Members Equity has launched a new fixed-rate unsecured personal loan. It's available for amounts ranging from $5,000 to $30,000 over terms up to five years for purchasing cars, refinancing and consolidating debts or for investment.

The Members Equity Personal Loan is offered at a rate of 9.90 per cent per annum fixed for the life of the loan. Customers are charged a one-off establishment fee of $100. There is no annual fee, no fees for extra repayments, no penalties for early pay-outs, no security is required and free Internet and phone banking is offered.