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Zip Personal Loan

UnsecuredVariable rate

Unsecured personal loan for larger expenses with fixed repayments over a chosen term.

Written byDavid Boyd
Interest rate a year, from
11.99%
Comparison rate, from
12.94%
Establishment fee
$199
Monthly fee
$10
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 11.99%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$674
Total repayments
$24,269
Interest and monthly fees
$4,269

Loan details

Rates

Interest rate (a year)
11.99%–21.99%
Comparison rate (a year)
12.94%–22.90%
Rate type
Variable
Security
Unsecured

Limits and fees

Loan amount
$5,000 to $50,000
Loan term
Not published
Establishment fee
$199
Monthly fee
$10

How it compares

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

Comparison rate

12.94%

From 12.94%. A typical loan starts at 10.56%.

Cost of $20,000 over 5 years

$7,483

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

Setup fee

$199

A typical setup fee is $213.

Monthly fee

$10

A typical monthly fee is $10.

Most you can borrow

$50,000

Typically you can borrow up to $50,000.

Pros and cons

Pros

  • No security needed. Your car or home isn't at risk if things go wrong, though missed repayments still hurt your credit report.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • 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 12.94%, above the typical 10.56%, so it's likely to cost more than most similar loans unless you're offered less.
  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 11.99% to 21.99%, and only some people get the starting rate.
  • A $10 monthly fee. That adds $597 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 $25 late payment fee. Setting up automatic repayments avoids it.

Similar loans

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