Beyond Bank Personal Loans Review
Find out whether Beyond Bank is the right option for you when comparing personal loans with Savvy.
Fact checked
Beyond Bank Australia is a mutual bank headquartered in Adelaide which services several states across Australia with a range of products, including banking, finance and insurance.
One of their products is a personal loan, so it’s important to be able to know exactly what it is and how it works before you dive headfirst into the application process.
You can find exactly what you need all in one place with Savvy, as we break down Beyond Bank’s personal loan offer and enable you to compare a range of other personal loans to help you make the right call for your needs.
*Please note that Savvy does not represent Beyond Bank Australia for their personal loan product.
The features and benefits of Beyond Bank personal loans
Interest rates starting from 7.99% p.a.
Depending on the product you choose, you can take advantage of Beyond Bank personal loan interest rates as low as 7.99% p.a. (8.37% p.a. comparison rate).
Borrow upwards of $2,000
They also offer loans ranging from as little as $2,000 and up, enabling you to access financing to cover smaller financial needs as well as larger investment requirements.
Free early repayments
You won’t have to worry about incurring any fees for attempting to pay your loan out ahead of schedule, as you’ll be able to do so free of charge with Beyond Bank.
Take advantage of a free redraw facility
On top of the free additional repayments, you’ll have access to a redraw facility should you ever need to access funds quickly without applying for another loan.
Pre-approvals available
If you’re using your personal loan to purchase an important asset or item for your home, getting pre-approval gives you a clear idea of what your budget is likely to be.
Take up to seven years to repay your loan
Most importantly, you can take your time when it comes to repaying your loan, stretching your loan out over as many as seven years to ensure you’re comfortable in doing so.
The pros and cons of Beyond Bank personal loans
PROS
Secured or unsecured options
If you own a valuable asset to serve as collateral for your loan, you’re capable of using it to secure a lower rate or opting for an unsecured loan instead in line with your preferences.
Online loan applications
The application process for your personal loan will be conducted 100% online, meaning you won’t have to make any trips to a branch to speak with a representative in person.
Line of credit available
On top of the more standard personal loan, you can also choose to take out a flexible personal line of credit and withdraw funds at your own pace.
CONS
Establishment and ongoing fees
You’ll be required to fork out a $195 establishment fee (unless you’re a life member of Beyond Bank) and a security administration fee of $70 for your personal loan.
Significant rate increases for unsecured loans
The lowest rates advertised referred to here apply to secured loans, with unsecured finance starting at much higher rates – from 12.49% p.a. – costing more in the process.
Not as cheap as other lenders on the market
When comparing loans with Savvy, you’ll find a variety of lenders who can offer personal loans with lower interest rates than Beyond Bank, providing you with more affordable options.
Beyond Bank personal loans explained
What personal loan products does Beyond Bank offer?
There are three different types of personal loan products offered by Beyond Bank, so it’s important to be able to accurately distinguish which is the best for your individual situation before you apply. Of course, it pays to compare personal loans in Australia with Savvy before starting the application process, as you may find an offer with better rates, fees and features which end up suiting you better. You can also use our personal loan repayment calculator for a Beyond Bank loan (or one from any other lender) to give you an idea of what it may end up costing you overall. The products to choose from with Beyond Bank are:
Low Rate Personal Loan
This is a secured personal loan at the low rate advertised above. This product represents Beyond Bank’s cheapest in terms of interest rate and enables borrowers to access upwards of $5,000 on their personal loan. The loan comes with a fixed interest rate and redraw facility, as well as no penalties for early repayment.
Flexi Personal Loan
The Flexi Personal Loan is similar in many ways to the Low Rate offer but doesn’t come with any security requirements. This means you won’t be required to attach an asset such as your vehicle to serve as collateral for the loan. Whilst it may seem like providing you with a lower-risk option (the risk of losing your asset is low anyway), you’ll have to pay a much higher rate as a result (from 12.49% p.a. and 12.78% p.a. comparison).
Line of Credit
A line of credit is quite different from a personal loan. You’re approved for a set amount and can withdraw funds from it whenever you need them. This avoids the need to manage a lump sum from the get-go, which may benefit many borrowers. This finance type comes with variable interest rates starting at 14.49% p.a. and no ongoing fees and minimum amounts of $2,000.
How can I submit my personal loan application with Beyond Bank?
The application process with Beyond Bank is a fast and simple one. It’s important to familiarise yourself with this process before you start, though, as it can save you from avoidable hiccups and ensure you receive your funds quickly. The steps to follow along this process are:
Submit your application
First and foremost, fill out the form on Beyond Bank’s site. This is to find out information about you and your financial situation to help them find out whether you’re a suitable candidate to take out a personal loan.
Consult a Beyond Bank specialist
A member of the bank’s team will get in touch with you after you submit your application to make sure that you’re eligible and advise you on the next steps to take in the loan process.
Send through your documents
You’ll need to send through your supporting documentation to confirm that what you’ve included in your application is accurate and up to date, so copies of things such as photo ID, payslips and bank statements will be required.
Sign your loan contract and receive your funds
Once they’re happy with your application, you’ll be notified of approval and sent a contract to sign confirming the details of your agreement. After you’ve returned this to them, the funds can be transferred directly into your nominated account.
Frequently asked personal loan questions about Beyond Bank
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