Finty

First Option Bank Personal Loan

Variable rate

A personal loan from First Option Bank, with rates from 13.99% a year.

Written byDavid Boyd
Interest rate a year, from
13.99%
Comparison rate, from
14.25%
Establishment fee
$175
Monthly fee
Not published
Borrow
From $2,000

Monthly repayment

$20,000 over 3 years

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What it would cost

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

Monthly repayment
$683
Total repayments
$24,604
Interest
$4,604

Loan details

Rates

Interest rate (a year)
13.99%
Comparison rate (a year)
14.25%
Rate type
Variable
Security
Not published

Limits and fees

Loan amount
From $2,000
Loan term
Not published
Establishment fee
$175
Monthly fee
Not published

How it compares

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

Comparison rate

14.25%

From 14.25%. A typical loan starts at 10.14%.

Cost of $20,000 over 5 years

$8,091

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

Setup fee

$175

A typical setup fee is $150.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 13.99%, so the rate you see is the rate you get.
  • 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

  • A higher starting rate. Its comparison rate starts at 14.25%, above the typical 10.14%, so it's likely to cost more than most similar loans unless you're offered less.
  • 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.