Gateway Bank Personal Loan

Variable rate

A personal loan from Gateway Bank, with rates from 11.59% a year.

Monthly repayment

$20,000 over 3 years

What it would cost

At the lowest published rate of 11.59%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

BorrowOver

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

Comparison rate

12.63%

From 12.63%. A typical loan starts at 10.14%.

Cost of $20,000 over 5 years

$6,594

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.

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.

A higher starting rate. Its comparison rate starts at 12.63%, above the typical 10.14%, so it's likely to cost more than most similar loans unless you're offered less.
Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 11.59% to 13.59%, 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.

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