No Frills Loan June 23, 2015
As the name implies, a no frills loan is generally a lenders variable rate loan with fewer features with minimal or no ongoing fees. This loan has fewer “bells and whistles” than pro pack loans.
The variable loans are >1% cheaper than the lenders standard variable interest rate. As a result, Better Choice facilitates more no frills loans than any other type of loan.
What are the characteristics of a no frills loan:
- Redraw feature is available
- Minimal or no ongoing fee’s
- In some cases the 100% offset feature is available with no frills loans
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