Finty
Unity Bank

Unity Bank Community Support Loan

Variable rate

Low-cost emergency loan during or following a challenge or hardship in the workplace or community.

Written byDavid Boyd
Interest rate a year, from
5.60%
Comparison rate, from
6.65%
Establishment fee
Not published
Monthly fee
$2
Borrow
Up to $10,000

Monthly repayment

$10,000 over 3 years

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What it would cost

At the lowest published rate of 5.60%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$304
Total repayments
$10,959
Interest and monthly fees
$959

Loan details

Rates

Interest rate (a year)
5.60%
Comparison rate (a year)
6.65%
Rate type
Variable
Security
Not published

Limits and fees

Loan amount
Up to $10,000
Loan term
Not published
Establishment fee
Not published
Monthly fee
$2

How it compares

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

Comparison rate

6.65%

From 6.65%. A typical loan starts at 10.14%.

Monthly fee

$2

A typical monthly fee is $8.

Most you can borrow

$10,000

Typically you can borrow up to $60,000.

Pros and cons

Pros

  • A lower starting rate. Its comparison rate starts at 6.65%, 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 5.60%, so the rate you see is the rate you get.
  • 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

  • A $2 monthly fee. That adds $120 over 5 years, as well as the interest.
  • A lower limit. Up to $10,000, 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.
  • A $15 late payment fee. Setting up automatic repayments avoids it.

Similar loans

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