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Money3 Fast Cash Loan
Last updated:
Money3 offers an online application, flexible lending criteria and the loans up to $2,000.
- Please note that Money3 no longer offers this product. The information on this page has been kept for the benefit of those who are interested and historical records only. You can compare other $2,000 loans here.
$2,000
Maximum loan amount
Same business day
Turnaround time
3-12 months
Term of loan
Details
| Product Name | Money3 Fast Cash Loan |
|---|---|
| Minimum loan amount | $200 |
| Maximum loan amount | $2,000 |
| Initial Maximium Loan Amount | $2,000 |
| Loan term | 3-12 months |
| Turnaround time | Same business day |
| Costs | 20% of loan amount + 4% of loan amount each month |
| Available to Centrelink Borrowers? | No |
- Please note that Money3 no longer offers this product. The information on this page has been kept for the benefit of those who are interested and historical records only. You can compare other $2,000 loans here.
Are you struggling financially?
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. Find out more here: https://www.finder.com.au/coronavirus-financial-help
⚠️ Warning about Borrowing
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:
- For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
- Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
- If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94
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.
How does a Money3 Fast Cash Loan work?
Money3 Fast Cash Loan are short-term loans, offering up to $2,000 with repayment terms ranging between 10 weeks to 12 months. Customers can choose to make repayments weekly, fortnightly or monthly to align with their pay schedule. People also have the option to pay the loan ahead of schedule without incurring any additional charges. However, all customers will be charged an establishment fee and ongoing monthly fees.Features of a loan from Money3
Money3 Fast Cash Loan offer the following features to Australian borrowers:- Borrow up to $2,000. You can borrow anywhere from $200 to $2,000 with this loan.
- Terms of up to 12 months. The minimum loan term on a fast cash loan is 10 weeks or 3 months depending on the applicant's repayment frequency. The maximum loan term is 12 months.
- Repayment schedules. Customers can choose to repay their fast cash loan from Money3 on a weekly, fortnightly or monthly basis to suit their budget and income. Repayments are debited from the customer's bank account and lined up with their pay schedule.
- Early payment allowed. There is no penalty if a customer chooses to pay their Money3 fast cash loans off early.
- Online application. People can apply for the Money3 Fast Cash Loan fast cash loan online or at a Money3 branch.
- Eligibility requirements. Money3 considers applications from people with bad credit. It also accepts applications from people who receive a portion of their income from Centrelink. However, applicants still need to meet other eligibility requirements and demonstrate their ability to repay the loan to receive approval.
What are the risks of short term loans?
- Unaffordable repayments. Consider the size of the regular repayments and ensure the loan is able to be repaid during the loan term. If not, extra fees apply to extend it. Be careful, since repayment periods for these kinds of loans tend to be shorter than regular loans.
- Multiple applications. Every loan application shows up on credit reports. While lenders might not consider credit history, several applications within a short period can have a negative impact on your credit score moving forward.
- Check rates and fees. Establishment and monthly fees are capped, so be wary of lenders quoting prices beyond the legal maximum amounts. Be crystal clear on what will be charged for late payments or a default on the loan. The total cost of the loan matters here - lenders can charge interest rates on top of everything else.
- Long-term repercussions and legal issues. Once the loan agreement is signed, the customer is bound to its conditions until the loan and any associated rates and fees have been paid. Typically these loans are unsecured, which means that the lender can initiate legal proceedings against the customer if they can't repay.
Fees and charges
Customers will be charged the following fees:
- A one-off establishment fee. 20% of the loan amount.
- A monthly account-keeping fee. 4% of the loan amount.
- Maximum Annual Percentage Rate (APR). The maximum APR is 79.38%.
How to apply for the Money3 Fast Cash Loan?
People can apply for a Money3 Fast Cash Loan online or in a branch. Before starting the application, make sure to check the eligibility criteria and required information.
Eligibility requirements
- Age. Must be over 18 years old.
- Income. Applicants must be employed and earn over $1,400 a month. If the applicant receives Centrelink benefits, it must make up less than 50% of their total income. The income must be paid into the customer's bank account.
- Residency. This loan is only available to Australian residents.
Documents and information
To complete the application, people must provide:
- Loan details. The desired loan amount and loan purpose.
- Personal information. Full name, address, date of birth and contact details. This includes proof of identification and residence.
- Repayment schedule. Confirm repayment schedule (weekly, fortnightly or monthly).
- Finances. Details of employment and income. This includes digital access to 90 days worth of bank statements.
Once the application is completed and submitted, Money3’s loan underwriting team will review it and keep the applicant updated of its progress via phone and email.
Before deciding whether this loan is the right option, be sure to compare short-term loans from a wide range of lenders.