Needy Money Medium Loan
Borrow up to $5,000 with repayment terms up to 2 years to pay it back. Ongoing and interest rates charges apply.
- Needy Money have rebranded to nmoni. nmoni no longer offer short term loans. The information on this page has been kept for the benefit of those who are interested and historical records only.
Needy Money is a Victoria-based personal and commercial loan provider. You can borrow between $2,001 and $5,000 and choose loan terms of 1 to 2 years. Once you apply, Needy Money will outline all the fees and charges associated with your loan. Lender’s cannot charge more than the ASIC cap on medium-term loans. For loans from $2,001 up to $5,000, there is generally an establishment fee of $400, with the maximum interest rate of 48% p.a. Payday loans are not a long-term financial solution and can lead to more debt. As this loan can be expensive, you should only borrow in case of an emergency.
Maximum loan amount
1 to 2 year(s)
Term of loan
|Product Name||Needy Money Medium Loan|
|Minimum loan amount||$2,001|
|Maximum loan amount||$5,000|
|Loan term||1 to 2 year(s)|
|Turnaround time||1 hour - conditions apply*|
|Costs||Based on your credit history, employment and residential stability.|
|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.
⚠️ 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 a Medium Loan from Needy Money works
Prospective applicants can submit an online application for a Needy Money medium loan through the Needy Money website. After Needy Money receives a person's application, along with the required supporting documents, they will sends out a confirmation email. Applicants can expect a Needy Money representative to process their application in around 60 minutes, as long as they apply during business hours. Once the processing is complete, they will receive a call informing them of the outcome of the application.
Next, successful applicants receive their loan contract outlining the terms of the loan via email - this requires acceptance from the borrower's end before the funds can be transferred. After someone accepts the contract’s terms and conditions, they get to select how they receive their funds; options include over the counter, by cheque or through electronic transfer. Soon after this the borrower will start making their repayments in line with the terms of their repayment schedule.
The features on offer
There are a number of features associated with the Needy Money Medium Loan, which include the following:
- Flexible loan amount. Depending on the borrower's needs, they can apply for any amount between $2,001 and $5,000.
- Flexible loan terms. With a Needy Money Medium Loan, customers have the option of choosing loan terms of between 1 to 2 year(s).
- Fund transfer options. When it comes to accessing funds after the approval of a loan, loan customers can choose between receiving it over the counter, via cheque, or via electronic transfer.
- Repayment flexibility. Customers can set up repayments in accordance to their pay schedule, which essentially means that they can make payments every week, fortnight or month.
- Quick processing. If submitting a loan application during business hours, successful applicants can expect a 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
In order to apply for a Needy Money Medium Loan, loan applicants have to do so online. Before applying, prospective applicants should establish whether or not they meet the following eligibility criteria. Applicants must:
- Be a permanent Australian resident
- Be at least 18 years old
- Have a primary source of income that is not from Centrelink
- Have not entered into bankruptcy or a Part 9 Debt Agreement in the past 12 months
To successfully complete the application, loan applicants have to provide different types of information about themselves, such as:
- Personal information such as their 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 their expenses, which include repayments towards all existing debts
While Medium Loans provided by Needy Money give customers potentially quick access to funds, there are a number of lending institutions providing similar products on the market and it is always a good idea to compare options prior to submitting an application.