DirectMoney Unsecured Personal Loan

Rates and Fees verified correct on August 31st, 2016

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 NameDirectMoney Unsecured Personal Loan
Interest Rate (p.a.)From 8.95% (fixed)
Comparison Rate (p.a.)9.78%
Interest Rate TypeFixed
Minimum Loan Term3 years
Maximum Loan Term5 years
Min Loan Amount$5,000
Max. Loan Amount$35,000
Application Fee$575
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.

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This page was last modified on 22 March 2016 at 18:23.

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20 Responses to DirectMoney Unsecured Personal Loan

  1. Default Gravatar
    Edward | January 27, 2016

    Can I find out what interest rate I would be up for without formally applying for a loan?

    • Staff
      Elizabeth | January 27, 2016

      Hi Edward,

      Unfortunately not as it depends on your credit history. The lowest rate is 8.5% if your credit history is excellent, whereas it increases to 11% p.a., then 13.5% p.a. for the next two bands, and then the highest interest bands are 16% p.a. and 18.50% respectively.

      Thanks,

      Elizabeth

  2. Default Gravatar
    Jim | June 21, 2015

    WHAT WILL THE MONTHLY PAYMENT BE:FOR 30000 OVER 6 YEARS

    • Staff
      Elizabeth | June 22, 2015

      Hi Jim,

      Thanks for your question.

      Direct Money only offer repayment terms of three or five years, and the interest rate you are offered depends on the credit ‘band’ you are in – meaning this could range from 8.5% p.a. tp 18.5% p.a. You can use the personal loan calculators on this page to work out your repayments.

      I hope this has helped.

      Thanks,

      Elizabeth

  3. Default Gravatar
    Raymond | June 10, 2015

    I am a mortgage broker under aggregator PLAN Australia. I have a client who needs a personal of $30k to pay for ATO debt and car loan consolidation. His loan applications were declined by several major banks due to low credit scores as he had made too many credit inquiries in last 6 months.
    Would you be able to help my client to get a personal loan ?
    Please don’t hesitate to contact me if you need more information.

    • Staff
      Elizabeth | June 11, 2015

      Hi Raymond,

      Thanks for your question.

      You’ve come through to finder.com.au, not Direct Money, so we don’t actually offer the loans ourselves. To submit an online enquiry through Direct Money’s website please click ‘Go to Site’ on the page above.

      I hope this has helped.

      Thanks,

      Elizabeth

  4. Default Gravatar
    Antonio | March 29, 2015

    Hi there,

    How will having no credit history affect the interest rate I might be approved for?

    Thanks,
    Antonio

    • Staff
      Shirley | March 30, 2015

      Hi Antonio,

      Thanks for your question.

      Having no credit history could see that your interest rate is a little higher, as it is riskier for Direct Money to offer you a loan.

      If you would like to discuss your eligibility or options, please get in touch with Direct Money directly.

      Cheers,
      Shirley

  5. Default Gravatar
    Lu | March 4, 2015

    I have a $30k loan application with another company. It has been 3 weeks already to get an answer! They are putting us through the ringer yet we have absolutely no negatives and earn jointly about 180k. Is it worthwhile trying again with direct money even tho the other loan application is still active? We are desperate to complete our home renovations that will allow us to rent some of it out to earn more income!!

    • Staff
      Shirley | March 4, 2015

      Hi Lu,

      Thanks for your question.

      The decision is ultimately up to you – it’s best to speak with the company that you have already applied with first to enquire about the status of your application. If you feel that their service isn’t up to scratch, then you may want to remove your application.

      Be mindful that having too many inquiries on your credit file could affect any future applications for credit products.

      Cheers,
      Shirley

  6. Default Gravatar
    Nathan | March 3, 2015

    Hi i was just enquiring about a loan. I want to try getting a loan to pay off my motorcycle, car and a few defaults that i have. I am currently paying them off weekly but thought if i got a loan and pay them all off then i could just pay one loan instead of four different one’s.

    • Staff
      Shirley | March 4, 2015

      Hi Nathan,

      Thanks for your question.

      Please note that finder.com.au is an online comparison service and is not a product issuer. If you would like to discuss your eligibility or options about your debt consolidation loan, please get in touch with Direct Money directly.

      Cheers,
      Shirley

  7. Default Gravatar
    Carly | February 23, 2015

    I see there is no fee for early payout. Am I able to make additional payments when I have extra money without incurring fees?

    • Staff
      Shirley | February 23, 2015

      Hi Carly,

      Thanks for your question.

      You can make additional repayments without incurring early repayment fees.

      Cheers,
      Shirley

  8. Default Gravatar
    Ainsley | February 23, 2015

    When I pay the application fee. And I am unsuccessful in the getting the loan. Does that fee get refunded to me?

    • Staff
      Shirley | February 23, 2015

      Hi Ainsley,

      Thanks for your question.

      The fee is charged when your application is successful and take out a personal loan. It’s charged at the start of the loan when the loan money is deposited into your account.

      Cheers,
      Shirley

  9. Default Gravatar
    Sydney | December 8, 2014

    I do have a personal loan at my bank of $ 15.000 to pay off but am I able to borrow $5.000 from you guys.

    • Staff
      Shirley | December 8, 2014

      Hi Sydney Viki,

      Thanks for your question.

      Please get in touch with Direct Money to enquire about this, also note that there is an eligibility criteria on this page for your reference.

      Cheers,
      Shirley

    • Default Gravatar
      Judy | January 3, 2015

      I do have a personal loan with my bank owe $1625 am I able to borrow $10000 from u guys

    • Staff
      Matt | January 5, 2015

      Hi Judy,

      Thanks for you comment. You’ve left your comment on finder.com.au. To speak to someone at Direct Money about the amount you wish to borrow, please click the green “Go to site” button.

      I hope this has helped.

      Cheers
      Matt

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