Mobile Money Loans

Information verified correct on October 25th, 2016

If you’re looking for a quick loan in or around Newcastle, here’s what Mobile Money has to offer.

Mobile Money began operations in 1994 and today offers short-term loans secured against different kinds of movable goods. The business came when its managing director lost his home for failing to make his mortgage payments on time due to a major accident. This was despite the fact that he had assets that he was willing to pawn.

He started Mobile Money when he found Australian laws permitted the pawning of goods such as cars, motorcycles, boats, caravans, trucks, machinery and other mobile items. Today it has an office in Cardiff and provides loans to people who live in and around Newcastle.

How do Mobile Money cash loan work?

You can borrow from $300 to over $50,000 through a Mobile Money loan. If you’re not sure how much you can borrow against any particular item, a Mobile Money representative can visit your home or workplace to give you a valuation. This does not cost you any money.

You can borrow up to 70% of your item’s value. To begin the process you can submit an online enquiry and a Mobile Money representative will contact you soon after. Once you complete the application process, Mobile Money can approve your application in as little as 15 minutes.

You can receive your cash through a direct deposit or a representative can drive you to a local bank to receive a cheque. While the typical loan term of Mobile Money cash loans is one day to three months, you can get an extension.

Features of a loan from Mobile Money

  • Apply with bad credit. Getting a cash loan if you have negative marks on your credit file can be a challenge. This is not the case with Mobile Money. As the loan is secured against an asset you can be considered with bad credit.
  • Provide security in different ways. Mobile Money lets you borrow against items such as cars, motorcycles, boats, trucks, caravans, trailers, horse floats and even aeroplanes. You can also get a loan against legal claims, property settlements and wills.
  • Transporting unregistered vehicles. If you have an unregistered vehicle, Mobile Money can arrange for its transportation. If the vehicle is drivable, it can use trader's plates that allow it to move unregistered vehicles to its premises.
  • Security. Since it began operations, Mobile Money has not reported a single incident of a lost or stolen item. As many as nine security cameras work round-the-clock to monitor its premises. It makes use of laser beams and base alarms for added safety. It also has complete insurance cover against damage, fire and theft.

Fees and charges to consider

Upon the approval of your loan application, Mobile Money presents you with a loan contract. It’s important that you go through the contract carefully. This is because it gives you a clear indication of the interest the loan will attract as well as all applicable fees and charges you may have to pay during the course of the loan. For example, if you make a late payment, you will incur a late charge.

If you think that the cost of the loan is too high for your budget, you don’t have to accept the loan contract. If you choose to repay the loan ahead of time, you don’t have to pay any additional fees or penalties.

Are you eligible for a Mobile Money loan?

If you, as a prospective borrower, have assets to pawn, you can get a loan through Mobile Money. You can also pawn goods that belong to third parties, provided you have written permission from the owner. You can use a vehicle on which you still owe money as collateral, provided the desired loan amount is less than the valuation.

How you can apply

You can initiate the process by submitting an online enquiry. Completing the application successfully requires that you provide some basic information:

  • Your name, residential address, email address and phone number
  • Documents to prove your identity, such as your driver’s license, passport or state ID
  • Proof of ownership of the item you wish to use as collateral (registration papers or purchase receipts)
  • If using a third-party item, written permission from its owner

Mobile Money can process your application quickly and you can usually receive approval within 15 minutes. Once you accept the loan contract, you can get a cheque almost immediately. Getting Mobile Money to transfer the funds into your bank account is also an option.

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