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 to 2 months |
| Arrears Fee | $25 |
| 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 |
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 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 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
i need to no can i get a installment loan without no bank account and no credit check
Hi Wanda,
Thanks for reaching out.
MoneyMe Loan is only for Australian residents.
If you are residing in the US, please check and compare your options here. Please note that certain eligibility criteria apply. Some of the lenders also handle applicants with bad credit on a case-to-case basis.
We don’t have a comparison page for no-credit check loans in the US but we have a guide on this page to help you understand how a no-credit check loan works.
Cheers,
Anndy
I need to get a loan as unexpected visitors arrived with out notice and we need. Help please
Hi Kain,
Thanks for your question.
If you are looking to apply for MoneyMe Loan, you can do so by directly visiting their website. If you apply within business hours and are approved, the funds will be credited to your account within an hour if you bank with Commonwealth Bank (CBA) and several hours if you want the money to be deposited to other banks.
You may also want to check and compare fast cash loans for your emergency borrowing needs.
Cheers,
Anndy
Need emergency loan please
Hi Linda,
Thanks for reaching out.
If you are an Australian resident, employed and are over 18 years old, you are eligible to apply for MoneyMe Loan directly through their website.
You can also check this page to compare fast cash loans for your emergency borrowing needs.
Cheers,
Anndy
hallo i want a loan to start a business,may u give me? please this is my need.
Hi Noluvuyo,
Thank you for your comment. Please note that you’ve come through to finder.com.au we are an Australian financial comparison website and general information service, not an actual lender.
Depending on which type of business loan you wish to get, you may find more information from our guide on this page. Also, there are a few lenders that were featured on the page that you can contact and discuss your options.
Hope this helps.
Cheers,
May
Hello, I’m a money me member, I have a pay day loan with money me, but just asking if I can apply for the personal loan please??????
Hi Val,
Unfortunately you aren’t able to apply for another Money Me loan until you’ve repaid your previous loan in full. After this you will be able to apply for another loan straight away.
Thanks,
Elizabeth
Wondering if loan will be processed on a sunday or business hours only?
Hi Marty,
Thanks for your question.
You can still apply for a loan outside of business hours and you may still be approved, but you will need to wait until the following business day to receive your loan.
I hope this has helped.
Thanks,
Elizabeth
I have a loan with you is it possible to get another loan?
Hi Noel,
Thanks for your question.
You can only apply for a MoneyMe loan once you have repaid your first loan in full.
I hope this has helped.
Thanks,
Elizabeth
I’ve got a loan paid it all outright yesterday however my direct debit for my normal repayment hasn’t cleared yet . It’s been two days how should it be done today ?
Hi Jason,
Direct debit clearing time varies between banks, but if you’re concerned about the time it’s taking you should contact your bank or MoneyMe directly.
Hope this helps,
Elizabeth