MoneyPlace Unsecured Personal Loan
- Interest Rate (p.a.)
- 7.24% to 19.99%
- Comp. Rate (p.a.)
- 7.24% to 21.49%
- Min Loan Amount
- $5,000
Summary
Borrow up to $80,000 with this non bank lender. Interest rates are tailored to your credit history, and range from 7.24% to 19.99%
MoneyPlace offers unsecured personal loans starting from $5,000 up to $80,000. The interest rate is fixed, meaning that your repayments will remain the same throughout the lifetime of your loan. They offer terms of 3, 5 or 7 years. You can receive a rate estimate within two minutes, without it affecting your credit score. The rates are personalised and depend on your credit history. Rates can range from 7.24% p.a. up to 19.99% You can expect a low rate if you have excellent credit history, but a higher rate if your credit history isn’t perfect. There is no monthly fee associated with this loan, but there may be an establishment fee of 0% to 5.50% of the borrowed amount. It is capped at $950.
Pros
-
Competitive, tailored rate
-
No security required
-
Receive a rate estimate before applying
Cons
-
Restrictive loan terms
Details
Product details
| Product Name | MoneyPlace Unsecured Personal Loan |
| Interest Rate (p.a.) | 7.24% to 19.99% |
| Comp. Rate (p.a.) | 7.24% to 21.49% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $80,000 |
| Loan Security | Unsecured |
How does MoneyPlace Unsecured personal loan work?
As an unsecured loan, you can use the funds for a range of personal purposes. The interest rate is tailored to your credit history, with rates starting from 7.24% p.a. for those with excellent credit. You can receive a rate estimate before you submit your full application without it affecting your credit score. As MoneyPlace is a marketplace lender, once your loan is approved, your loan will be matched to a private investor in its personal loans marketplace.How to apply
You can easily apply for a rate estimate with MoneyPlace online. First, make sure you meet the eligibility criteria. You must:- Be over the age of 18
- Be an Australian citizen or permanent resident
- Earn at least $20,000 p.a. (the majority of your income cannot be from Centrelink)
- Be applying as an individual (no joint applications)
- Have an acceptable credit record with no outstanding defaults, court judgements, writs or bankruptcies
- Not currently be in collections for outstanding debt
- If you are self-employed you need to have been trading for at least two years and not be borrowing for business purposes
To receive a rate estimate online, you need to provide the following information:
- Loan purpose. Select from options such as debt consolidation, new or used car purchase or wedding.
- Loan details. You'll need to select how much you want to borrow and for how long.
- Personal details. Your name, date of birth and marital status.
- Contact information. Provide your email address, home address and mobile number.
- ID. You'll need your driver's license number and state.
Once you provide these details, you can receive a rate estimate, which does not affect your credit score. If you're happy to proceed, you can fill out a complete application with MoneyPlace to have your loan fully approved and submitted to the loan marketplace for funding.
Features of this loan
Several key features and benefits come with this loan, including:- Flexible loan purpose. You can purchase a new or used car, consolidate debt from personal loan or card accounts, pay for a holiday, a wedding or even fund medical expenses.
- Loan amount. You can borrow anywhere between $5,000 and $80,000 with this loan.
- Loan term. Apply for a loan term of either 3 years, 5 or 7 years.
- Good credit history is rewarded. As the interest rates are tailored, you will receive a lower rate the better your credit history is. Interest rates start at a competitive 7.24% p.a. for borrowers with excellent credit histories.
- Receive a rate estimate. If you'd like a rate estimate without affecting your credit score, you can submit a few details on MoneyPlace's website and receive an estimate in a few minutes.
- Quick online application. You can apply online in about 10 minutes, and as MoneyPlace is an online-only lender, you won't have to submit any physical documents.
- No early exit fees. If you want to pay back your loan ahead of schedule, you can do so without penalty.
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