Looking for a small, short-term loan? Find out how you can borrow as little as $200 and repay it over 90 days.
A Moneyspot loan is quick and easy to apply for, as the business is 100% online. With a loan term of up to 90 days, you can have your loan repaid quickly. This loan is worth considering if you need a small amount of cash quickly, as the approval process is quick and you can get your money into your nominated bank account within one hour. As it’s an unsecured loan, you do not need to worry about securing any assets against it.
|Product Name||Moneyspot Small Loan|
|Minimum Loan Amount||$200|
|Maximum Loan Amount||$2,000|
|Loan Term||Up to 90 days|
|Turnaround time||1 hour - conditions apply|
|Costs||20% of loan amount establishment fee + 4% of loan amount monthly.|
|Available to Centrelink Borrowers?||No|
How does a Moneyspot loan work?
You are able to borrow $200 to $2,000 over a maximum of 90 days. This is an unsecured cash loan online, which means that there is nothing that needs to be secured against it (like another asset) and you as the lendee bear the risks. Due to the business being completely online, this means that the application process is easier than most.
Features of a loan from Moneyspot
There are many features that come with this loan, such as:
- Applying with bad credit history. Worried your credit history isn’t perfect? That’s not a problem with Moneyspot as it looks at your recent history of repayment and affordability.
- Completely online. This business is 100% online so you can apply whenever you have your bank details and ID together.
- Short application form. The application process and form will take about five minutes to complete online.
- Money in your account fast. If you apply within business hours and get approved, the money will be in your account within the hour. If you apply after 5pm, the money will be in your account the next business day.
- Very clear fee structure. The fee structure is transparent so you can easily see if you’re able to afford the loan.
- Varied loan amounts. The loan amounts range from $200 to $2,000.
How much does this loan cost?
There are some fees and charges you need to be aware of, such as:
- An establishment fee of 20% of the loan amount you want to borrow.
- A monthly fee of 4% of the loan amount you’ve borrowed. This will be charged for the term of your loan.
- A $35 direct debit dishonour fee.
- A $50 collection fee.
It is important to be aware of these fees before applying for this loan, particularly the direct debit dishonour fee which is charged every time Moneyspot goes to take the payment and the funds are not available.
Are you eligible for a Moneyspot loan?
There are a few requirements you must meet in order to be eligible for a loan from Moneyspot. You must:
- Be employed (your majority income can not be from Centrelink).
- Be over 18 years of age.
- Be an Australian resident.
- Have a regular income stream.
How to apply for this loan
The application for this loan is easy, as the business is 100% online.
- Click on “Apply”.
- The online process takes a few minutes.
- Funds are sent within the hour if you apply within business hours.
- Majority of payments are received the same day.
What documents do I need to apply?
- Driver’s licence number
- Medicare card number
- Internet banking details
- A valid mobile phone number that is capable of receiving SMS