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MoneyMe Loans

MoneyMe offer a range of personal finance solutions and quick funding.

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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.

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⚠️ Warning about Borrowing

payday-warningDo 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

NameMaximum Loan AmountTerm of LoanTurnaround TimeCosts
MoneyMe Freestyle Virtual Credit Account$10,000Revolving line of creditMinutes

Interest rate from 16.99% to 25.99%

Annual fee from $100 to $250

More
MoneyMe Medium Loans$3,0003 months to 2 yearsWithin the hour - depending on your institution$200 (establishment fee) + 8.99-29.99% p.a. interestMore
MoneyMe Personal Loans$50,0002 to 5 yearsWithin the hour - depending on your institution5 - 8% of the principal borrowed, capped at $1,200More

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

  • An establishment fee of $400 applies.
  • 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.

Eligibility

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.

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    MoneyMe offers a flexible line of credit loan that's accessible within minutes. Apply online and get approved for a maximum credit limit from $1,000 to $10,000 and make purchases straight from your mobile phone.

  • Safe Financial Small Loan

    Safe Financial offers short term loans between $1,000 and $5,000 with repayment terms up to 52 weeks.

  • Capfin Money Medium Amount Loan

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  • Latitude Financial Services Secured Personal Loan

    The Latitude Financial Service Secured Personal Loan is a flexible loan with a competitive fixed interest rate, flexible repayment options and the ability to make additional repayments. Application is simple and can be completed online – find out if you're eligible.

  • Fair Go Finance Online Personal Loan

    If you're looking for a small personal loan up to $10,000, this option from Fair Go Finance is one to consider. Borrow just as much as you need and have up to one year to repay it, and if you choose to borrow again you can benefit from Fair Go's mates rates and express service. Find out about applying with Fair Go Finance.

  • LastMinuteLoan Short Term Loan

    Compare the loan amounts, repayment terms, eligibility requirements and fees that apply with a short term loan from LastMinuteLoans.

  • Quick and Easy Finance Small Loan

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  • My Credit Union Fixed Rate New Car Loan

    If you’re looking for a car loan, My Credit Union is offering a low fixed rate along with very little fees for new applicants. Apply for between $10,000 and $100,000 and have up to 7 years to repay.

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12 Responses

  1. Default Gravatar
    DamasceneOctober 31, 2019

    I would like to get a loan to do good shopping and for real and for me and my family. We are going back home today.

    • Default Gravatar
      NikkiOctober 31, 2019

      Hi Damascene,

      Thanks for your comment and I hope you are doing well.

      To get started on the application with MoneyMe, please go to the part of the page that shows how to apply and the eligibility criteria of MoneyMe. As a friendly reminder, carefully review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.

      Hope this helps and happy shopping!

      A smarter way to manage your money is coming. Join our waitlist for the Finder app!

      Best,
      Nikki

  2. Default Gravatar
    MuhammadApril 26, 2019

    how do i get loan

    • Avatarfinder Customer Care
      JohnApril 26, 2019Staff

      Hi Muhammad,

      Thank you for reaching out to Finder.

      If you’d like to apply for a loan with MoneyMe you can go to the MoneyMe website. From there you will need to fill out an online application form, which should take less than five minutes. You will need to provide the following:

      Bank details to deposit your loan
      Drivers licence or Medicare number to confirm your identity
      Your mobile phone number for SMS security verification.

      Hope this helps!

      Cheers,
      Reggie

  3. Default Gravatar
    JamesOctober 30, 2018

    Hi, I would like to know if I could get a personal loan. I have a default of $7688 on my credit file that I wish to pay off along with some other small bills. Im employed ( over 16 months ) and earn $80000 pa. I was looking for a loan of $15000. Is this possible with a default?

    • Avatarfinder Customer Care
      JohnOctober 30, 2018Staff

      Hi James,

      Thank you for your question.

      You may click on this link to check on lenders who provide assistance to users with not so good credit rating. You may need to prove your capability in paying back the loan since you have a default record. Hope this helps!

      Cheers,
      Reggie

  4. Default Gravatar
    WalterFebruary 7, 2018

    are you able to apply for a loan while bankrupt?

    • Default Gravatar
      JoelFebruary 17, 2018

      Hi Walter,

      Thanks for leaving a question on finder.

      Yes, you are able to get a loan if you are a discharged bankrupt or even if you are bankrupt at the moment. You will be more limited in terms of the lenders you have to choose from, and the fees and rates will also be higher on bankrupt loans. You may also be required to attach an asset as security or apply with a guarantor. You can find out about your loan options HERE and see what you might be eligible for. If you need anything else, please send us a message.

      Cheers,
      Joel

  5. Default Gravatar
    NTHABELENGNovember 21, 2016

    I NEED TO NOW HOW TO APPLY FOR MONEY ME

    • Default Gravatar
      NunziatinaDecember 11, 2017

      How do I reapply for a money me loan for 10,000

    • Avatarfinder Customer Care
      MayDecember 12, 2017Staff

      Hi Nancy,

      Thank you for your inquiry.

      If you wish to reapply for a loan with MoneyMe, please visit their official website and submit your application from there. Meantime, in case you’d like to check with other lenders, you may visit this page to get more information about getting $10,000 loan and compare your options. Best to review the eligibility requirements first before you apply.

      Hope this helps.

      Cheers,
      May

    • Avatarfinder Customer Care
      DeeNovember 21, 2016Staff

      Hi NTHABELENG,

      Thanks for reaching out.

      If you are interested to apply for MoneyMe Short Term Loan, you can submit your application online at the Money Me web site. Please be sure to read the eligibility criteria first as listed above before doing so.

      Cheers,
      Anndy

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