MoneyMe is an Australian-based lending company that specialises various personal loans. It has built its business around offering fast, safe and simple credit solutions to Australians, with a focus on minimising paperwork and being able to offer short term fixes to financial shortfalls, up to larger amounts of credit.
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.
Comparison of Similar personal loans
|MoneyMe Freestyle Virtual Credit Account||$10,000||Revolving line of credit||Minutes|
Interest rate from 16.99% to 25.99%
Annual fee from $100 to $250
|MoneyMe Medium Loans||$3,000||3 months to 2 years||Within the hour - depending on your institution||$400 (application fee) + 8.99-29.99% p.a. interest||More|
|MoneyMe Personal Loans||$50,000||2 to 5 years||Within the hour - depending on your institution||5 - 8% of the principal borrowed, Capped at $1,200||More|
How does a loan from MoneyMe work?
MoneyMe offer loans of between $500 and $50,000. Loan terms range between 1 to 2 months to up to 5 years for loans up to $50,000. It obtains an applicant's banking history from the banks using secure Bank Vision technology, meaning that they don’t have to supply the statements themselves. The application process is usually straightforward and repayments are structured around when a customer gets paid.
Features and benefits
- Simple application. MoneyMe uses Bank Vision technology that securely obtains 90 days worth of their applicant's bank statements so they don’t have to supply them. Applications should only take around five minutes to complete.
- Quick funding. Once approved for a loan, borrowers have instant access to funds.
- Virtual card. Borrowers for MoneyMe lines of credit up to $10,000 are offered a MoneyMe Freestyle Virtual Credit Account through which they can receive instant loans. Card holders can shop online via Apple Pay and Google Pay, or in-store via Tap n Pay on their phone. If borrowers would prefer cash in their personal bank account, they can transfer funds from the card to their account. Transferring funds takes one-four hours to major banks, and up to one business day to smaller banks.
- Direct debit. MoneyMe will direct debit repayments from the customer's nominated bank account on the agreed upon days, which usually coincide with the applicant's salary. It will send customers a reminder of when their repayments are due and will not charge direct debit fees.
- Member area. If an existing customer chooses to apply with MoneyMe again, and they made all their repayments on time with their first loan, it will be easier to apply a second time around, and they may be approved for a higher loan amount. Customers will also be rewarded if they recommend MoneyMe to their friends.
- Early repayments. MoneyMe will not charge customers or penalise them for making early repayments.
Fees and charges
- Successful applicants will be charged 11-20% of loan amount (establishment fee) + 4% of loan amount each month for loans up to $2,000.
- For loans up to $50,000 rates may include but not limited to 10.68% p.a.
- Loan customers will not have to pay transaction fees.
- Customers can avoid any change of payment fees by letting MoneyMe know 24 hours before a payment is scheduled if they need to reschedule it.
- If someone's direct debit is dishonoured they will be charged a fee of $25, and their bank may also charge them a separate fee.
- If someone goes over the agreed upon loan term, they may be charged $5 per day, but if they talk to MoneyMe, they may be able to provide assistance and reduce this fee.
Things to consider
Before applying for any loan prospective applicants should consider their own financial needs and situation and whether they will be able to repay the loan. This is especially true with a short term loan as the interest rate tends to be higher than with other personal loans. These type of loans should not be considered as solutions to longer term financial problems, but rather as a short term cover until they next get paid. Depending on the intended purpose of the loan and the applicant's financial situation, they might also want to consider other loan options before applying.
MoneyMe is a short term lender, and as such, it has more flexible lending criteria than with other larger personal lenders. However, it’s important to keep in mind that as a responsible lender, MoneyMe will only approve loans to people who are in a position to be able to pay it back.
To be eligible for a loan, applicants will need to be over 18, an Australian resident, employed and have a "decent" credit history. While their loan amounts range from $500 and $50,000, it will only approve a loan amount that the applicant can comfortably repay. To determine this every customer's income will be taken into account, along with their expected living costs and, for returning borrowers, their MoneyMe trust rating.
How to apply
To apply for a loan with MoneyMe, prospective loan applicants can click "Go to site". From there they will need to fill out an online application form, which should take less than five minutes. They will need to provide the following:
- Bank details to deposit their loan
- Drivers licence or Medicare number to confirm their identity
- Their mobile phone number for SMS security verification.