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ING Bank: Bonus $200 Rebate to Orange Everyday Account with an ING Personal Loan (New Loan Customer, Minimum Loan $5,000)

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Received an email from ING offering $200 when taking out an ING personal loan, so I assume this is targeted.
Loan must be approved and accepted before 31 August 2021 and loan fee of $100 waived if you have an existing ING Orange Everyday Account. Fixed interest rate from 7.99% p.a. to 10.99% p.a. (comparison rate 8.13% p.a. to 11.14% p.a.)

Not available to those with an existing ING personal loan.

Minimum loan amount is $5k so a 4% return on effort put in for taking out a loan out.
Might be handy for anyone who's got $5k of savings. Reading through the T&Cs there is no early repayment fee, so possible just to close the loan out as soon as you get the $200.

Not sure of any credit impacts.

More promo details from the email below:

Bonus $200 promotion
This offer is available for a limited time only and is not available in conjunction with any other promotional offer unless expressly indicated. ING reserves the right to extend or withdraw this offer at any time at its sole discretion. If withdrawn, ING will honour the offer in respect of all Personal Loan accounts opened before the offer is withdrawn, provided that applicants satisfy the Eligibility Criteria below. The offer applies in respect of the original recipient of this email only.

To qualify for the bonus offer the customer must apply, be approved and accept the offer for a new ING Personal Loan and hold an active ING Orange Everyday account before 31 August 2021. The $200 bonus will be paid as a rebate into the customer's Orange Everyday account within 60 days of meeting the above criteria. Existing ING customers who currently hold an ING Personal Loan are not eligible for this offer.

An ING Personal Loan also comes with no monthly, early repayment or annual fees (other fees and charges may apply), a personalised low fixed interest rate from 7.99% p.a. to 10.99% p.a. (comparison rate 8.13% p.a. to 11.14% p.a.), and you could get the funds on the same day you accept the loan when you also hold an Orange Everyday account.

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closed Comments

  • +1 vote

    rate appears to be 7.99% so interest would be $33 per month on a $5k loan, and theres usually a break fee on a personal loan

    •  

      Ahhh so can't immediately pay it off and pocket the $200?

    • +1 vote

      well OP mentioned no early repayment fee as far as he/she can see in T&C. I am curious to know if we should hold on to the loan until we get the $200

      •  

        You could pay $4999 of the loan on the first day, and wait 60 days for the $200 to come in then pay out the rest.
        There is no loan close out or early repayment fee.

  • -1 vote

    How is this a good deal? I didn't know it was good being in debt

  •  

    If you are planning to apply for credit card or mortgage, better to avoid this as it will affect your credit history.