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

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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79 Responses

  1. Default Gravatar
    RowenaMarch 19, 2019

    Thank you, Joshua, for your reply. I started being self-employed last year in November 2018. I will check their website so I can proceed for an application.

  2. Default Gravatar
    RowenaMarch 19, 2019

    Hi, I have been employed by my company since 2016 and just recently became a director of the company I worked for a few years. I am looking to borrow a maximum $3,000 to top up of what I already have for the personal purpose. Is there a way I could get a loan based on my employment status?

    • finder Customer Care
      JoshuaMarch 19, 2019Staff

      Hi Rowena,

      Thanks for getting in touch with Finder. I hope all is well with you. 😃

      Yes, it is possible for you to obtain a $3,000 loan. One of your options would be Needy Money. After reviewing their eligibility requirements, you can then go to their website and submit your loan application.

      Alternatively, since I’m not familiar with your financial status, you can also check our personal loan page to explore other options. On that page, you will see a table that allows you to conveniently compare your loans based on interest rates, loan term, and fees, to name a few. Once you found the right one for you, click on the “Go to site” green button to learn more or initiate your application.

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

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

      Have a wonderful day!

      Cheers,
      Joshua

  3. Default Gravatar
    DragiJanuary 29, 2019

    What do I have to do to apply for a $15,000 loan?

    • finder Customer Care
      MayJanuary 30, 2019Staff

      Hi Dragi,

      Thanks for getting in touch with finder.

      Basically, when you apply for a loan (of any amount), you would need to make sure that you’re meeting all the criteria and complying all the required documents of the lender. If you think you need to confirm your eligibility, you can phone the lender prior to your application. By doing so, you can also discuss what available options for you.

      If you like to check the possible lenders that can offer you $15,000 worth of loan, you can check the table found on our guide here. On that page, there’s also a section that says “How you can apply for a low interest rate personal loan” which outlines what you need to do when applying.

      Best to always review the eligibility requirements of the lender and its terms and conditions before you submit your final application so you can ruminate on whether the product is right for you.

      I hope this has helped.

      Cheers,
      May

  4. Default Gravatar
    JoeJanuary 12, 2019

    Can you borrow money whilst being in a part 9 agreement? It’s been nearly 3 years that I have been in one and I’m just trying to get on top of things.

    • finder Customer Care
      JhezelynJanuary 14, 2019Staff

      Hello Joe,

      Thank you for your comment.

      If you’re looking to apply for Needy Money Medium Loan, please be advised that one of their criteria states that you must not have entered into bankruptcy or a Part 9 Debt Agreement in the past 12 months.

      Please note that debt agreement is an act of bankruptcy and it will be listed on your credit report for five years. During this time your ability to access credit will be seriously impacted.

      You might be able to get some help by contacting the free financial counselling service at the phone number stated above.

      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
    JacintaNovember 20, 2018

    I would like to apply for a loan today to pay out my bills.

    • finder Customer Care
      NikkiNovember 20, 2018Staff

      Hi Jacinta,

      Thanks for reaching out. To get in touch with Needy Money, visit their website and look over their contact page. As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the product disclosure statement of the product and contact the lender should you need any clarifications about the loan.

      Hope this was helpful. Don’t hesitate to message us back if you have more questions.

      Best,
      Nikki

  6. 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

  7. 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

  8. 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

  9. 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

  10. 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

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