Interest rates on personal loans vary across lenders, with banks, non-banks, mutuals and alternative lenders offering different types of loan propositions with a variety of rates.
However, Endeavour Mutual Bank is offering a personal loan product called the ‘Term Deposit Secured Loan’, boasting a rate as low as 4.24 percent – this is one of the lowest rates currently on the market.
The loan has no monthly fees, and borrowers can repay their loan early without penalty. One key consideration for this loan product is that the loan is a secured loan, with the loan needing to be fully secured against an Endeavour Mutual Bank Term Deposit.
"The rate on Endeavour Mutual Bank’s Term Deposit is currently up to 2.50% and this is higher for Edvest members aged 50 and above who can earn up to 2.70% on their account."
The rate on Endeavour Mutual Bank’s Term Deposit is currently up to 2.50% and this is higher for Edvest members aged 50 and above who can earn up to 2.70% on their account.
RFi Group data shows that two thirds (66%) of personal loan holders feel that the competitiveness of the interest rate on their loan is very important, so a low rate personal loan may be highly appealing to these rate-focused borrowers.