Arab Bank Australia
Arab Bank Australia has five branches in Sydney and two in Melbourne, and customers have access to more than 3,000 rediATMs across the country.
The assets held by Arab Bank Australia total more than $1 billion.
Arab Bank Australia personal loan repayment calculator
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Pros and cons
- Extra repayments with no penalty
- No late fees
- Flexible repayment options
- Interest rates may be high
- Early exit fees may apply
- Limited branch access
Arab Bank Australia personal loans rates
based on $30,000 loan amount for 5 years at 12.32%
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based on $30,000 loan amount for 5 years at 13.90%
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based on $30,000 loan amount for 5 years at 14.99%
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based on $30,000 loan amount for 5 years at 16.57%
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Features of Arab Bank Australia personal loans
Loan types - secured or unsecured. A secured personal loan is where you use an asset (like a property or a car) as collateral. An unsecured personal loan is where there is no collateral, although your credit history and current financial situation will be considered.
Interest rates - variable and fixed
Loan amounts - from $5,000 to $50,000
Loan terms - one to five years
Repayment options - weekly, fortnightly or monthly. Repayment can be made via internet banking, and direct debit from an Arab Bank Australia account.
Fees - you may be charged an application fee, account-keeping fees and an early exit fee. Arab Bank doesn’t charge late fees.
Arab Bank Australia customer service
Arab Bank Australia offers customers several ways to get in contact, with the option for face-to-face customer service at its branches as well as phone and online services.
- Branch (only in Sydney and Melbourne)
- Mobile banking staff
- Mobile app
- Online banking
Who is eligible for an Arab Bank Australia loan?
To apply you must:
- Be 18 years or over
- Be an Australian permanent resident or citizen
- Have a reasonable credit history
- Have proof of employment
How to apply for an Arab Bank Australia personal loan
You can either apply in person at a branch or online.
You will likely need the following documents and information:
- Proof of address
- Proof of ID (like a driver’s licence, passport or Medicare card)
- Proof of income, assets and liabilities
Arab Bank Australia personal loans review
Arab Bank Australia offers a range of personal loan options, with the option to have a secured or unsecured loan with either a variable or fixed interest rate.
Arab Bank Australia’s interest rates are not the cheapest on the market, so you might find better value elsewhere.
Like other financial institutions in Australia, Arab Bank Australia tends to charge higher interest rates for unsecured loans compared to secured loans, while fixed-rate loans tend to be higher than variable-rate loans.
When it comes to its secured personal loans, Arab Bank Australia charges high interest rates, while its unsecured personal loans have moderately high to high interest rates.
The fees charged on personal loans by Arab Bank Australia vary, so it pays to carefully compare these before applying.
Arab Bank Australia does allow extra repayments without penalty, but only on its variable personal loans, not fixed. It does not offer a redraw facility.
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent, without worrying about ending up out of pocket if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
What is an unsecured bad credit personal loan?
A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset (such as a car or jewellery) as collateral or security. Lenders charge higher interest rates on unsecured loans than secured loans.
What do single mothers need to apply for a personal loan?
Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).
How are personal loans regulated?
Personal lenders are regulated by ASIC (the Australian Securities & Investments Commission) and must follow responsible lending rules. That means they can’t lend money without making “reasonable inquiries” about a borrower’s financial situation and ensuring the loan is “not unsuitable” for them.
What do I need to get a fast loan?
Most lenders will need to you provide the following information in your application for a fast loan:
- Proof of identity
- Proof of residence
- Proof of income
- Details of any assets you own (e.g. car, home etc.)
- Details of any liabilities you owe (other personal loans, credit cards, mortgages etc.)
- How much you want to borrow
- How long you want to pay it back
- Purpose of your loan
How much can I borrow with a personal loan?
It’s unusual for a lender to make a personal loan above $100,000, although there is no formal limit. As with all lending products, each lender sets its own policies, while each borrower is assessed on a case-by-case basis.
Is it hard to improve your credit score?
It can be hard to improve your credit score, as it usually requires sacrifice and discipline, but hard doesn’t necessarily mean complicated. There are nine steps you can take to improve your credit score, most of which are simple to follow.
As a general rule, the lower your credit score, the more remedies you can apply and the greater the scope for improvement.
Can you refinance a $5000 personal loan?
Many personal loans, much like home loans, can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
Are there low doc personal loans?
Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.
It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.
Can I get a bad credit personal loan with a guarantor?
Selected lenders will consider personal loan application from a borrower with bad credit if the borrower has a family member with good credit willing to guarantee the loan (a guarantor).
If the borrower fails to pay back their personal loan, it will be their guarantor’s responsibility to cover the costs.
How much can you borrow with a bad credit personal loan?
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans – they also get loaned less money. Each lender has its own policies, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
Can I get a $4000 personal loan if I’m unemployed or on Centrelink?
Before most providers of personal loans or medium amount loans will approve an application, they’ll want to know you can afford the loan’s repayments on your current income without ending up in financial stress. Several lenders don’t count Centrelink benefits when assessing a borrower’s income for this purpose, so these borrowers may find it more difficult to be approved for a loan.
If you’re unemployed, self-employed, or if more than 50% of your income come from Centrelink, consider contacting a potential lender before applying, to find out whether they accept borrowers on Centrelink.
Can you get an emergency loan on Centrelink?
When many lenders assess a borrower’s income to determine whether they can afford a loan’s repayments without ending up in financial stress, they may not count Centrelink payments as income for this purpose.
Before applying for an emergency loan, it may be worth contacting a potential lender to find out if they accept applications from borrowers on Centrelink.
What are the pros and cons of bad credit personal loans?
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts in such a way that it makes it easier for them to repay those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate.
However, this strategy can backfire if the borrower spends the extra money instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.
Are there any interest-free emergency loans?
The No Interest Loans Scheme (NILS) allows low income borrowers to take out no-interest loans for up to $1500 to purchase essential goods and services.
There are also similar low-interest loan schemes available to borrowers in financial hardship who are having a tough time getting finance approved.