ME Personal Loan Review 2025 Fixed 10.98% Rate, No Monthly Fees or Early Repayment Fees, Borrow $5,000 to $50,000 for Aussies

The ME Personal Loan is a strong contender for Aussies seeking a predictable, low-fee unsecured loan. With a fixed rate of 10.98% p.a., no monthly account fees and no penalties for early repayments, this product targets borrowers who value certainty and straightforward costs. Below we break down features, costs, eligibility and practical uses so you can decide if the ME Personal Loan fits your financial plan.

What the fixed rate and fees mean for you

A fixed interest rate of 10.98% p.a. means your repayments stay the same for the life of the loan, making budgeting simple whether you choose a 1 to 7 year term. The comparison rate sits at 11.35% p.a., which helps show the loan cost when fees are included.

There are no monthly or ongoing account-keeping fees, so the main upfront cost is a one-off establishment fee of $250. Because there are no early repayment fees, you can reduce total interest by paying down the loan sooner without penalty.

Loan amounts, terms and permitted uses

You can borrow from $5,000 up to $50,000, which suits a wide range of needs from home renovations and car purchases to consolidating higher-interest debt. Terms range from 1 to 7 years so you can balance monthly repayment size with total interest paid.

ME Personal Loan is for personal purposes only; business or tax-deductible investments are excluded. If your goal is debt consolidation, the fixed rate and no monthly fees can simplify finances and often reduce total costs compared with revolving credit options.

Eligibility and the application process

To apply you must be at least 18 and an Australian citizen or permanent resident, with a satisfactory credit profile. Joint applications are accepted, which can help borrowers secure a better outcome if a partner has stronger income or credit history.

The online application is straightforward and typically takes around ten minutes. Have your ID, proof of income and bank statements ready; once approved funds are usually disbursed within two business days.

Pros, cons and who should apply

Key advantages include the 10.98% fixed rate, no monthly fees and no early repayment penalties, giving clear, predictable costs for borrowers across Australia. For those prioritising stable repayments and the option to repay earlier, this loan is attractive.

Consider the $250 establishment fee and current availability, since ME Bank may pause new applications at times. The loan suits Australians looking to consolidate debt, finance major purchases and improve cashflow predictability—especially borrowers who prefer fixed-rate certainty over variable rate products.

Ready to take the next step? Compare quotes from lenders, run numbers with a repayment calculator and check ME Bank’s current application status before applying. A clear comparison will show if the ME Personal Loan is the smartest move for your situation.