MoneyMe offers fast and simple finance solutions for people in need of short term 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 your banking history from the banks using secure Bank Vision technology, meaning you don’t have to supply the statements yourself. The application process is usually quite quick and repayments are structured around when you get paid to make it more manageable.
Features and benefits
- Simple application. MoneyMe uses Bank Vision technology that securely obtains 90 days worth of your bank statements so you don’t have to supply them. Your application should only take around five minutes, and once approved the money could be in your account in as little as 60 minutes (depending on who you bank with).
- Direct debit. MoneyMe will direct debit your repayments from your account on the agreed upon days, which usually coincide with your salary. It will send you a reminder when your repayments are due and will not charge you direct debit fees.
- Member area. If you choose to apply with MoneyMe again, and you made all your repayments on time for your first loan, it will be quicker and easier to apply and you may be approved for a higher loan amount. You will also be rewarded if you recommend MoneyMe to your friends.
- Visa card. Repeat borrowers are offered a MoneyMe Visa card through which they can receive instant loans.
- Early repayments. MoneyMe will not charge you or penalise you for making early repayments.
Fees and charges
- You 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.
- You will not have to pay transaction fees.
- Avoid any change of payment fees by letting MoneyMe know 24 hours before a payment is scheduled if you need to reschedule it.
- If your direct debit is dishonoured you will be charged a fee of $25, and your bank may also charge you a separate fee.
- If you go over the agreed upon loan term you may be charged $5 per day, but if you talk to MoneyMe they may be able to provide assistance and reduce this fee.
Things to consider
Before you apply for any loan you should consider your own financial needs and situation and whether you 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 you next get paid. Depending on the intended purpose of the loan and your financial situation, you might also want to consider your 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 you 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 you can repay. To determine this your income will be taken into account, along with your expected living costs and, for returning borrowers, your MoneyMe trust rating.
How to apply
If you’d like to apply for a loan with MoneyMe you can click "Go to Site". From there you will need to fill out an online application form, which should take less than five minutes. You will need to provide the following:
- Bank details to deposit your loan
- Drivers licence or Medicare number to confirm your identity
- Your mobile phone number for SMS security verification.