ING Personal Loan
Fixed rates from 6.19% p.a., fast online approval, borrow $5,000 to $60,000, and pay back without early fees. See your personalised offer in minutes!
If you’re after a personal loan that keeps payments simple and transparent, ING’s Personal Loan might be one to consider. This fixed rate loan offers annual interest rates from 6.19% up to 19.99% p.a., depending on your credit score. Comparison rates start at 7.03% p.a. and you can borrow between $5,000 and $60,000, with terms available from 2 to 7 years. A standout here is no early repayment fees—ideal if you plan to pay off your debt ahead of schedule.
Eligibility is straightforward. You’ll need to be 18 or older, an Australian or New Zealand citizen or permanent resident, earn at least $36,000 a year (with PAYG payslips), and have a good credit rating. Note, the loan isn’t available for self-employed applicants, and casual or contractor employees can borrow a maximum of $30,000.
How to Apply for the ING Personal Loan
The application process is fully digital and designed for speed. Here’s what you can expect, step-by-step:
- Complete the online application – takes about 20 minutes
- Submit your identification and proof of income
- ING reviews your details and verifies documents
- If approved, review and accept the contract online
- Funds can be paid out on the same day to existing ING customers
Pros of the ING Personal Loan
One of the biggest benefits is the absence of early repayment fees, giving you flexibility if your financial situation improves.
Other highlights are the fast approval process, competitive rates for those with good credit, and a transparent online calculator so you know your repayments before applying.
Cons of the ING Personal Loan
The downside for some is that self-employed people cannot apply. Also, casual and contract staff are limited to a $30,000 ceiling.
The interest rate you’re actually offered is tied to your credit score, so those with fair or poor credit may find the rate is less attractive.
Our Verdict
If you’re a salaried employee with a solid credit score and you value flexibility, transparent costs, and a fixed rate, ING Personal Loan could be a top pick. The fast application and lack of early repayment fees give it extra appeal. However, if you’re self-employed, this isn’t an option for you. Overall, ING Personal Loan stands out with simplicity and a competitive offering in the personal loan market.