Personal lender Harmoney cut its unsecured personal loan interest rate today by 164 basis points, or 1.64%.
The advertised rate is now 5.35% p.a. (6.14% p.a. comparison rate*), and is for borrowers with an 'Excellent' credit rating.
The minimum loan term is three years and the maximum five; borrowers can borrow between $2,000 and $50,000.
For loans less than $5,000, the establishment fee is $275, and is $575 for loans over that amount.
There are no monthly account keeping or early repayment fees, and borrowers can repay weekly, fortnightly or monthly.
A number of other Harmoney unsecured personal loans for a variety of credit ratings were also varied by up to 570 basis points (5.70%).
More to come...
In the market for a personal loan? The table below features personal loans with some of the lowest interest rates on the market.
Photo by Sergey Shmidt on Unsplash
The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:
- The big four banks are: ANZ, CBA, NAB and Westpac
- The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2019. They are (in descending order): Credit Union Australia, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
- The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
- If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and Savings.com.au
Some providers' products may not be available in all states.
In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.
*The Comparison rate is based on a $30,000 loan over 5 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.