Finty

AMB Bank Green Loan

UnsecuredFixed rate

An unsecured personal loan that can be used to finance the purchase of approved environmentally friendly products.

Written byDavid Boyd

7.15%

interest rate a year, from

8.06%

comparison rate, from

Establishment fee
$150
Monthly fee
$10
Borrow
$4,000 to $75,000

What it would cost

At the lowest published rate of 7.15%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$629
Total repayments
$22,641
Interest and monthly fees
$2,641

Loan details

Rates

Interest rate (a year)
7.15%
Comparison rate (a year)
8.06%
Rate type
Fixed
Security
Unsecured

Limits and fees

Loan amount
$4,000 to $75,000
Loan term
Up to 7 years
Establishment fee
$150
Monthly fee
$10

How it compares

Against the other unsecured personal loans we compare. Typical means the middle half of them.

Comparison rate

8.06%

From 8.06%. A typical loan starts at 10.56%.

Cost of $20,000 over 5 years

$4,596

Interest and fees at its starting rate. Typical is $5,455.

Setup fee

$150

A typical setup fee is $213.

Monthly fee

$10

A typical monthly fee is $10.

Most you can borrow

$75,000

Typically you can borrow up to $50,000.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • A lower starting rate. Its comparison rate starts at 8.06%, below the typical 10.56%, and the comparison rate counts the standard fees too, so it's a fair guide to a lower overall cost.
  • One rate for everyone. Everyone approved gets 7.15%, so the rate you see is the rate you get.
  • Room to borrow more. Up to $75,000, more than the typical $50,000, which can cover bigger costs in one loan.
  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
  • No security needed. Your car or home isn't at risk if things go wrong, though missed repayments still hurt your credit report.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • A $10 monthly fee. That adds $600 over 5 years, as well as the interest.
  • A $20 late payment fee. Setting up automatic repayments avoids it.

Similar loans

Unsecured loans from other lenders that start at a similar comparison rate.