The ING Personal Loan
Keeping it nice and simple, the ING Personal Loan has plenty going for it. As an unsecured personal loan, it offers a low fixed rate, with no ongoing fees and no early repayment fees. And if you combine your loan with an ING Orange Everyday account, you can save even more money, as ING will waive the loan’s standard $100 establishment fee.
What we love...
Looking at what the ING Personal Loan has to offer, it’s easy to see why, according to a recent poll, customers rated ING ‘Australia's most recommended bank’. This is one lovely loan ING has on offer, delivering not just a competitive interest rate, but the opportunity to save big on fees too.
Interest rates first. The ING Personal Loan has a low fixed interest, which means you will know exactly what your repayments will be, each and every month. This obviously makes it easier to budget, but it can also provide peace of mind, as you know that your loan repayments will not go up over time.
Next up, fees. While it’s pretty common for personal loan shoppers to compare interest rates on potential loan options, it can be all too easy to forget about fees. Most personal loans charge fees in some form or another. Some may charge a large establishment fee, but no ongoing fees. Others may charge a small establishment fee, then ongoing monthly or annual fees.
When you take into account all the fees charged over the life of the loan, they can really stack up. But, with the ING Personal Loan, there are no ongoing fees. Nope, none at all. So, that’s a no to monthly fees and a no to annual fees. While there are other fees to take into consideration – such as late payment fees – these can generally be avoided.
Another fee that can hit borrowers hard is the early repayment fee. If they choose to repay their personal loan early, they may be charged an early repayment fee for their trouble. Not so with the ING Personal Loan. There are no early repayment fees to worry about here, so you can repay the loan early if you choose.
It is worth noting that if you pay more into your loan than your standard repayment amount, there is no redraw facility available on the loan.
And establishment fees? While the ING Personal Loan does charge a $100 establishment fee, ING will waive this fee if you have an Orange Everyday account. So, if you have an Orange Everyday account when you apply for the loan, or you request one during your application as your loan funds disbursement account, this fee will be waived.
What’s not so great...
The ING Personal Loan keeps things simple. It offers a low fixed rate and the opportunity to save big on fees – and that’s its main selling point. While other personal loans may offer handy features – such as the redraw facility we mentioned before – the ING Personal Loan is more for the money-savers than the feature-hunters.