Get up to $2,000 in your account with a MoneyMe Loan.
If you find yourself in a position where you need a short-term loan, an easy application and quick turnaround time can go a long way to help. MoneyMe offers an online application with their loans that takes about three minutes to complete, and you can expect access to your approved funds within a few hours, or within the hour if you bank with Commonwealth Bank. Find out how much the loan will cost and if you’re eligible below.
How can I get a MoneyMe loan?
To submit an online application you’ll need your personal and banking details. While these details can usually be verified online, MoneyMe occasionally needs to contact you or your payroll to confirm some information.
|Product Name||MoneyMe Small Loans|
|Min Loan Amount||$200|
|Max. Loan Amount||$2,000|
|Loan Term||1-2 mths|
|Turnaround Time||Within the hour - depending on your institution|
|Total Cost of Borrowing $100||11% - 20% of loan amount (establishment fee) + 4% of borrowed amount each month|
|Requirements||You must be 18+, an Australian resident and be employed with a decent credit history|
|Available to Centrelink borrowers||No|
If you apply within business hours and are approved, you can receive your loan amount within the hour if you bank with Commonwealth Bank (CBA). If you don't bank with CBA you will receive your funds in a few hours. If you apply outside business hours and don’t bank with CBA you will receive your loan the next day, if approved. Keep in mind that MoneyMe conducts credit checks and your score will affect your rate.
Features and benefits of a MoneyMe Loan
- Automatic repayments. You don’t have to remember to make repayments as they are direct debited from your account on the scheduled dates. These repayment terms are set up in line with your pay cycle.
- MoneyMe loan rating. MoneyMe has a five-tiered scoring system that determines the interest rate you are given for your loan. Customers with an A1 rating have the best credit score and are given a rate of 15%. This ranges up to a rate of 24% for A5 customers.
- Loan amounts: You can borrow between $200 and $2,000, depending on what you’re able to repay.
- Loan term. MoneyMe sets up a repayment term based on your pay cycle, but its loan terms range from 1-2 mths
- Visa card. If you're a repeat borrower, you'll be offered a MoneyMe Visa card through which you can receive instant loans, even on weekends.
What does it cost to borrow?
What you will pay depends on how much you borrow, how long your repayment term is and also what MoneyMe determines your rating to be.While your rating is largely determined by your credit history, you can improve your rating by repaying your loan on time.
Other costs to be aware of:
- Default fee: $25 charged each time a direct debit payment is dishonoured
- Late payment fee: $5 for each day your go over your agreed loan term
You can avoid the above fees by getting in touch with MoneyMe, and you’re also able to reschedule repayments as long as you give 24 hours notice.
How you can apply
Click ‘Go to Site’ if you want to submit your application – it should take less than five minutes to fill out. Just ensure you can say ‘yes’ to the following:
- You are an Australian resident
- You are employed
- You are over the age of 18
To apply, you’ll need a few things on hand:
- Bank details to verify the last 90 days’ of your banking history and also to deposit your loan
- A mobile phone number and valid email address
- Verification of your income