nmoni Personal Loans review

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Get a personal loan from $2,001, available to both good and bad credit borrowers.

Previously operating under the name Needy Money, nmoni has extended its loan offering to provide a wider range of loans to people in need of finance. These include both secured and unsecured personal loan options.

nmoni's 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. Borrowers with good credit are able to apply for low interest personal loans, while alternative options are available for people with lower credit scores, bankruptcies or those on Centrelink payments.

As well as being a lender, nmoni is also a licensed broker. So, if it can't provide you with a personal loan itself, one of its reputable partnered lenders may be able to help meet your borrowing requirements. nmoni does not perform upfront credit checks.

1 to 7 years

Term of loan

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Product Namenmoni personal loan
Minimum loan amount$2,001
Loan term1 to 7 years

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.

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 8.5% 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.

Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 20.49% 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.

Logo for Pepper Money Unsecured Fixed Rate Personal Loan
Pepper Money Unsecured Fixed Rate Personal Loan

You'll receive a fixed rate between 6.95% p.a. and 17.95% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.

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