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MoneyMe Loan
Get up to $2,000 in your account with a MoneyMe Loan.
Please note: MoneyMe currently does not offer this MoneyMe Loan. You can compare other MoneyMe personal loans here.
For a loan between $500 and $2,000, MoneyMe offers an online application 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.
$2,000
Maximum loan amount
Within the hour
Turnaround time
depending on your institution
1 to 2 months
Term of loan
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Details
| Product Name | MoneyMe Loans |
|---|---|
| Minimum loan amount | $500 |
| Maximum loan amount | $2,000 |
| Arrears Fee | $25 |
| Loan term | 1 to 2 months |
| Turnaround time | Within the hour - depending on your institution |
| Costs | 11-20% of loan amount (establishment fee) + 4% of loan amount each month |
| Requirements | You must be 18+, an Australian resident and employed with a decent credit history. |
| Available to Centrelink Borrowers? | No |
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 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.
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 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 $500 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 the loan terms range from 1 to 2 months
- 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 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.
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
