Finty
Unity Bank

Unity Bank Ruby Fair Rate Personal Loan Variable P&I

Variable rate

Our Fair Rate Personal Loan can help fund or partially fund holidays and travel, renovations, wedding plans and debt consolidation. The rate is guided by your credit worthiness and borrowing history.

Written byDavid Boyd
Interest rate a year, from
12.99%
Comparison rate, from
13.01%
Establishment fee
$150
Monthly fee
$2
Borrow
$1,000 to $90,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 12.99%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$676
Total repayments
$24,328
Interest and monthly fees
$4,328

Loan details

Rates

Interest rate (a year)
12.99%
Comparison rate (a year)
13.01%
Rate type
Variable
Security
Not published

Limits and fees

Loan amount
$1,000 to $90,000
Loan term
Not published
Establishment fee
$150
Monthly fee
$2

How it compares

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

Comparison rate

13.01%

From 13.01%. A typical loan starts at 10.14%.

Cost of $20,000 over 5 years

$7,568

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

Setup fee

$150

A typical setup fee is $150.

Monthly fee

$2

A typical monthly fee is $8.

Most you can borrow

$90,000

Typically you can borrow up to $60,000.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 12.99%, so the rate you see is the rate you get.
  • Room to borrow more. Up to $90,000, more than the typical $60,000, which can cover bigger costs in one loan.
  • 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 higher starting rate. Its comparison rate starts at 13.01%, above the typical 10.14%, so it's likely to cost more than most similar loans unless you're offered less.
  • A $2 monthly fee. That adds $120 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.
  • 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.