The Get Set loan offers amounts of $5000 to $50,000 at 11.8 per cent with borrowers able to draw on their approved funds when needed then pay back and re-draw as needed. Access is via card, cheque and internet although withdrawal approval and advance of funds can take up to 24 hours.
This puts Get Set somewhere between credit cards and traditional personal loans on the personal credit spectrum. The interest rate is lower than most credit cards although there is a small but growing number of low-rate credit cards around 10 to 12 per cent. Rates on unsecured traditional personal loans are also increasingly competitive and currently range from 9.5 to 14 per cent. Overdraft rates range from 10.5 to 16 per cent.