Personal Loan FAQ
What is the Members Equity Personal Loan?
Over what period can I take out a Members Equity Personal Loan?
Can I make extra payments or repay my loan off early?
How often can I make repayments?
How do I receive the money once my personal loan has been approved?
How often will I receive a statement?
Can I take out a Members Equity Personal Loan for business purposes?
What is the Members Equity Personal Loan?
The Members Equity Personal Loan is an unsecured loan. You may be able to take out a personal loan to access extra cash for most non-business purposes. Loans are available over fixed terms and each repayment goes towards repaying both the interest and the principal. This product has been designed with a simple pricing structure to support Members Equity Bank's values of offering easy to understand banking.
Over what period can I take out a Members Equity Personal Loan?
A Members Equity Personal Loan offers you the ability to choose a time period to suit your needs and your budget. Loans can be taken out for terms of 1,2,3,4 or 5 years.
How much can I borrow?
This will depend largely upon your income and other financial commitments. Members Equity Personal Loans are available for amounts of $5,000 up to $30,000.
Can I make extra payments or repay my loan off early?
Yes. There are no charges or penalties for making additional payments or for repaying your loan early.
How is interest calculated?
Interest is calculated daily and charged in arrears on the 15th of each month.
How often can I make repayments?
Repayments can be made either monthly or fortnightly via Direct Debit from a nominated account (download the Members Equity Personal Loan Direct Debit Form). Members Equity Bank customers who have other Members Equity Bank accounts can also make additional payments to their personal loan using the Members Equity phone or internet banking services.
How do I receive the money once my Personal Loan has been approved?
Personal loan proceeds (minus the establishment fee) are usually paid to you via direct credit into your nominated account. Bank cheque payments are also available at our discretion.
How often will I receive a statement?
Statements are issued half-yearly at the end of June and December. Should you require a balance in the meantime, simply contact us on 1300 654 998, or use the Members Equity phone or internet banking services to obtain your account balance.
Can I take out a Members Equity Personal Loan for business purposes?
No. The Members Equity Personal Loan is not available for business or business related purposes, including working capital. In addition, the Members Equity Personal Loan is not available for;
- General bills
- Legal fees
- Tax bills/debts
- HECS debts
- Deposit gaps
Fees and charges apply. Terms and conditions available on request. Applications are subject to credit approval.
Related Links
Personal loan tools
Repayment Calculators
Other tools
Contact ME
- Product Enquiries
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Personal Ph 13 15 63 Business Ph 1300 658 108 ME Contact Centre open Mon - Fri 8am - 8pm. Sat 9am - 5pm (EST)
- Existing Customers
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Personal Ph 1300 654 998 Business Ph 1300 658 108 ME Contact Centre open Mon - Fri 8am - 8pm. Sat 9am - 5pm (EST)
- Phone Banking
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Personal Ph 1300 654 998 Business Ph 1300 658 108