ING has introduced a new personal loan as it releases research into the millennial generation and debt.
According to the research commissioned by ING, millennials are clued up on bank fees and charges and are the least likely generation to have a credit card.
More than half (55%) of millennials thinking about taking out a personal loan said that being able to pay off a loan early was a key consideration. Plus 60% said it was important for them to be able to make additional repayments on a loan.
The research also confirms (58%) of millennials that currently have a personal loan are making more than just the regular repayments that are required by their lender.
ING called the research "myth-busting". Head of retail banking, Melanie Evans, said, "This research tells us that millennials are taking a very considered approach to debt management.
“For larger purchases and outlays they’re really thinking about their funding options and sensibly looking at ways to pay off the debt as quickly as possible.”
ING Australia’s new personal loan comes with a fixed annual interest rate of 8.99% p.a. (comparison rate 9.13% p.a.), no ongoing monthly fees and no early repayment fees.
The $100 establishment fee will be waived for customers with an active Orange Everyday account or those who choose to open an Orange Everyday account with their Personal Loan to receive loan funds.
The new ING Personal Loan is designed to help millennials pay off their loans as quickly as possible.
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