Finty

Northern Inland Credit Union Personal Loan Unsecured

UnsecuredFixed rate

Achieve your personal goals with an unsecured fixed loan for up to 5 years - consolidate debts, home renovations, dream holiday or investment venture, education, wedding or household goods.

Written byDavid Boyd
Interest rate a year, from
12.49%
Comparison rate, from
15.58%
Establishment fee
$200
Monthly fee
$8
Borrow
$5,000 to $50,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 12.49%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$677
Total repayments
$24,371
Interest and monthly fees
$4,371

Loan details

Rates

Interest rate (a year)
12.49%
Comparison rate (a year)
15.58%
Rate type
Fixed
Security
Unsecured

Limits and fees

Loan amount
$5,000 to $50,000
Loan term
1 year to 5 years
Establishment fee
$200
Monthly fee
$8

How it compares

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

Comparison rate

15.58%

From 15.58%. A typical loan starts at 10.56%.

Cost of $20,000 over 5 years

$7,671

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

Setup fee

$200

A typical setup fee is $213.

Monthly fee

$8

A typical monthly fee is $10.

Most you can borrow

$50,000

Typically you can borrow up to $50,000.

Longest term

5 years

7 years is the usual longest term.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 12.49%, so the rate you see is the rate you get.
  • 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.
  • Redraw. You can take back extra repayments later if you need the money.

Cons

  • A higher starting rate. Its comparison rate starts at 15.58%, above the typical 10.56%, so it's likely to cost more than most similar loans unless you're offered less.
  • 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 $15 late payment fee. Setting up automatic repayments avoids it.

Similar loans

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