Finty
Horizon Bank

Horizon Bank Personal Saving Freeze

Variable rate

A personal loan from Horizon Bank, with rates from 6.79% a year.

Written byDavid Boyd
Interest rate a year, from
6.79%
Comparison rate, from
7.00%
Establishment fee
Not published
Monthly fee
Not published
Borrow
From $500

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 6.79%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$616
Total repayments
$22,162
Interest
$2,162

Loan details

Rates

Interest rate (a year)
6.79%
Comparison rate (a year)
7.00%
Rate type
Variable
Security
Not published

Limits and fees

Loan amount
From $500
Loan term
Not published
Establishment fee
Not published
Monthly fee
Not published

How it compares

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

Comparison rate

7.00%

From 7.00%. A typical loan starts at 10.14%.

Cost of $20,000 over 5 years

$3,643

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

Pros and cons

Pros

  • A lower starting rate. Its comparison rate starts at 7.00%, 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.
  • One rate for everyone. Everyone approved gets 6.79%, so the rate you see is the rate you get.
  • Redraw. You can take back extra repayments later if you need the money.

Cons

  • 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.