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Mobile Money offers short-term loans secured against movable goods. They have an office in Cardiff and provide loans to people who live in and around Newcastle. While the borrowing limit is $50,000, you can only borrow up to 70% of the value of your security. As this loan is secured, bad credit borrowers can apply. In case you’re unable to repay your loan, you run the risk of losing your asset. The loan has interest rate charges, application and monthly fees. This will be outlined in the loan contract.
$50,000
Maximum loan amount
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Product Name | Mobile Money Loans |
---|---|
Minimum loan amount | $300 |
Maximum loan amount | $50,000 |
Available to Centrelink Borrowers? | Yes |
If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support.
Do you really need a loan today?*
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
Customers can borrow from $300 to over $50,000 through a Mobile Money loan. If anyone is not sure how much they can borrow against any particular item, a Mobile Money representative can visit their home or workplace to give them a valuation. This process does not cost the borrower any money.
Successful applicants can borrow up to 70% of their item’s value. To begin the process, they need to submit an online enquiry and a Mobile Money representative will contact them soon after. Once the process is complete, Mobile Money can approve the application in as little as 15 minutes.
Borrowers can receive their cash through a direct deposit or a representative can drive them to a local bank to receive a cheque. While the typical loan term of Mobile Money cash loans is one day to three months, they can get an extension.
Upon the approval of the loan application, Mobile Money presents customers with a loan contract. It’s important that applicants go through the contract carefully. This is because it will give them a clear indication of the interest the loan will attract as well as all applicable fees and charges they may have to pay during the course of the loan. For example, if someone makes a late payment, they will incur a late charge.
If someone thinks that the cost of the loan is too high for their budget, they don’t have to accept the loan contract. If they choose to repay the loan ahead of time, they don’t have to pay any additional fees or penalties.
If a prospective borrower has assets to pawn, they can get a loan through Mobile Money. They can also pawn goods that belong to third parties, provided they have written permission from the owner. They can use a vehicle on which they still owe money as collateral, provided the desired loan amount is less than the valuation.
Customers can initiate the process by submitting an online enquiry. Completing the application successfully requires that all applicants provide some basic information:
On processing an application, successful applicants usually receive approval within 15 minutes. Once they accept the loan contract, they can get a cheque almost immediately. Getting Mobile Money to transfer the funds into their bank account is also an option.
2 Comments
July 29, 2018
Can I loan against a third party compo claim?
August 4, 2018
Hi Ben,
Thank you for getting in touch with Finder.
I am afraid that the third-party compo would not be accepted. As per this page, if using a third-party item, written permission from its owner – that is just for a mobile items while the compo claim is a proof of someone’s income.
Mobile Money lend up to 70% of the value of mobile goods such as cars, boats, trucks, motorcycles, trailers, plant machinery or anything else of value. They can also arrange loans against property settlements, wills, legal claims and legal settlements.
To know more about applying for a loan with Mobile Money, I suggest that you visit their website or call them directly. Their experienced and professional staff will be pleased to explain in detail any queries you might have regarding their loans and policies.
You may also want to read more on getting a loan on compo.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni