ING Personal Loan $350 Bonus How It Works?

jjj123 on 11/07/2025 - 15:24

**From reading of below website, I find: **

$350 bonus to be credited within 60 days,
I can do early payment after I received the $350 at day 60, so interest of $5000 of 6.89% for 60 days is $56.63
Establishment fee $199,
non taxable profit $94.37

**Questions: **

Can I repay the full amount of $5000 at day 1, so essentially there is no interest charged
Can i cancel the loan at day 60, once I received the $350 bonus (new non taxable profit $151) or do i need to wait 2 years
Do I need to sign/present any contract (like car purchase) to get the $5K loan, or just apply, they will deposit the $5K for me to buy anything?

Thanks

Related Stores

ING

OhMaJuck on 11/07/2025 - 15:26

Wouldn't this impact your credit history?
- spackbace on 11/07/2025 - 15:27
  
  100%
  - tenpercent on 11/07/2025 - 16:39
    
    Positively right? Because you were able to pay back the loan so quickly?
spackbace on 11/07/2025 - 15:28

+1

6.89%

How do you know you're getting the lowest rate?
- simplystu on 11/07/2025 - 19:59
  
  6.89% is pretty poor for a personal loan (should be looking for ATLEAST 6.3% and no establishment fee).
  +++ upfront fee of $199 == nah.
  
  I have my home loan through ING … it is like "pulling dogs teeth" - to get them to price-match/compete competitively with the others in the market.
  I assume personal loans from ING are the same.
McMaferMur on 11/07/2025 - 16:53

can someone tell me the subject of the email promo for this offer? cheers
pollopollo on 11/07/2025 - 21:44
Maybe. But I feel theres a risk you dont get the bonus as the loan is paid off. I would wait until the bonus is paid before paying off the loan on full.

Yes. It possibly closes automatically as redraws are not allowed.

No - they just deposit you the money where you ask it to be deposited.

Source: I did this on a previous iteration of the same promotion. Paid the opening fee, immediately repaid all but $1000 of the loan, paid about 6 weeks interest and compulsory repayments before I got the bonus. Then repaid the rest of the loan and closed it.

Profit was about $150. Was it worth the effort? Probably not.