Gateway Bank Eco Loan
Variable rate
A personal loan from Gateway Bank, with rates from 3.75% a year.
- Interest rate a year, from
- 3.75%
- Comparison rate, from
- Not published
- Establishment fee
- $149
- Monthly fee
- Not published
- Borrow
- $3,000 to $30,000
Monthly repayment
$20,000 over 3 years
What it would cost
At the lowest published rate of 3.75%. The rate you are offered depends on your circumstances, and the establishment fee is not included.
- Monthly repayment
- $588
- Total repayments
- $21,177
- Interest
- $1,177
Loan details
Rates
- Interest rate (a year)
- 3.75%–5.75%
- Comparison rate (a year)
- Not published
- Rate type
- Variable
- Security
- Not published
Limits and fees
- Loan amount
- $3,000 to $30,000
- Loan term
- Not published
- Establishment fee
- $149
- Monthly fee
- Not published
How it compares
Against the other personal loans we compare. Typical means the middle half of them.
Cost of $20,000 over 5 years
$2,114
Interest and fees at its starting rate. Typical is $5,513.
Setup fee
$149
A typical setup fee is $150.
Most you can borrow
$30,000
Typically you can borrow up to $60,000.
Pros and cons
Pros
- 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 3.75% to 5.75%, and only some people get the starting rate.
- A lower limit. Up to $30,000, less than the typical $60,000, so it may not cover a larger purchase.
- A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.