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$350 Bonus on $5000 Loan ($150 Establishment Fee & Fixed Interest Rate) @ ING

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$350 Bonus on $5000 Loan ($150 Establishment Fee & Fixed Interest Rate) @ ING
Go to Deal
Moo Deng on 14/07/2023 - 11:52 campaigns.ing.com.au (197 clicks)
Last edited 14/07/2023 - 11:53
BONUS350

Received this via email.

Use this code BONUS350 when applying for an ING Personal Loan to get $350 cashback. Looks like there is an establishment fee of $150 and a fixed interest fee. The fixed interest fee depends on your credit rating, the higher rating the lower your interest fee (starts at 6.89%) but no fees for re-paying the loan early?

You could get your funds on the same day that you accept your loan contract if you hold an existing Orange Everyday. No Orange Everyday? You can open one in the ING app or at ing.com.au before you apply for your ING Personal Loan.

How to get that sweet $350 bonus

  1. Apply, be approved and accept your ING Personal Loan offer by 31 July 2023
  2. Open an Orange Everyday account if you don't already have one by 31 July 2023

That's it! Once done, we will pop the $350 into your Orange Everyday account within 60 days.

T&Cs: The offer applies in respect of the original recipient of this email and family and friends who use the promo code BONUS350 in their application for a new ING Personal Loan only. The $350 bonus will be paid as cashback into the customer's Orange Everyday account within 60 days of meeting the above eligibility criteria. Existing ING customers who currently hold an ING Personal Loan are not eligible for this offer.

Be interested to know if a credit check is performed (I assume there would be one) and if you can immediately pay out the loan to avoid any interest? In which case you would pocket around $200?

The minimum term says 2 years but it also says you can re-pay early, so how does that work?

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closed Comments

  • gud2cu on 14/07/2023 - 11:59
    +1

    60 days of interest for the min hold period could eat away the $350 fast, depending on interest rate

  • interlocal on 14/07/2023 - 12:33
    +13

    Even with 7% rate you would pay $57 interest + $150 establishment fee to get $350. Not worth it, lots of CCs with much better payout

    • Moo Deng on 14/07/2023 - 13:05
      +1

      Thanks for doing the maths for us, cheers! Will pass on this too, especially if credit check is required

      • Qwertykp on 14/07/2023 - 18:59

        I can’t imagine there would be loans with any respectively rate that doesn’t do credit check these days~

    • starbearer on 14/07/2023 - 13:18
      -1

      Thanks for this calculation. You would think that these sort of bonus offers are for people who aren't this good with maths and don't see the bigger picture about the actually involved costs.

    • Ernestpogi on 14/07/2023 - 14:57
      +1

      How did you get the $57 interest if you can effectively repay the loan early without fee?

      • interlocal on 14/07/2023 - 16:30

        you need to keep it for 60 days to be eligible, that was my assumption

        • SirFrankGrimes on 14/07/2023 - 23:03
          +2

          Yes, but you could repay the majority of it on day 1. You’ll then only pay interest on the remaining balance, which would be an insignificant amount

  • Mokr on 14/07/2023 - 14:39

    search for the citipay one under loans - much bigger rewards

  • Qwertykp on 14/07/2023 - 19:08

    At that sort or rate isn’t it better to go flat rate banks instead?

  • Ernestpogi on 16/07/2023 - 09:33
    +2

    I applied for this one. I immediately paid off the whole loan a day after I got the fund and got the $350 roughly 15 days afterwards. Easy $200. I actually incurred $4+ interest but they waived it when I closed my account.

    The loan account does not automatically closes after you pay off your balance. You have to contact ING or initiate the closure of the loan account via internet banking. So basically, you apply for the loan, accept the offer then pay it off immediately, and wait for the $350 cashback then close your loan account.

  • cheapesteater on 17/07/2023 - 17:00

    I had to make an account to post about this.
    I messaged them countless times when I saw this offer. No additional fees, so interested to figure how you did the $57 fee

    I opened and immediately paid $5150 into the personal, then got the $350 a few weeks later and closed the account. Even had the account sitting at $0 for a month because I forgot and no fees.
    This was a nice simple deal to make $200

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