Finty

Woolworths Team Bank Personal Secured Loan

SecuredVariable rate

A secured personal loan from Woolworths Team Bank, with rates from 14.35% a year.

Written byDavid Boyd
Interest rate a year, from
14.35%
Comparison rate, from
16.65%
Establishment fee
$299
Monthly fee
Not published
Borrow
Not published

Monthly repayment

$20,000 over 3 years

Apply now

What it would cost

At the lowest published rate of 14.35%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$687
Total repayments
$24,730
Interest
$4,730

Loan details

Rates

Interest rate (a year)
14.35%
Comparison rate (a year)
16.65%
Rate type
Variable
Security
Secured

Limits and fees

Loan amount
Not published
Loan term
Not published
Establishment fee
$299
Monthly fee
Not published

How it compares

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

Comparison rate

16.65%

From 16.65%. A typical loan starts at 8.63%.

Cost of $20,000 over 5 years

$8,439

Interest and fees at its starting rate. Typical is $4,624.

Setup fee

$299

A typical setup fee is $250.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 14.35%, so the rate you see is the rate you get.
  • 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 16.65%, above the typical 8.63%, so it's likely to cost more than most similar loans unless you're offered less.
  • A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.
  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.

Similar loans

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