The BankSA Unsecured Personal Loan
In choosing the BankSA Unsecured Personal Loan, you can enjoy plenty of flexibility. Not only can you benefit from flexible repayment options and flexible loan terms, you also have the option of choosing a fixed rate loan or a variable rate loan, depending on your needs and circumstances.
What we love...
There is a lot to love about this loan. First off, you can use it to fund pretty much anything. Time to install that dream kitchen? You got it. Want to take that dream holiday? Get booking. Thinking about simplifying your finances by consolidating your debt? This personal loan could help you get it done.
You can borrow $2,000 to $40,000, without having to put up an asset as security. You can take out a fixed rate loan over one to five years, or a variable rate loan over one to seven years, with repayment options to suit your circumstances. That means you can opt for weekly, fortnightly or monthly repayments, with repayment amounts to suit your budget.
What’s not so great...
Before applying for a loan, it’s best to know how much it will cost you. While the advertised interest rate is big and bold, you really need to think about the fees you will also have to pay. With the BankSA Unsecured Personal Loan, there is an establishment fee and monthly administration fee, plus other applicable fees, such as redraw fees and early repayment fees.
It’s also worth bearing in mind that BankSA utilises risk-based pricing, which means your loan interest rate may vary between 12.49% p.a. and 19.99% p.a., depending on the bank’s credit assessment and the detail in your application. However, it’s good to know your loan is more likely to be approved if you’ve been with BankSA for six months or more.
Why should you choose this personal loan?
As long as you’re aware of the full cost of this loan, it could be a great deal for you. You could opt for a fixed rate loan, making budgeting easier with fixed repayment amounts over a set period of time. Or, you could choose a variable rate loan, taking advantage of any interest rate decreases, and the bank’s redraw facility, if you need it.
With the redraw facility, you can redraw from the amount you’ve repaid, as long as you’re at least $500 ahead on your repayments. Take note that each redraw is subject to approval and a redraw fee. In terms of other handy features, this loan option makes it easy to manage your loan and track your repayments, using internet banking and the mobile banking app.
Perfectly flexible, this unsecured personal loan offers the option of fixed or variable interest, with flexible loan repayments and loan terms.
- A fixed interest rate of 12.99% p.a. (comparison rate of 14.06 p.a.^) available for new loans only
- A variable interest rate of 12.99% p.a. (comparison rate of 14.06 p.a.^) available for new loans only
- $150 Early repayment fee if you fully repay the loan within the first 12 months (you will also have to pay break costs on early repayment of a fixed rate loan)
- $100 Early repayment fee if you fully repay the loan after the first 12 months and before the end of the loan term (you will also have to pay break costs on early repayment of a fixed rate loan)