Finty

Bank of us Personal Loan

Variable rate

With low interest rates, fast approval and flexible repayment options, you can?t go past a Bank of us personal loan. From amounts as little as $3,000, our personal loans are straightforward and super

Written byDavid Boyd
Interest rate a year, from
6.49%
Comparison rate, from
6.77%
Establishment fee
$200
Monthly fee
Not published
Borrow
$3,000 to $80,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 6.49%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$613
Total repayments
$22,064
Interest
$2,064

Loan details

Rates

Interest rate (a year)
6.49%–10.99%
Comparison rate (a year)
6.77%–11.28%
Rate type
Variable
Security
Not published

Limits and fees

Loan amount
$3,000 to $80,000
Loan term
Not published
Establishment fee
$200
Monthly fee
Not published

How it compares

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

Comparison rate

6.77%

From 6.77%. A typical loan starts at 10.14%.

Cost of $20,000 over 5 years

$3,674

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

Setup fee

$200

A typical setup fee is $150.

Most you can borrow

$80,000

Typically you can borrow up to $60,000.

Pros and cons

Pros

  • A lower starting rate. Its comparison rate starts at 6.77%, below the typical 10.14%, and the comparison rate counts the standard fees too, so it's a fair guide to a lower overall cost.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.
  • 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 6.49% to 10.99%, and only some people get the starting rate.
  • A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.
  • A $40 late payment fee. Setting up automatic repayments avoids it.

Similar loans

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