Australia: ING joins personal loan market with new unsecured loan product

Nearly a year after releasing their first credit card, ING has announced the launch of their new personal loan. The personal loan is unsecured and has a low, fixed rate of 8.99% with no monthly fees, no fee for early repayment and allows borrowers to make extra repayments without any cost.

The loan has a $100 establishment fee, however, for existing ING Orange Everyday customers, this fee will be waived. The loan will allow customers to borrow up to $30,000 over two to five years, and for existing ING customers, funds can be received on the same day that the loan offer is sent to them.

Applications for the ING personal loan are completed entirely online. New customers will start their application via an online form, while existing ING customers will be able to apply for the loan within their internet banking account.

RFi Group data shows that online applications for personal loans continue to grow, with over 1 in 3 personal loans being taken out via an online channel, therefore there may be a high appeal for an online personal loan product such as this.

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