Money Plus Cash Loan
- Maximum loan amount
- $6,000
- Turnaround time
- Within 30 minutes
- Term of loan
- 13 - 21 weeks
Summary
You can borrow between $100 and $6,000 online or in-branch. Turnaround times are fast, but this loan has high fees and charges.
Money Plus is a short-term cash lender. You can apply for a loan up to $6,000 online or in-person at one of their branches located in NSW. Loan terms are short, starting from 13 weeks with a maximum of 21 weeks. Bad credit borrowers can apply, and approval takes five minutes. This loan is expensive and has an establishment fee of 20% and a monthly fee of 4%.
Details
Product Details
| Product Name | Money Plus Cash Loan |
| Minimum loan amount | $100 |
| Maximum loan amount | $6,000 |
| Loan term | 13 - 21 weeks |
| Turnaround time | Within 30 minutes |
| Available to Centrelink Borrowers? | No |
⚠️ 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 a Money Plus Cash Loan work?
Applicants can apply online or in-branch for between $100 and $6,000.
Successful applicants will have between 13 weeks and 21 weeks to repay this loan. The repayments will be automatically deducted from a nominated bank account supplied by the applicant.
Features of a loan from Money Plus
Some of the features of this cash loan include:
- Loan amount. Loan customers are able to access between $100 and $6,000.
- Apply online or in-branch. Applicants can choose whichever suits them best. However, keep in mind the Money Plus branches are based in Western Sydney.
- Weekly repayments. Successful loan applicants will be required to make repayments on the amount that they owe weekly.
- Loan terms. The loan terms start from 13 weeks and have a maximum term of 21 weeks.
- Approval in 30 minutes. The online application takes just 5 minutes and the applicant will receive the outcome within 30 minutes.
- Straightforward eligibility criteria. Customers can find the eligibility criteria on the website in order to be sure of whether they will be able to apply for this loan.
- Bad credit applicants are considered. Bad credit isn’t an issue, but applicants must be earning a minimum of $250 a week to be considered for this loan.
Fees and charges
Some of the fees that people can expect to be charged once they receive their cash loan include:
- An establishment fee. This fee is 20% of the amount that they have borrowed.
- A monthly fee. This fee is 4% of the amount that has been borrowed.
A full schedule of fees will be provided once someone has been approved for the loan amount that they want to borrow.
Money Plus Cash Loan eligibility
When applying for this loan applicants should ensure that they have the following information ready:
- Must be working and be prepared to put down the details of their employer in their loan application
- Must earn at least $250 net per week
- Their salary or wage must go electronically into a bank account
If they apply in-branch, they need:
- 100 points of identification, which includes a Medicare card and an Australian driver’s licence
- Bank statements that show 90 days worth of transactions
How to apply
The application process remains the same whether someone applies online or in-branch. By applying in a branch you could receive your funds within 30 minutes. By applying online you may be approved faster, but depending on who you bank with it could take a couple of hours to receive the funds.
What you'll need:
- Personal information. They will need to enter their personal information, such as their name, address and a working phone number.
- Employment information. They need to enter the name, phone number and time spent with their current employer.
- Documentation. They need to show a bank statement of 90 days worth of statements and 100 points of ID, which includes Medicare card, passport or birth certificate.
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