ME Bank Personal Loan Review

Compare personal loan offers with Savvy and find out whether ME Bank is the right lender for you here.

Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on October 4th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

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

Borrow up to $50,000

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.

Choose between one and seven-year terms

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.

No security required

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.

Free early repayments

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.

Pay fortnightly or monthly

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).

Direct debit instalments

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).

Use the funds however you like

These personal loans are perhaps the most flexible type of finance when it comes to how you can use the funds, from funding a wedding or funeral to paying for your next cruise.


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.

Frequently asked personal loan questions

How do I work out the cost of my repayments?

You can do so right here with Savvy thanks to our personal loan calculator. This tool does the heavy lifting for you, crunching the numbers based on different loan amounts, terms and interest rates. To use this calculator most effectively, you should input your loan’s comparison rate in the interest section, as this will provide a more accurate calculation including the fees which can apply.

Will my loan come with a fixed or variable rate?

ME Bank offers fixed rate personal loans, meaning the interest will remain the same throughout your loan term. This makes budgeting more accurate across your term, as the cost of your repayments will remain more consistent, and prevents rates from rising on your loan.

What’s the approval time for an ME Bank personal loan?

In terms of how long it takes to get a personal loan with ME Bank, it’ll depend on the nature of your profile and application. However, in most cases, you can generally be funded within two business days. Savvy is partnered with flexible and fast lenders who can approve and fund your application as soon as the same day you apply, so if approval time is valuable to you, compare lenders with us.

Can I take out a loan if I’m a low income-earner?

Yes – low income-earners can be approved for personal loans, provided they can prove to their lender that they’re capable of comfortably and consistently servicing their debt. If your lender isn’t fully confident in your ability to repay the loan, you’ll be charged a higher interest rate and either approved for a lesser amount or denied outright.

Should I take out a secured personal loan instead?

Opting for a secured personal loan does bring with it numerous key benefits, namely in terms of lower interest rates and higher borrowing power up to as much as $100,000. However, they require you to hold a valuable asset and use it as collateral for your loan, meaning if you’re unable to make repayments, your lender will be able to take the asset and sell it to recoup any lost funds. They also take longer to process, so it’s worth weighing up your priorities for your personal loan.

More personal loan lenders

Plenti logo

Plenti Personal Loan Review

Find out all about Plenti personal loans and compare your options today right here with Savvy. As one of the country’s leading personal financiers, Plenti is an option worth considering...

MoneyPlace Personal Loan Review

Consider whether MoneyPlace is right for you and compare a variety of other loan offers with Savvy today. MoneyPlace is an Australian peer-to-peer (P2P) lender specialising in personal loans for...

Bankwest Logo

Bankwest Personal Loan Review

Find out more about Bankwest personal loans and see whether they’re right for you by comparing with Savvy. Bankwest is a bank based in Perth which operates as a subsidiary...

Bank of Melbourne Logo

Bank Of Melbourne Personal Loan Review

Consider your personal loan options, including whether a Bank of Melbourne offer is right for you, here with Savvy. Bank of Melbourne is another of the wide scope of financial...

IMB Bank Personal Loan Review

Compare the key features of IMB Bank’s personal loan offers, as well as those from other lenders, right here with Savvy. IMB is one of the largest building societies in...

Helpful personal loan guides

Compare personal loans today

We’re here to help you find the most affordable options, so there’s no better way to compare personal loans and rates than right here, all in one place.