A personal loan of up to $35,000 in your bank account on the same business day
Use your excellent credit history to secure a lower interest rate with DirectMoney, a lender who can offer rates up to 4% p.a. lower than the banks. You can also borrow if you have less-than-perfect credit history, with DirectMoney offering tiered interest rates depending on the state of your credit. You’ll be offered a comparison rate that is 9.78% p.a.
Things to consider
|Product Name||DirectMoney Unsecured Personal Loan|
|Interest Rate (p.a.)||From 8.95% (fixed)|
|Comparison Rate (p.a.)||9.78%|
|Interest Rate Type||Fixed|
|Minimum Loan Term||3 years|
|Maximum Loan Term||5 years|
|Min Loan Amount||$5,000|
|Max. Loan Amount||$35,000|
|Monthly Service Fee||$0|
A personal loan from DirectMoney is unsecured, so can be used to finance anything from a car to a holiday. You can also use your loan to consolidate debt, fund a wedding, or for anything else you choose. Loan amounts of between $5,000 and $35,000 are available, and if you apply before 10am on a normal business day you can have the funds in your account that same day.
Comparison rates start at 9.78% p.a.. The actual rate you receive will depend on your credit history. You cannot have any negative listings on your credit file to apply for a DirectMoney personal loan.
Features of a DirectMoney personal loan
- Loan purpose. As it's unsecured, you can take out a personal loan from DirectMoney to finance a range of purposes.
- Loan amount. You’re able to borrow between $5,000 and $35,000.
- Turnaround time. If you apply before 10am on a normal business day, DirectMoney can transfer your loan amount to your on that same day.
- Loan terms. Repayments can be made according to 3 or 5 years terms.
- Making repayments. When it comes to paying off your loan, you’ll need to set up a monthly direct debit to cover your repayments.
- Early repayments. Want to pay out your loan early? You can do so without worrying about an early repayment fee.
- Interest rate. DirectMoney calculates your interest rate in a different way to the majority of other Australian personal loan providers. Available interest rates start from 8.95% p.a., but this may not be the rate you are approved for. Depending on your credit history, you may be approved for a rate anywhere up to DirectMoney offers three interest rate bands; silver, gold and platinum. An interest rate of 8.95% p.a. is offered to those in the platinum band, with rates working on a sliding scale from there.
- Fees. This loan comes with a few fees to be aware of. While there are no account-keeping or early repayment fees, There is an establishment fee of $575. There is also a late payment fee of $25.
How to apply for a DirectMoney personal loan
If you’d like to apply for a personal loan from DirectMoney, you can click "Go to Site" to get the application process started. Ensure you meet the below eligibility criteria before you apply.
You’ll need to:
- Be at least 18 years old
- Be a permanent Australian resident or citizen
- Not have had any credit problems in the last seven years
- Earn a minimum gross annual income of $30,000
The application process should take about ten minutes to complete. You’ll need to undergo an online credit check, bank record analysis and have your identity verified.