Finty
ING

ING Personal Loan

UnsecuredFixed rate

Unsecured personal loan with a low fixed rate, monthly Loan Service Fee and no early repayment fees.

Written byDavid Boyd

6.19%

interest rate a year, from

7.03%

comparison rate, from

Establishment fee
$199
Monthly fee
$8
Borrow
$5,000 to $60,000

What it would cost

At the lowest published rate of 6.19%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$618
Total repayments
$22,254
Interest and monthly fees
$2,254

Loan details

Rates

Interest rate (a year)
6.19%–19.99%
Comparison rate (a year)
7.03%–20.78%
Rate type
Fixed
Security
Unsecured

Limits and fees

Loan amount
$5,000 to $60,000
Loan term
2 years to 7 years
Establishment fee
$199
Monthly fee
$8

How it compares

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

Comparison rate

7.03%

From 7.03%. A typical loan starts at 10.56%.

Cost of $20,000 over 5 years

$3,985

Interest and fees at its starting rate. Typical is $5,455.

Setup fee

$199

A typical setup fee is $213.

Monthly fee

$8

A typical monthly fee is $10.

Most you can borrow

$60,000

Typically you can borrow up to $50,000.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • A lower starting rate. Its comparison rate starts at 7.03%, below the typical 10.56%, and the comparison rate counts the standard fees too, so it's a fair guide to a lower overall cost.
  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
  • No security needed. Your car or home isn't at risk if things go wrong, though missed repayments still hurt your credit report.

Cons

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 6.19% to 19.99%, and only some people get the starting rate.
  • A $8 monthly fee. That adds $480 over 5 years, as well as the interest.
  • An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.
  • A $30 late payment fee. Setting up automatic repayments avoids it.

Similar loans

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