a $30,000 loan over five years, you’d pay $8,244.68 in interest and fees with a comparison rate of 10% p.a., but would save almost $2,000 by instead opting for a loan with a comparison rate of 8% p.a.
Conducting a clear comparison process will also help you lock in a deal with the flexibility you need. For instance, if you value the ability to make additional repayments or withdraw these down the track, you can compare deals to find one which offers fee-free early settlements and a redraw facility. Fortunately, it’s easy to do that with Savvy, as we break down the top personal loan offers to make it simpler for you to make the right call. We’re partnered with reputable lenders from around the country to deliver high-quality comparisons.
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