Needy Money Medium Loan Review

Borrow up to $5,000 and have up to 2 years to pay it back

Needy Money is a Victoria-based personal and commercial loan provider, and you can approach this financial institution for a Medium Loan to borrow between $2,001 and $5,000. You can choose loan terms of 1-2 year(s), and this loan also offers repayment flexibility, allowing you to make repayments.

Once you repay your loan completely you can get another loan through Needy Money, only this time the process is even quicker because you apply as a premium client. If you're approved, you can access your funds in as little as one hour, and you can use proceeds from this loan for just about any legitimate purpose.

Product NameNeedy Money Medium Loan
Minimum Loan Amount$2,001
Maximum Loan Amount$5,000
Loan Term1-2 year(s)
Cash Deposited In1 hour - conditions apply*
CostsBased on your credit history, employment and residential stability.
Available to Centrelink Borrowers?No

Pros

  • Apply for up to $5,000 and have up to 1-2 year(s) to repay.

How a Medium Loan from Needy Money works

The first step is to submit an online application using the Needy Money website. After Needy Money receives your application along with required supporting documents, it sends you an email to confirm this. You can expect a Needy Money representative to process your application in around 60 minutes, as long as you apply during business hours. Once the processing is complete, you receive a call informing you of the outcome.

Next, you receive the loan contract via email, and this requires acceptance from your end. After you accept the contract’s terms and conditions, you get to select how you receive your funds, and your options include over the counter, by cheque or through electronic transfer.

You have to start making repayments soon after, and these can be in line with your pay schedule.

Looking to apply? Here are the features on offer

If you’re considering applying for a Needy Money Medium Loan, know that it comes with a number of features, which include the following:

  • Flexible loan amount. Depending on your needs, you can apply for any amount between $2,001 and $5,000.
  • Flexible loan terms. With a Needy Money Medium Loan, you have the option of choosing loan terms of between 1-2 year(s).
  • Choose how you get your money. When it comes to accessing funds after the approval of your loan, you can choose between receiving it over the counter, via cheque, or via electronic transfer.
  • Repayment flexibility. You can set up repayments in accordance to your pay schedule, which basically means that you can make payments every week, fortnight or month.
  • Quick processing. By submitting your loan application during business hours you can look forward to a response within one hour.

Fees and charges

Needy Money gives you a clear indication of all associated fees and charges through your Medium Loan contract, and you get to review these before you accept the contract.

Going through all the fees and charges associated with the loan at the very onset is a good idea, as this gives you an indication of just what to expect. In case you think that the associated fees and charges are high, you don’t have to accept the contract.

How to apply for a Medium Loan from Needy Money

If you want to apply for a Needy Money Medium Loan, you have to do so online. Before applying, establish if you meet the following eligibility criteria:

  • You are a permanent Australian resident
  • You are at least 18 years old
  • Your primary source of income is not from Centrelink
  • You have not entered into bankruptcy or a Part 9 Debt Agreement in the past 12 months

In order to successfully complete the application, you have to provide different types of information as listed below.

  • Personal information such as your complete name, date of birth, marital status, number of dependants, and contact details
  • Banking details like account name, BSB, account number, and length of time the account’s been operational
  • Income details including amount and source
  • Details of your expenses, which include repayments towards all existing debts

While Medium Loans provided by Needy Money give you quick access to funds, so do loans by other financial institutions, so it’s in your best interest to compare a few before deciding.

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70 Responses

  1. Default Gravatar
    SomaraOctober 26, 2018

    need a loan to buy a new car for me and my kids it just to hard I try some loans sites but no good news so I try to get a car loan.

    • finder Customer Care
      JohnOctober 26, 2018Staff

      HI Ryan,

      Thank you for leaving a question.

      For you to check on a selection of providers that offer car loans, please click here. Please take into account the required eligibility requirements as well below prior to you applying. Each application will show as an inquiry on your credit report so please choose wisely first before making an application. Hope this helps!

      Identification
      Income and employment
      Assets and liabilities
      Vehicle details

      Cheers,
      Reggie

  2. Default Gravatar
    NatalieOctober 6, 2018

    Just wanna apply for $1500 or whatever yous do just want to buy a new fridge and kids’ beds etc. Don’t work, on the pension with 3 kids and don’t have very good credit.

    • finder Customer Care
      MayOctober 7, 2018Staff

      Hi Natalie,

      Thanks for your question.

      I’m sorry to hear about your situation and I understand you’d want to provide for your family. However, I can’t provide you options for a loan in your case. Nevertheless, best to get in touch with a financial counsellor on 1800 007 007 that offers a free service. You may also like to see this page for emergency financial assistance options from the Department of Human Services.

      Hope this helps.

      Cheers,
      May

  3. Default Gravatar
    September 26, 2018

    I am wanting to pay off my debt but I have a bad credit rating, I am looking to borrow between $5000-8000 so I can clear the debt I have and only make one monthly repayment. I have a steady job but I have been knocked back due to my poor credit score. I am getting behind desperate and don’t know what else to do. Any help would be great!

    • finder Customer Care
      JoshuaSeptember 30, 2018Staff

      Hi Chantelle,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      Indeed, having a poor credit score can limit your option. If in case you want to know how to improve your credit score, please read this guide.

      You mentioned that you want to borrow $5000 to $8000. Since you have bad credit, you may want to decrease the amount you borrow to increase your chance of getting approved. We have two options for you. You can check our bad credit payday loans or bad credit loans.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  4. Default Gravatar
    ManikandanSeptember 13, 2018

    I am in a Debt agreement for the past 3 years, May I please know if am eligible for a loan?

    • finder Customer Care
      JhezelynSeptember 13, 2018Staff

      Hello Mani,

      Thank you for your comment.

      Upon checking, one of the requirements of Needy Money Medium Loan is that you should have not entered into bankruptcy or a Part 9 Debt Agreement in the past 12 months.

      Alternatively, there are lenders that consider bankrupt or discharged bankrupt applicants and it’s listed on this page. You must make sure that you meet the requirements and that you have income, assets or even guarantors as these may help you being considered for a loan.

      Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

  5. Default Gravatar
    DizzydancerAugust 20, 2018

    I’m currently unemployed and receive no government benefits. I require a small loan to buy tools to enable me to work. Who can I approach that will lend me money?

    • finder Customer Care
      JhezelynAugust 20, 2018Staff

      Hello,

      Thank you for your comment.

      There are lenders that will consider you for a loan when you’re not currently employed, but you’ll need to be earning some form of income or have suitable income-earning assets to repay the loan. You may contact the lenders listed on this page that might consider you for a loan given your situation. Please make sure to check the eligibility criteria before you submit an application for the loan.

      Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

  6. Default Gravatar
    XelJuly 24, 2018

    Please let me know if I can loan 3000 12 months for hospital bills

    • finder Customer Care
      NikkiJuly 24, 2018Staff

      Hi Xel Lak’esh!

      Thanks for your inquiry.

      To know if your stance on being approved a NeedyMoney Medium Loan for hospital bills, you may read through the initial requirements below:

      You are a permanent Australian resident
      You are at least 18 years old
      Your primary source of income is not from Centrelink
      You have not entered into bankruptcy or a Part 9 Debt Agreement in the past 12 months

      Also, to successfully complete the application, you have to provide different types of information as listed below.

      Personal information such as your complete name, date of birth, marital status, number of dependants, and contact details
      Banking details like account name, BSB, account number, and length of time the account’s been operational
      Income details including amount and source
      Details of your expenses, which include repayments towards all existing debts

      Once you have all these ready, you are ready to apply online. On the information above saying “”How a Medium Loan from Needy Money works””, carefully follow the instructions provided.

      Goodluck!

      Regards,
      Nikki

  7. Default Gravatar
    TriStanJuly 3, 2018

    I am currently in a part 9 agreement an wish to borrow $5000 for car rego an bills.

    • finder Customer Care
      JoelJuly 4, 2018Staff

      Hi Tristan,

      Thanks for leaving a question on finder.

      One of Needy Money’s eligibility requirement is you have not entered into bankruptcy or a Part 9 Debt Agreement in the past 12 months so unfortunately, you will not be eligible for this loan.

      Although, you can still get a loan if you are a in a Part9 agreement, discharged bankrupt or even if you are currently bankrupt. You will be more limited in terms of the lenders you have to choose from, and the fees and rates will also be considerably higher on bankrupt loans. You may also be required to attach an asset as security or apply with a guarantor. Find out about your loan options HERE and see what you might be eligible for.

      Cheers,
      Joel

  8. Default Gravatar
    NicoleJune 12, 2018

    Hi do u need to submit bank statements for the application please

    • finder Customer Care
      JoelJune 12, 2018Staff

      Hi Nicole,

      Thanks for leaving a question on finder.

      If you want to apply for a Needy Money Medium Loan, you have to do so online. Before applying, establish if you meet the following eligibility criteria:

      – You are a permanent Australian resident
      – You are at least 18 years old
      – Your primary source of income is not from Centrelink
      – You have not entered into bankruptcy or a Part 9 Debt Agreement in the past 12 months

      In order to successfully complete the application, you have to provide different types of information as listed below.

      – Personal information such as your complete name, date of birth, marital status, number of dependants, and contact details
      – Banking details like account name, BSB, account number, and length of time the account’s been operational
      – Income details including amount and source
      – Details of your expenses, which include repayments towards all existing debts

      While Medium Loans provided by Needy Money give you quick access to funds, so do loans by other financial institutions, so it’s in your best interest to compare a few before deciding.

      Cheers,
      Joel

  9. Default Gravatar
    LolitaMay 23, 2018

    Need help clearing debts, are you able to help me.

    • finder Customer Care
      JoelMay 23, 2018Staff

      Hi Lolita,

      Thanks for leaving a question on finder.

      If you want to apply for a Needy Money Medium Loan, you have to do so online. Before applying, establish if you meet the following eligibility criteria:

      – You are a permanent Australian resident
      – You are at least 18 years old
      – Your primary source of income is not from Centrelink
      – You have not entered into bankruptcy or a Part 9 Debt Agreement in the past 12 months

      If you would also like to compare on other payday loans, please go HERE. To consolidate your debt, please go HERE.

      Cheers,
      Joel

  10. Default Gravatar
    JanineApril 27, 2018

    I have 8 months to go when my part 9 agreement will be finished. I am needing a $2500 loan in the mean time to help with some expenses. Could you point me in the right direction of where to apply. Thanks

    • finder Customer Care
      JeniApril 27, 2018Staff

      Hi Janine,

      Thank you for getting in touch with finder.

      You’ll be more limited in terms of the lenders you have to choose from, but there are options available to you. The fees and rates may be considerably higher on loan after bankruptcy, and you may be required to attach an asset as security or apply with a guarantor.

      Please check out this link to compare your options. I also suggest that you contact the bank/lender directly to know your eligibility or the status of your loan application.

      I hope this helps.

      Have a great day!

      Cheers,
      Jeni

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