Finty
Summerland

Summerland Personal Loan

Variable rate

Competitive, flexible and great for helping you get what you want sooner.

Written byDavid Boyd
Interest rate a year, from
7.24%
Comparison rate, from
7.77%
Establishment fee
$175
Monthly fee
$5
Borrow
$3,000 to $100,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 7.24%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$625
Total repayments
$22,491
Interest and monthly fees
$2,491

Loan details

Rates

Interest rate (a year)
7.24%–11.49%
Comparison rate (a year)
7.77%–13.77%
Rate type
Variable
Security
Not published

Limits and fees

Loan amount
$3,000 to $100,000
Loan term
Not published
Establishment fee
$175
Monthly fee
$5

How it compares

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

Comparison rate

7.77%

From 7.77%. A typical loan starts at 10.14%.

Cost of $20,000 over 5 years

$4,373

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

Setup fee

$175

A typical setup fee is $150.

Monthly fee

$5

A typical monthly fee is $8.

Most you can borrow

$100,000

Typically you can borrow up to $60,000.

Pros and cons

Pros

  • A lower starting rate. Its comparison rate starts at 7.77%, 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.
  • Room to borrow more. Up to $100,000, more than the typical $60,000, which can cover bigger costs in one loan.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • 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 7.24% to 11.49%, and only some people get the starting rate.
  • A $5 monthly fee. That adds $300 over 5 years, as well as the interest.
  • 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.