MoneyMe Medium Loans up to $5,000
Loans up to $5,000 with MoneyMe.
Maximum loan amount
Within the hour
depending on your institution
3 months to 2 years
Term of loan
|Product Name||MoneyMe Medium Loans|
|Min Loan Amount||$2,100|
|Max. Loan Amount||$5,000|
|Loan term||3 months to 2 years|
|Turnaround time||Within the hour - depending on your institution|
|Costs||$495 (establishment fee) + 6.25-19.95% p.a. interest|
|Requirements||You must be employed, not receiving Centrelink and have 90 days of bank statements|
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 does a MoneyMe loan work?
While MoneyMe loan applications are straightforward, but loan applicants will only be approved for an amount and terms they can afford. Medium loan amounts are between $2,100 and $5,000.
Once an application is submitted, MoneyMe verifies the applicant's bank statements through its partner, Money Buddy. They'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 they're offered, they can repay over a period of up to 2 years.
Costs vary according to a borrower's unique profile and the loan amount. Direct debits can be linked to an applicant's pay cycle to facilitate repayment. They will be charged for late payments, failed direct debits and extending their loan term.
What features come with a MoneyMe loan?
If someone applies for a loan from MoneyMe they'll have access to the following features and benefits:
- Responsible lending. MoneyMe will only approve a loan that customers can afford as per ASIC's requirements. Terms are calculated based on an individual's financial situation and repayments will be structured around their pay cycle.
- Short application and approval. The application process is simple and fully online. An applicant's bank statements are verified electronically and if approved, their loan amount is deposited within one hour.
- Flexible loan amounts. Medium loan amounts vary between $2,100 and $5,000. Repayment terms, fees and interest rates are calculated according to how much someone borrows and their personal financial situation. Applicants also have the option to apply for smaller loans and personal loans of up to $50,000.
- Rewards. MoneyMe operates a step-up program. This means that individuals that regularly pay back their MoneyMe loan on time can improve their MoneyMe rating which may lead to improved loan terms and rates with MoneyMe in the future.
- 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 someone can top up funds through their Internet banking account.
How much will the loan cost?MoneyMe loans come with the following costs:
- Establishment fee. A fee of $495 applies for setting up the loan.
- Interest rate. On top of the the establishment fee, there will be an interest rate of at least 6.25% per year depending on the applicants profile. For some applicants this interest rate will be significantly higher so always check that you will be able to afford the repayments.
- Dishonour fee. If a direct debit is rejected, you will be fined $15. A bank may also charge a fee if a direct debit is dishonoured.
- Changing a payment. Customers will be charged a fee for making changes to their payment date or amount.
- Late fee. A late payment fee is charged every time someone makes a payment more than five days after the original pay date.
Eligible borrowers must meet the following criteria:
- Age. They must be 18 years or older.
- Employed. They must be employed. MoneyMe might contact your employer as part of the verification process.
- Residence. They must be able to prove that they're an Australian resident.
- Credit history. A positive credit history will help with an application.
How to apply for the MoneyMe loan
To apply for the MoneyMe loan, click "Go to Site" to get an application started. Applicants will need the following information on hand:
- Their bank details
- Their email address and mobile phone number
The application process takes about five minutes and, depending on a person's bank, money could be available in their account within a one hour of applying.