ING Personal Loans
What personal loans does ING offer?
At the time of writing, ING offers one personal loan product. This is an unsecured loan with a fixed interest rate.
Features of ING’s personal loan include:
- Loan amount between $5,000 and $60,000
- Loan terms of two to seven years (loan terms of six and seven years are only available for amounts over $30,000)
- Repayment available fortnightly or monthly
- No ongoing monthly or annual fees
- No charge for extra repayments and no charge for early repayment if you pay the loan off early
- ING says it will waive the $100 personal loan establishment fee when you have an active Orange Everyday at the time of application or request to open one to receive your loan funds
- If you are an existing ING customer, the loan can be received into your account on the same day as the loan offer is accepted, ING says.
What can you use ING’s personal loans for?
Personal loans can typically be used for life events or other large purchases, such as:
- Buying a car
- Debt consolidation
- Home renovations
- Weddings and more
Read the product disclosure statement (PDS) from ING for any specific details on what you may or may not be able to take out a personal loan for.
ING personal loans FAQs
You can choose a loan term of two to seven years. Loan terms of six or seven years are only available for loan amounts over $30,000. ING says your personal loan is for a fixed term so you do not have the option of extending it. If you are experiencing financial hardship, ING says to contact its hardship team over the phone.
There are a number of fees to be aware of when taking out a personal loan with ING. At the time of writing the following fees are listed by ING:
- Establishment fee of $100 (ING says it will waive this if you have an active ING Orange Everyday at the time of application or request to open an Orange Everyday account with your loan to receive loan funds)
- Late payment fee of $20
- Interim statement fee of $7 per statement
Yes, ING personal loans require minimum repayments either monthly or fortnightly. ING says your loan repayments will remain the same for the life of the loan as the interest rate is fixed, not variable. The amount will vary depending on the length of your loan, the principal amount borrowed and your interest rate.
According to ING, to be eligible for its personal loan you must:
- Be aged 18 years or older
- Be an Australian citizen, New Zealand citizen or Australian Permanent Resident
- Have and maintain an Australian residential address
- Be employed and earn $36,000 or more a year before tax
- Have a good credit rating and meet ING’s credit lending guidelines
- Have PAYG payslips
When applying for a personal loan, ING says to have the following supporting documents on hand:
- Proof of ID such as a drivers licence or passport
- Proof of income such as payslips, bank statements and tax returns (ING says additional supporting documents may be required once it has seen your application)
ING Direct was founded in 1999 as a subsidiary of the Dutch multinational bank, ING Group.
Today, ING Direct claims to have over 1.5 million customers. As a direct bank, ING Direct has no branches, operating primarily via phone and online banking. It is headquartered in Sydney.