MoneyStart Bad Credit Personal Loan Review and Fees

MoneyStart Loan

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MoneyStart previously offered loans up to $5,000.

Important information

This lender is not currently accepting new applications. If you have an active MoneyStart account and need access to your statements or account information, you can set up an online Wallet Wizard account to link your MoneyStart account. Just head over to Wallet Wizard's website to do so.

MoneyStart offered loans between $3,000 and $5,000 with turnaround times of 24 hours if approved.

$5,000

Maximum loan amount

24 Hours

Turnaround time

2-3 Years

Term of loan

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Details

Product NameMoneyStart Cash Loan
Minimum loan amount$3,000
Maximum loan amount$5,000
Loan term2-3 Years
Turnaround time24 Hours
CostsVaries
RequirementsOver 18, Employed & earning min $20k p.a.
Available to Centrelink Borrowers?No

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

payday-warningDo 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.

Alternatives to MoneyStart Loan

This loan is no longer available, so you can compare other options below:

Data updated regularly
Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans
$2,000
9-14 weeks
30 minutes - conditions apply
$35
20% of loan amount + 4% of loan amount each month
$396
A small loan up to $2,000 that you repay over 9-14 weeks. Loans approved and funded in as little as 30 minutes.
Nimble Short Term Loan
$2,000
62 days to 9 months
1 hour - conditions apply
$15
20% of loan amount + 4% of loan amount each month
$372
A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.
Safe Financial Small Loan
$5,000
22 - 52 weeks
Same day - conditions apply
$35
Up to $2,000 - 20% establishment fee + 4% monthly.

Above $2,000 - $400 + loan management fee of up to $399 + from 8.7% to 48% APR
$396
Borrow from $1,000 to $5,000 with same-day funding and no early repayment fees.
Fair Go Finance Small Loan
$2,000
3-12 months
24 to 48 hours
$35
0% Establishment Fee + monthly fee 4%
$354
A small loan between $500 and $2,000 that can be funded in 24 hours. Note: Save up to $400 when you apply for a small loan from $500 to $2,000 and are approved for a 0% establishment fee. T&Cs apply.
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Compare up to 4 providers

Features

  • Loan amount. MoneyStart offered loans between $3,000 and $5,000.
  • Loan terms. Loan periods varied between 24 months or 36 months.
  • Repayment terms. Customers could choose from weekly, fortnightly or monthly repayments.
  • Turnaround time. Once unconditionally approved, customers could expect to receive your loan amount within 24 Hours.

How much did a MoneyStart loan cost?

The fees depended on the loan amount and the length of repayment terms. MoneyStart charged a $45 application fee with all of their loans and an annual percentage rate of 36%. There following ongoing fees also applied:

  • Weekly fee: $1.15
  • Fortnightly fee: $2.28
  • Monthly fee: $4.95

Ask an expert

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41 Comments

    Default Gravatar
    Kerry
    March 19, 2018

    Iam looking for a small loan today needs buy some stuff

      Default Gravatar
      Nikki
      March 23, 2018

      Hi Kerry,

      Thanks for your question and for contacting finder – a leading comparison website and general information service built to give you advice on your buying decision needs.

      Lenders offering “payday loans” or short-term loans differ from institutions and other lenders in their application processing and criteria. You will usually be able to apply for these types of loans online and get a response quite quickly. To be approved for a short-term loan you have to meet eligibility criteria and provide documentation:

      Eligibility criteria
      Be 18 years of age or older
      Earn a minimum income, usually around $350 a week
      Have a job with a steady income (or benefits)
      Get paid frequently into your bank account (not in cash) either daily, weekly or monthly
      Receive less than half of your income from benefits
      Not be self-employed (some lenders may make an exception)
      If you have bad credit, you need to prove that your current financial situation is stable and reliable
      It’s important to note that meeting the eligibility requirements does not guarantee your approval of your loan.

      Required documents
      Drivers licence (or proof of ID card)
      Medicare Number
      Three recent payslips
      Your Internet banking details
      Utility bill – e.g. council rates, electricity bill, gas bill, Foxtel/Austar bill, mobile phone bills, broadband internet

      If you’re interested in applying for a loan, click “Go to Site” to get the online application process started. Once there, you’ll need to choose your loan details and terms and also submit your banking details.

      Hope you find this information helpful.

      Thanks and best regards,

      Nikki

    Default Gravatar
    Leeanne
    October 11, 2016

    Can I please have a loan please I’m a singer and a full time mum

      Avatarfinder Customer Care
      Elizabeth
      October 11, 2016

      Hi Leeanne,

      MoneyStart is not currently accepting new applications. You can compare your other payday loans to see if you are eligible. Once you find a loan to apply for click “Go to Site” to submit your application.

      Hope this helps,

      Elizabeth

    Default Gravatar
    timmy
    March 11, 2016

    Hello guys just need a contract to call up to ask some questions about my lone

      Avatarfinder Customer Care
      Elizabeth
      March 14, 2016

      Hi Timmy123,

      MoneyStart appear to be offline at the moment, but you can get in contact with Wallet Wizard, a sister brand of MoneyStart to ask any questions about your loan. You can also head over to WalletWizard’s website to create an online account and access your account details.

      I hope this has helped.

      Thanks,

      Elizabeth

    Default Gravatar
    Nerida
    December 5, 2015

    Hi, can I get a loan please.

      Avatarfinder Customer Care
      Elizabeth
      December 7, 2015

      Hi Nerida,

      If you’d like to apply for a loan with MoneyStart you can submit your application on its website. Remember to check the eligibility criteria before you apply.

      I hope this has helped.

      Thanks,

      Elizabeth

    Default Gravatar
    Dave
    October 10, 2015

    I applied for a loan with money start but was not given any details to track my progress

      Avatarfinder Customer Care
      Elizabeth
      October 12, 2015

      Hi Dave,

      Thanks for your question.

      MoneyStart usually gives you a response as soon as you submit your application. You will need to get in contact with them to follow up on the status of your application.

      Thanks,

      Elizabeth

    Default Gravatar
    gillian
    September 3, 2015

    I have a loan already with you. Can I have 2 loans so I can consolidate my other loans?

      Avatarfinder Customer Care
      Elizabeth
      September 4, 2015

      Hi Gillian,

      You’ve come through to finder.com.au, a financial comparison service and not MoneyStart. You’ll need to get in contact with them directly to discuss your situation.

      Thanks,

      Elizabeth

    Default Gravatar
    Pania
    August 24, 2015

    I want to know why I have been told I got approved for a loan yet have no email or anything

      Avatarfinder Customer Care
      Elizabeth
      August 25, 2015

      Hi Pania,

      Thanks for your question.

      Once you have been unconditionally approved for your loan your money should be in your account within 24 hours. If you have any questions about your loan or if your money has been delayed, you’ll need to get in contact with MoneyStart directly.

      I hope this has helped.

      Thanks,

      Elizabeth

    Default Gravatar
    leslee
    June 25, 2015

    hi i am an existing customer. my contract number is 3XXXXX. i would like to apply for an additional loan. could you please advise how i go about this.

      Avatarfinder Customer Care
      Elizabeth
      June 26, 2015

      Hi Leslee,

      Thanks for your question.

      You’ll need to get in contact with MoneyStart directly to apply for another loan. You can do this by visiting their website.

      I hope this has helped.

      Thanks,

      Elizabeth

    Default Gravatar
    Timothy
    April 18, 2015

    Hey

    Default Gravatar
    Lee
    March 30, 2015

    Results of my loan please

      Avatarfinder Customer Care
      Shirley
      March 30, 2015

      Hi Lee,

      Thanks for your question.

      If you decide to apply for a product or service through our website you will be dealing directly with the provider of that product or service and not with us.

      Please contact MoneyStart directly to enquire about the status of your application.

      Cheers,
      Shirley

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