Personal loans
|
Personal loan products |
Available at Bank First? |
|---|---|
|
Fixed rate personal loan |
✅ |
|
Variable rate personal loan |
✅ |
|
❎ |
|
|
✅ |
|
|
✅ |
Bank First’s personal loans are designed with flexibility and transparency in mind, making them a practical choice for a wide range of borrowers. Customers have the option to choose between fixed or variable interest rates depending on their preference for stability or the opportunity to benefit from rate changes.
Loan terms extend up to seven years, with the added benefit of no ongoing or monthly fees. Once the one-time establishment fee is paid, there are no hidden costs. Repayments can be made weekly, fortnightly, or monthly, offering flexibility to suit different income schedules.
A key advantage of these loans is the freedom they offer in managing repayments. Variable-rate loans can be paid off early without penalty, allowing borrowers to reduce interest costs by settling debt ahead of schedule.
Depending on the borrower’s profile, loans may be secured or unsecured, assessed individually to suit different financial circumstances. Secured loans typically come with lower interest rates because they require collateral for the loan e.g. a vehicle. Unsecured loans typically carry higher rates but are usually more flexible in how they can be used.
Bank First Personal Loan Eligibility
To qualify for a personal loan, applicants will need to meet the following conditions:
-
Be 18 years of age or older
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Hold an active membership with Bank First
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Have a solid credit record with no recent defaults
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Be currently employed and able to demonstrate consistent income
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Provide acceptable security if applying for a secured loan
