GE Money Personal Loan
It’s The Larger Things In Life
Every once in a while we come across one of those Big Things we want in life. For some of us, it might be the newest computer equipment. Maybe we want to finance a hobby, or buy a new big screen TV. Perhaps you’re looking to make some minor renovations or updates to your home, but a home equity loan is overkill. Maybe you’re looking at a used car – like a project or a labor of love – something that the bank wouldn’t typically finance as a car loan. For times like that, there’s the GE Money Personal loan. A personal loan can be a great way to finance some of our more expensive purchases. They’ve got a lower interest rate than most credit cards, and they’ve got a defined term with defined payments so the debt can’t perpetuate and drag you into a deep hole unless you totally ignore it. (In which case, if you’ve got a secured loan, you’re going to lose something and no one wants that to happen.) If you’re looking to make one of those larger purchases, then maybe it’s time you looked into the GE Money Personal Loan. Let’s take a look at everything (and I mean everything) that you need to know about the loan.
About The GE Money Personal Loan
You can use your GE Money personal loan for just about any purpose you might want. If you want to finance a new hobby, it’s an excellent choice, or if you want to take your significant other on an overseas trip and take some time off work, there’s another good reason to choose the GE Money Personal Loan. With a low rate of just 13.99% p.a., it’s cheaper than using your credit card and with fixed rates and fixed terms, you can budget for it without a problem.Of course, you could opt for the credit card. Your credit card’s interest rate is going to vary, however. And chances are the rate is higher than the 13.99% if you have a popular card. If you’re just making a one time purchase, then the personal loan is often the better option.
- You interest rate on a personal loan will almost always be lower than most credit cards on the market, so you’ll save money.
- If you’re one of those who only make the minimum required payments on a card, it can take you a very long time to pay off your credit card debt, and you’ll be paying interest on it for the entire life of the debt.
With the GE Money Personal Loan, you’re going to get a fixed rate, fixed terms and fixed monthly payment. You have no real choice but to pay off your debt in a fixed period of time, and the fixed nature of the loan means that you know, every single month, what your payment is going to be. This allows you to budget much easier and insure that you always have the money to pay your obligations. Your loan terms can’t be changed and there are never any surprises, so a personal loan is an excellent option if you want stability. This means that you can get the things you want now, and keep your finances stable.
Everyone Needs Some Flexibility
As with just about everything in life, loans are not a one-size-fit-all kind of product. GE Money offers you several choices to customise your loan to suit your needs. There are available terms between two to seven years so you can pick the loan terms that best suit you. Shorter terms mean higher interest rates, but you’ll save money and pay off your debt faster. Longer terms mean lower interest rates and lower payments, but that you might spend a bit more money. If you can afford the payments in the short term – GO FOR IT! You’ll save a good deal of money. However, not paying your payments looks bad on your credit and can hurt your relationship with the bank. If you can’t make the minimum payments for such a short term, opt for the longer term and lower payments. The problems you’ll save yourself are well worth the extra expense.You can even choose how often you make your payments. Choose weekly, fortnightly or even monthly payment to suit how you get paid. The more frequent your payment, the faster you reduce your principal – and the faster you pay off your debt. We, as a species, don’t like to wait. GE Money makes it easy to apply and can provide most decision is as little as 15 minutes. The funds you’re approved for can be deposited into your account within one business day in many cases, meaning you can quickly get through the whole process and move on with your life.
Details Of The GE Money Personal Loan
The GE Money Personal Loan is designed for people who need money for just about any (legal) personal reason. You can use it to finance a holiday, a hobby or pretty much anything else.In order to apply for the loan you have to be at least 18 years of age and a permanent resident of Australia. You must also have a regular income that you can approve.The minimum amount that can be borrowed with a personal loan from GE Money is $30,000. There is no maximum on the product, but the highest amount that you can borrow will be determined by various factors such as your credit history, income and current debts, among others.The term of the loan can be between two and seven years, and you get to choose the term that best suits your personal financial needs.The interest rate for the GE Money Personal Loan is a low rate of 13.99% p.a with a comparison rate of 15.00%. The interest rate is fixed for the entire term of the loan and will never change, so you know exactly what your payments are going to be, allowing you to budget much easier.
Fees and Charges
There is an establishment fee of $250 that is payable upon your acceptance of the loan. Each month, your account will be charged a $10 loan service fee. You are encouraged to make extra payments whenever you can afford it to reduce the life of your loan and to save yourself money. However, the bank calculates their profit based on the term of your loan, and there are early termination fees charged in order to offset the bank’s losses should you pay off your loan early. In most cases, these charges are much less than the amount of money that you saved and are well worth the one time fee. These fees are $150 if you have more than half the term of your loan left and $75 once you’ve passed the halfway point. If you have less than 6 months left on the term of your loan, but still pay it off early, there is no early termination fee.
How To Avoid Extra Fees
There are several ways that you can avoid paying extra fees. (This does not apply to the monthly service fee, early termination fees or to the establishment fee.) GE Money want to help their customers, so they aim to educate you about how you can avoid your extra fees. Here are a few of the ways you can avoid being charged extra fees:
- If you can set up your bank account to pay your loan via direct debit, you never have to remember your monthly payment. You’ll avoid being late, and you’ll also avoid the $35 late payment fee that is charged.
- When you set up a direct debit to pay your loan, be sure that there is enough money in your account to cover your direct debits so that the payments are always made. If there isn’t enough money in your account, chances are that the payments will not be made and you might incur late or missed payment fees.
- If you have a problem or your circumstances change, GE Money want to help you. If, for any reason, you have a problem that may change your ability to make your payments you can call GE Money and they’ll do everything in their power to help you and keep your payments on track.
- You are encouraged to make extra payments at no charge to reduce the life of your loan, and to keep you ahead on your loan should something come up. Paying off your loan early will incur early termination fees, but in many cases the money that you save will far outweigh the fees.
There are two fees which can be avoided with a GE Money Personal Loan. These fees are payment handling fees through BPAY and Australia Post if you make your payment through either service. The fee is a small $1.50 per transaction. A late payment fee of $35 will be charged if your payment is not received by the due date, and it’s in your best interest to avoid this one whenever possible.
Facts About The GE Money Bank Personal Loan
You can borrow a minimum of $30,000 with no upper limit on the loan product itself. The maximum amount of money that you, personally, can borrow will be decided upon by a variety of factors. These factors include your credit history, current debts and your financial situation and income.The minimum term of the loan is 2 years, and the maximum is 7 years. The shorter term offers higher interest rates, but saves you money by having the balance paid off faster. The longer terms are going to see your rate going down as the term gets longer, but will cost more money based on the length of the term. Get the shortest term that you can comfortably afford to save as much money as possible, but make sure that you can afford your monthly repayments. Not making your payments will result in negative marks on your credit history and, in the case of a secured loan, the possible loss of your assets.In most cases, your loan will either be approved or declined by the next business day. Often, you can have a decision in as little as 15 minutes and the funds available by the end of the next day. Once your application is approved, the funds are almost always transferred into the account you’ve chosen by the end of the next business day. This can vary based on your situation at the time of application and approval.To apply for the GE Money Personal Loan you have to be at least 18 years old or older and you must be a permanent resident of Australia. There are other criteria that you must meet as well, and these depend fully on your own circumstances. You will know, in most cases, by the end of the next business day if you’ve been approved or not.There are a variety of documents that you will need to provide for final approval. These include proof of identity, proof of income and proof of residency.For proof of identity you can provide either a current Australian driver’s licence or learner permit OR you can give a Proof of Age Card OR a NSW Birth Card which has your current address. If you can’t provide these, you can choose to provide:A passport from Australia or a foreign country which has been expired no longer than 2 years OR a Centrelink pension card OR a non-photo Australian license AND a secondary ID.Secondary ID can be a utility bill OR a Rates notice that is less than three months old OR a Centrelink Statement OR an ATO assessment Notice that is less than one year old.Your proof of income can be in the form of your two most recent payslips. If you are self employed, you can provide the last 2 years tax returns and/or financial statements OR your last 2 tax assessment notices.For proof of residency, you’ll need to provide a form of identification as your proof of residency like a current utility bill or a current rental agreement.
Interest And Fees
Your interest rate starts at 13.99% p.a. (with a comparison rate at 15.00%) and can change depending on the specifics regarding your application.The comparison rate is based on a secured loan of $30,000 with a term of 5 years. The comparison only applies to the exact example and any changes can cause a change in the comparison rate. All GE Money Personal and Debt Consolidation are fixed rate loans. This means that once your interest rate is set, that’s your rate for the life of the loan. This means that you will always know exactly what your payment will be and the amount of your payment and your interest rate will never change. This makes it very convenient and simple to plan your budget around your financial commitments. Your interest is calculated each day and charged to your account monthly.Your fees are going to include a one time payment of $250 upon accepting the loan and a $10 monthly charge for the life of your loan to service your account.You may or may not have to provide security for your loan. This is determined on a case by case basis and will depend on a variety of specifics such as your credit history and your income. The higher risk your loan is considered, the more likely security will be required. If security is not required, it may help lower your interest rate, so you may want to consider it anyway regardless of the bank’s decision.You can make your payments each week, each fortnight or each month. The more often you make your payments, the shorter the term of the loan as you’ll pay the loan much faster by reducing your interest. You can make your payments via BPay, Australia Post or EFTPOS in any branch. BPAY and Australia Post will charge a $1.50 service fee for each payment made in this way. There are no charges for extra payments, in fact, you are encouraged to make extra payments to get yourself out of debt faster. There are, however, early termination fees for paying off your loan early. Chances are the money that you’ll save in interest will far outweigh these charges, and the charges are just the bank’s way of offsetting their loss from the early payment. If you pay off your loan with more than half of the term remaining, you will be charged $150 in early termination fees. If there is less than half of your term remaining the fee will be $75. If there are 6 months or less remaining on the life of the loan, there will be no early termination fees.
Featured Personal Loans
| Personal Loan | Details | Min Interest Rate | Min Comparison Rate | Min Loan Amount | Min Loan Terms | Apply Fee | |
|---|---|---|---|---|---|---|---|
 ME Bank Personal Loan | A low rate personal loan from ME Bank with no application fee for a limited time. | 13.59% | 13.81% | $5000 | 1 year | $0 |   |
 Aussie Personal Loan | A smart way to consolidate your bills to save time and money so you can pay for your holiday, a wedding or renovate the house. | 13.90% | 14.84% | $3000 | 1 year | $199 | |
 Sugar Money Personal Loan | Fixed rate personal loan with flexible options to get you funds when you need it. | 13.99% | 15.00% | $3000 | 2 years | $250 | |
 bankmecu Personal Loan | A convenient and fast way to purchase a car or debt consolidation with affordable rates and fees. | 13.49% | 14.55% | $1000 | 1 year | $150 | |
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