Apply for a loan up to $5,000 and take advantage of the competitive features from MoneyMe.MoneyMe is an online loan provider offering quick small and medium loan solutions. Depending on the loan type and your financial situation, you can repay over a period of up to 2 years. The application process is quick and paperless, and if approved, your loan amount can be available within one hour.MoneyMe prioritises responsible lending and a simple cost structure. If you repay your MoneyMe loan on time and build up your MoneyMe loan rating, you benefit from lower fees and better rates the next time you apply for a loan.
|Product Name||MoneyMe Medium Loans|
|Min Loan Amount||$2,001|
|Max. Loan Amount||$5,000|
|Loan Term||3 months to 2 years|
|Turnaround time||Within the hour - depending on your institution|
|Costs||$400 (application fee) + 8.99-30% p.a. interest|
|Requirements||You must be employed, not receiving Centrelink and have 90 days of bank statements|
How does a MoneyMe loan work?
While MoneyMe loan applications are quick and easy, you'll only be approved for an amount and terms you can afford. Medium loan amounts are between $2,001 and $5,000.
Once your application is submitted, MoneyMe verifies your bank statements through its partner, Money Buddy. You'll then be given a MoneyMe loan rating of between A1 and A5 as well as a tailored repayment plan. Depending on the loan amount you're offered, you can repay over a period of up to 2 years.
Costs vary according to your borrower profile and the loan amount. Direct debits can be linked to your pay cycle to facilitate repayment. You will be charged for late payments, failed direct debits and extending your loan term.
What features come with a MoneyMe loan?
If you apply for a loan from MoneyMe you'll have access to the following features and benefits:
- Affordable repayments. MoneyMe will only approve a loan that you can afford. Terms are calculated based on your financial situation and repayments are structured around your pay cycle.
- Quick application and approval. The application process is simple and fully online. Your bank statements are verified electronically and if approved, your loan amount is deposited within one hour. There are no hidden fees, long waiting periods or paperwork.
- Flexible loan amounts. Medium loan amounts vary between $2,001 and $5,000. Repayment terms, fees and interest rates are calculated according to how much you borrow and your personal financial situation. You also have the option to apply for smaller loans and personal loans of up to $25,000.
- Rewards for good behaviour. The better your MoneyMe loan rating, the better the advantages the next time you apply for a MoneyMe loan. A good MoneyMe credit profile means you can apply for larger loan amounts and benefit from lower rates and fees.
- MoneyMe Express Visa Card. MoneyMe customers are also eligible for a reloadable prepaid Visa card. The card has to be activated in the online MoneyMe Member area, after which you can top up funds through your Internet banking account.
How much will the loan cost?MoneyMe loans come with the following costs:
- Establishment fee. A fee of $400 applies for setting up the loan.
- Dishonour fee. If a direct debit is rejected, you will be fined $15. Your bank may also charge a fee if a direct debit is dishonoured.
- Changing a payment. You will be charged a fee for making changes to your payment date or amount.
- Late fee. A late payment fee is charged every time you make a payment more than five days after the original pay date.
Are you eligible for a MoneyMe loan?
Eligible borrowers must meet the following criteria:
- Age. You must be 18 years or older.
- Employed. You must be employed. MoneyMe might contact your employer as part of the verification process.
- Residence. You must be able to prove that you’re an Australian resident.
- Credit history. A positive credit history will help your application.
How you can apply for the MoneyMe loan
If you're ready to apply for the MoneyMe loan you can click "Go to Site" to get your application started. You'll need the following information on hand:
- Your bank details
- Your email address and mobile phone number
The application process takes about five minutes and, depending on your bank, money is available in your account within a one hour of applying.