Finty
Arab Bank Australia

Arab Bank Australia Personal Loan

Fixed or Variable rate

A Personal Loan designed for customers to enjoy something they want or need now, if they currently don't have the savings or cash to make the purchase.

Written byDavid Boyd
Interest rate a year, from
11.30%
Comparison rate, from
12.32%
Establishment fee
$600
Monthly fee
$24
Borrow
$5,000 to $50,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 11.30%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$682
Total repayments
$24,538
Interest and monthly fees
$4,538

Loan details

Rates

Interest rate (a year)
11.30%–20.60%
Comparison rate (a year)
12.32%–21.53%
Rate type
Fixed or Variable
Security
Not published

Limits and fees

Loan amount
$5,000 to $50,000
Loan term
Up to 5 years
Establishment fee
$600
Monthly fee
$24

How it compares

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

Comparison rate

12.32%

From 12.32%. A typical loan starts at 10.14%.

Cost of $20,000 over 5 years

$8,311

Interest and fees at its starting rate. Typical is $5,513.

Setup fee

$600

A typical setup fee is $150.

Monthly fee

$24

A typical monthly fee is $8.

Most you can borrow

$50,000

Typically you can borrow up to $60,000.

Longest term

5 years

7 years is the usual longest term.

Pros and cons

Pros

  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 11.30% to 20.60%, and only some people get the starting rate.
  • A higher setup fee. $600, above the typical $150. It's usually added to the loan, so you pay interest on it too.
  • A $24 monthly fee. That adds $1,440 over 5 years, as well as the interest.
  • A $35 late payment fee. Setting up automatic repayments avoids it.

Similar loans

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