nmoni Personal Loan
Borrow upwards of $2,001. Borrowing limits and interest rates depend on your credit rating and security offered.
Previously operating under the name Needy Money, nmoni offers both secured and unsecured personal loans. These personal loans are available to both good and bad credit borrowers. This is because nmoni assesses its customers' needs and financial status on an individual basis. This means that your borrowing limits are based on factors such as your financial circumstances, purpose of the loan, credit rating and security offered. With security, you could stand to get a better rate and a higher loan amount. Interest rates for unsecured loans start from 7.95% p.a., but to get this rate, you’ll need excellent credit.
1 to 7 years
Term of loan
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 does an nmoni personal loan work?
Once you've completed an application form for a nmoni personal loan and provided the supporting documents, nmoni will assess your current financial circumstances to determine which interest rate is applicable to you. If you have a good credit score, you could qualify for a low interest personal loan. If your credit score is less than perfect, you may be required to pay a higher interest rate or provide asset security.
Once your application is approved, nmoni will email you a loan contract. Depending on your circumstances, this could be a contract for a loan with nmoni or one of its lending partners. If you agree to the terms of the contract, nmoni will deposit the funds into your nominated bank account the same day or overnight.
nmoni personal loans are available from $2,001. There is no maximum limit to the amount that can be borrowed. This is because the maximum that can be borrowed will depend on factors including the circumstances of the borrower, the purpose of the loan and whether or not security is required. nmoni also provides a range of other loans.
Features of a personal loan from nmoni
The following features apply to nmoni loans:
- Loan amount. Minimum of $2,001. No maximum limit.
- Loan term. Loans are available on terms from 1 to 7 years.
- Other lender options available. Because nmoni is also a licensed broker, if it can't help you with a loan, it may be able to find a lender that can.
- Secured or unsecured. nmoni provides both secured and unsecured personal loan options. Providing security may reduce your rate or increase the maximum amount that you are able to borrow.
- Flexible repayments. Most loans come with repayments that can be made weekly, fortnightly or monthly.
- Interest rate. Rates start from nmoni at 7.95% p.a. Rates from nmoni's lending partners start from 7.65% p.a. Interest rates vary depending on your financial circumstances and credit history.
- Apply online. nmoni application process is 100% online.
- Quick application. Applications only take a few minutes to complete.
- Quick financing. Once approved, borrowers can receive funding the same or the next day.
- No upfront credit checks. nmoni does not perform upfront credit checks. However, it may perform a credit check later down the line.
- Good and bad credit accepted. nmoni offers loans to both good and bad credit applicants.
- Centrelink accepted. Applicants who receive Centrelink payments may still be able to apply for finance, provided that Centrelink does not make up more than half of their income.
Fees and charges
Because nmoni offers a range of personal loans to applicants with different financial backgrounds, fees and charges will vary. However, nmoni charges:
- No early termination fee. None of nmoni's loans come with a fee for repaying your loan early.
- No annual fee. Most of nmoni's loans do not come with an annual fee.
- No monthly fees. Most of nmoni's loans do not come with monthly fees attached.
Please note that borrowers who opt for financing from nmoni's lending partners may have to pay the above fees.
Other fees and charges may also apply. These will be outlined in a loan's contract. Therefore, it's always important to read a contract thoroughly prior to signing.
nmoni loan eligibility
In order to qualify for a loan through nmoni, applicants must be:
- 18 years old or over
- An Australian citizen or permanent resident
- Receiving a regular income or Centrelink payments that make up less than half of their income
How to apply
Borrowers can apply for nmoni personal loans completely online. To apply for a loan with nmoni, simply click "Go to site" to submit an application. You will need to provide the following documentation:
- Driver's licence or birth certificate
- Medicare card
- Document/bill with your current address on it
- Internet banking details to view 90 days of bank transactions
- Two recent payslips (if you're self-employed you need a copy of your recent tax return)
nmoni will respond to applications within one business day.
While nmoni may be an option worth considering for your circumstances, remember to compare other $5,000 loan options prior to submitting an application.
Compare other personal loans
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Personal Loan OffersImportant Information*
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You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 years to 7 years loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
You'll receive a fixed rate between 5.95% p.a. and 19.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.