Mango Credit: Interest Rates
When choosing your loan product, it is essential to identify the right interest rate that is both beneficial and suitable for your situation. This is because interest rates can impact your loan fees. That is, the higher your loan interest rate is, the bigger the cost of your monthly or annual repayments.
With so many lenders providing numerous loan products and services along with different interest rates, it is important to understand the different types of interest rates and how they work. With Mango Credit, you will find only the lowest interest rates in our loan services.
What is an interest rate?
When you take out a loan, the lender charges a certain price for the money you borrowed. This is the annual percentage rate (APR) charged as a percentage of your loan balance. Whilst every lender can independently decide on how much interest rate they can charge, it is generally based on the cash rate given by the Reserve Bank of Australia. With that, the interest rate can go up or it can go down.
Types of Interest Rates
Before you decide on taking out a loan, these are the different types of interest rates you should know.
- Variable Interest Rate
A variable interest rate on a loan is highly dependent on the cash rate set by the Reserve Bank of Australia. If the cash rate increases, you will pay a higher interest rate. On the other hand, if the cash rate goes down, your repayments will also decrease.
- Fixed Rate
A fixed-rate interest rate is an unchanging rate and locks for a period of time, usually 1-5 years. Given that it does not depend on the movement of the cash rate, it protects you against it. This is most advantageous if you are still trying to stabilise your finances.
- Split Loan
A split loan allows you to divide your loan into two parts which means a portion of your loan is a variable interest rate and the other one is a fixed rate.
Why Choose Mango Credit?
Mango Credit offers competitive and low interest rates. By offering low fees, Mango Credit creates a new standard on how lending should impact borrowers and investors. Whether you are a first-time borrower or an existing customer, we provide customised and real solutions based on your financial need. Contact us today.
Current Mango Credit Interest Rates
Bridging Loan: From 1% p.m.
Business Loan: From 1% p.m.
Disclaimer: The interest rates of Mango Credit are precise at the time of publishing and are subject to change. To confirm the latest interest rates at the time of your application, please contact us. All details written on this page are general in nature and do not take into account any of your personal circumstances.
