Not all personal loans are created equal. Make sure you compare the fee structure as it could save you money. Here are some of the common fees attached to personal loans.
An establishment fee is a fee the borrower pays for setting up a personal loan. It's usually added to the loan amount, and paid off with the loan.
The establishment fee is waived on an ING Personal Loan when you have an active Orange Everyday at the time of application or request to open an Orange Everyday account with your ING Personal Loan to receive loan funds.
Ongoing monthly fees
Some lenders charge an ongoing monthly fee such as account maintenance fees. Over the life of a loan, these monthly fees can quickly add up.
The ING Personal Loan has no ongoing monthly fee.
Late payment fees
A late payment fee is charged when you miss a repayment including where there are insufficient funds in your nominated direct debit account on the day a payment is due. To avoid late payment fees, keep track of your spending and ensure adequate funds in your account to meet the loan payments.
You may be required to pay late payment fees under the ING Personal Loan if you don't make your repayments on time.
Early repayment fees
Some lenders charge a fee for making additional repayments or for paying out a personal loan early. The fee is usually calculated by looking at the remaining loan balance and loan term.
The ING Personal Loan doesn't have an early repayment or additional repayment fee. You can make additional repayments at any time - just remember that if you do, your contractual fortnightly or monthly repayment amount won't change, and you'll still need to make these regular payments until the loan is paid off.