Moneybox Loans

Information verified correct on December 10th, 2016

Apply for a convenient short-term loan through Moneybox Loans from anywhere in Australia.

Moneybox Loans is a 100% Australian-owned organisation that aims to use technology to make short-term loans more accessible. As a small business, it provides customers with professional yet personalised service. The managers that work with Moneybox Loans have over two decades of experience and the company has an Australian Credit Licence issued by the Australian Securities and Investments Commission (ASIC).

While Moneybox Loans specialises in providing unsecured personal loans, it also offers some secured loan options. Go through this review to find out if Moneybox Loans has an option that will work for you.

How do loans from Moneybox Loans work?

You can borrow between $300 to $2,500 through Moneybox Loans. However, the maximum amount available to you depends on factors such as your creditworthiness and existing financial situation. The loan term can vary from 6-9 months.

Once you submit your application, Moneybox Loans processes it and will offer you a loan contract if it’s approved. You’ll need to sign the contract electronically. Moneybox Loans will then transfer the money into your nominated bank account by the following business day.

Features of a loan from Moneybox Loans

Here are some of the reasons you may want to consider Moneybox Loans:

  • Poor credit is alright. Moneybox Loans does not follow the same stringent criteria as banks when making lending decisions. While it will run a credit check as part of the application process, it also carefully considers your existing financial situation. If you have a regular source of income and meet some basic minimum requirements, you can be approved.
  • Quick application process. You can complete the online application in minutes. Once you submit it and provide all the required documents, Moneybox Loans can make a decision within 30 minutes. If you submit your application after 3pm AEST, Moneybox Loans will process it on the following business day.
  • Get the money quickly. Moneybox Loans aims to fund all its loans with 24 hours.Once you accept the loan contract, it transfers the the approved funds to your bank account as quickly as possible. This can happen on the same day, depending on your bank’s processing time.
  • Easy repeat borrowing. You can speed up the process of applying for a new Moneybox Loan option as a repeat borrower. To do this, you have to visit the Moneybox Loans online platform for existing customers. You can access your previous application and make any required changes. You don’t have to go through the identity verification process again.

How much will the loan cost?

When you receive your loan contract, go through it carefully. This gives you a clear indication of all applicable fees and charges you may have to pay during the course of the loan term.

If you get a Small Amount Credit Contract (SACC), you’ll have to pay an establishment fee and a monthly fee. You won’t have to pay an interest. With a Medium Amount Credit Contract (MACC), you’ll have to pay an establishment fee and interest.

Loans provided by Moneybox Loans don’t attract any exit fees, so you can pay your loan off ahead of time without worrying about incurring additional charges.

Are you eligible for a Moneybox Loans loan?

To apply for a loan through Moneybox Loans you have to meet these eligibility criteria:

  • You are over 18 years of age
  • You are an Australian resident or a permanent resident of Australia
  • You have a steady source of income (which can include Centrelink benefits)
  • You have an operational bank account that allows direct credit and debits

How you can apply

If you’d like to apply for a Moneybox loan you can start your application online. Applying requires that you provide some basic information, which includes:

  • Your name, home address, email address and phone number
  • Details from your driver’s license, passport or proof of age card
  • Details from your Medicare card
  • Your employer’s name and contact details
  • Details about your income and expenses
  • Your bank account details
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