Finty
Defence Bank

Defence Bank Consolidation Loan

Variable rate

With no fees for extra repayments or early payouts as well as an easy online application process, our consolidation loan can get you back on track faster.

Written byDavid Boyd
Interest rate a year, from
13.99%
Comparison rate, from
14.93%
Establishment fee
$150
Monthly fee
$10
Borrow
Not published

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 13.99%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$693
Total repayments
$24,964
Interest and monthly fees
$4,964

Loan details

Rates

Interest rate (a year)
13.99%
Comparison rate (a year)
14.93%
Rate type
Variable
Security
Not published

Limits and fees

Loan amount
Not published
Loan term
Not published
Establishment fee
$150
Monthly fee
$10

How it compares

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

Comparison rate

14.93%

From 14.93%. A typical loan starts at 10.14%.

Cost of $20,000 over 5 years

$8,666

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

Setup fee

$150

A typical setup fee is $150.

Monthly fee

$10

A typical monthly fee is $8.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 13.99%, so the rate you see is the rate you get.
  • 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 higher starting rate. Its comparison rate starts at 14.93%, above the typical 10.14%, so it's likely to cost more than most similar loans unless you're offered less.
  • A $10 monthly fee. That adds $600 over 5 years, as well as the interest.
  • A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.

Similar loans

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