MoneyMe offers short term finance solutions for people in need of small amounts of credit.
MoneyMe is an Australian-based lending company that specialises in small, short term loans. It has built its business around offering fast, safe and simple credit solutions to Australians, with a focus on minimising paperwork and being able to offer short term fixes to financial shortfalls.
Comparison of Similar Short Term loans
Whilst we don't directly compare MoneyMe loans, take the time to compare the loans below to the information provided for MoneyMe.
|Name||Maximum Loan Amount||Term of Loan||Turnaround Time||Costs|
|MoneyMe Small Loans||$2,000||1 to 2 months||Within the hour - depending on your institution||11-20% of loan amount (establishment fee) + 4% of loan amount each month||More|
|MoneyMe Medium Loans||$5,000||3 months to 2 years||Within the hour - depending on your institution||$400 (application fee) + 8.99-30% p.a. interest||More|
|MoneyMe Personal Loans||$25,000||Up to 3 years||Within the hour - depending on your institution||Establishment fee - 5 - 8% of the principal borrowed||More|
How does a loan from MoneyMe work?
MoneyMe offer loans of between $500 and $25,000. Loan terms range between 1 to 2 months to up to 3 years for loans up to $25,000. It obtains an applicant's banking history from the banks using secure Bank Vision technology, meaning that they don’t have to supply the statements themselves. The application process is usually quite quick and repayments are structured around when a customer gets paid.
Features and benefits
- Simple application. MoneyMe uses Bank Vision technology that securely obtains 90 days worth of their applicant's bank statements so they don’t have to supply them. Their application should only take around five minutes, and once approved the money could be in their account in as little as 60 minutes (depending on who they bank with).
- Direct debit. MoneyMe will direct debit repayments from the customer's nominated bank account on the agreed upon days, which usually coincide with the applicant's salary. It will send customers a reminder of when their repayments are due and will not charge direct debit fees.
- Member area. If an existing customer chooses to apply with MoneyMe again, and they made all their repayments on time with their first loan, it will be quicker and easier to apply a second time around, and they may be approved for a higher loan amount. customers will also be rewarded if they recommend MoneyMe to their friends.
- Visa card. Repeat borrowers are offered a MoneyMe Visa card through which they can receive instant loans.
- Early repayments. MoneyMe will not charge customers or penalise them for making early repayments.
Fees and charges
- Successful applicants will be charged 11-20% of loan amount (establishment fee) + 4% of loan amount each month for loans up to $2,000.
- For loans up to $25,000 rates may include but not limited to 12.36% p.a.
- Loan customers will not have to pay transaction fees.
- Customers can avoid any change of payment fees by letting MoneyMe know 24 hours before a payment is scheduled if they need to reschedule it.
- If someone's direct debit is dishonoured they will be charged a fee of $25, and their bank may also charge them a separate fee.
- If someone goes over the agreed upon loan term, they may be charged $5 per day, but if they talk to MoneyMe, they may be able to provide assistance and reduce this fee.
Things to consider
Before applying for any loan prospective applicants should consider their own financial needs and situation and whether they will be able to repay the loan. This is especially true with a short term loan as the interest rate tends to be higher than with other personal loans. These type of loans should not be considered as solutions to longer term financial problems, but rather as a short term cover until they next get paid. Depending on the intended purpose of the loan and the applicany's financial situation, they might also want to consider other loan options before applying.
MoneyMe is a short term money lender, and as such, it has more flexible lending criteria than with other larger personal lenders. However, it’s important to keep in mind that as a responsible lender, MoneyMe will only approve loans to people who are in a position to be able to pay it back.
To be eligible for a loan applicants will need to be over 18, an Australian resident, employed and have a "decent" credit history. While their loan amounts range from $500 and $25,000, it will only approve a loan amount that the applicant can comfortably repay. To determine this every customer's income will be taken into account, along with their expected living costs and, for returning borrowers, their MoneyMe trust rating.
How to apply
To apply for a loan with MoneyMe, prospective loan applicants can click "Go to Site". From there they will need to fill out an online application form, which should take less than five minutes. They will need to provide the following:
- Bank details to deposit their loan
- Drivers licence or Medicare number to confirm their identity
- Their mobile phone number for SMS security verification.