- Needy Money have rebranded to nmoni. nmoni no longer offer short term loans. The information on this page has been kept for the benefit of those who are interested and historical records only.
Needy Money offers a range of loans, from short-term loans to commercial borrowing. They also provide loans for applicants with good and bad credit histories. The loans are entirely online and cash is transferred through an electronic bank transfer, or a cheque can be collected personally over the counter. Depending on the loan, you can as little as $100 up to $100,000, and while terms can range from 16 days to 5 years. The cost will vary based on the type of loan, your assets and repayment ability. For short-term loans up to $2,000, the maximum they can charge is a monthly fee of 4% and an establishment fee of 20%.
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.
The type of loans Needy Money provide
This loan type can be used for short-term financial emergencies or unexpected expenses. Loans from $100 to $5,000 are available in this category and repayment schedules can vary from 16 days to 1 year(s).
Customers can access loans from $5,001 to $100,000. This loan can be used for any expense, from a new car to home renovation or an overseas holiday. Repayment can be made weekly, fortnightly or monthly according to your pay cycle. The total repayment time varies from 1 year to 5 years.
These loans can be useful for those changing residence. During the time in which a person's current home is waiting for a settlement, a bridging loan can be obtained to secure the new property and "bridge" the gap. A possible advantage of a bridging loan from Needy Money is that customers are not restricted to using the cash for buying another property. Borrowers can use this money for any purpose they want.
These loans are available to buy new equipment or add resources or staff in a person's business. The repayment schedule is aligned with the cash flow of the business to make repayments more affordable.
This facility provides instant cash for cheques and eliminates the extra three days of waiting time normally required for a cheque to clear. Customers need to bring requisite ID. Cheques accepted by Needy Money are government cheques, tax refund, bank cheque, wage cheque, insurance cheque and more.
What are the risks of payday loans?
- Unaffordable repayments. Payday loans are an expensive way to borrow money and should only be used as a last resort. Check the size of each repayment and ensure you will be able to pay it on time. Unaffordable repayments can lead to late fees that will only make things worse.
- High rates and fees. Rates and fees on payday loans are high but there are rules in place so be sure to check your lender is not charging you more than ASIC allows. Also, look at what you would be charged if you are late on a payment or if you default on the loan altogether.
- Unreputable lenders. All Australian lenders should be accredited by ASIC. Check for a credit licence on the ASIC Register and ensure that the lender is easily contactable.
- Impact on credit score. Every loan application shows up on credit reports. While lenders might not consider credit history, applying for lots of loans within a short period can have a negative impact on your credit score in the future.
Needy Money on offer
Wide range of products
Needy Money's loans are available from a small sum of $100 to higher loans up to $100,000. This wide range can provide cover for almost every expense that a borrower might come across. Customers can take a loan to tide over small financial shortfalls, for emergency medical expenses, car expenses, home repairs, or even holidays.
Flexible repayment schedule
The repayment schedule has been tailored according to the needs of the borrowers. Customers can pay weekly, fortnightly or monthly depending on their pay cycle. The available term is from 365 days to 2 years.
The processing time for these loans is less than one hour, which allows for fast cash availability. For customers who are hard pressed for cash, this might be useful.
Bad credit applicants consideredNeedy Money welcomes customers with all credit scores. They look at each applicants current financial situation and their ability to repay. This allows those with adverse credit histories to apply.
How much will it cost to borrow from Needy Money?
The overall cost for the loan varies according to customer’s assets and repayment ability. However all lenders, including Needy Money, have to abide by total interest cap. Lenders can charge a maximum of 4% monthly fees and a 20% establishment fee on loans under $2,000.
Are Needy Money loans safe?
Needy Money is registered with an Australian Credit Licence Number and display their contact details on their website. The interest cap and fee cap which are stated by the government limits the overall cost of the loans from Needy Money. However, customers should still evaluate their financial situation prudently and only apply for loans that are absolutely essential.
How to apply for a payday loan from Needy Money
Needy Money has a quick application processing system. If this loan suits your requirement, you can apply online, but make sure you meet the eligibility criteria:
- Age. You must be at least 18 years of age.
- Citizen. You need to be an Australian citizen or be a permanent resident of Australia.
- Income. Your primary source of income cannot be from Centrelink.
- If you are bankrupt or under a Part 9 Debt Agreement, you cannot have entered into this in the previous 12 months.
When you apply, you'll have to submit certain details regarding your finances and personal information. Have the following handy if you're looking to apply:
- Personal details like your name, contact information, how many dependants you have and your residential status
- Your address, the length of time you've resided there and how much your rent/mortgage repayments are
- Your banking details
- Financial details including your income, loan repayments, expenses and assets
Frequently asked questions
How long will it take me to receive my loan?
After the online application is made, Needy Money will assess the application and applicants will be contacted within 60 minutes about the outcome. If approved, a contract is sent to the borrower via email. Once the contract is accepted Needy Money can provide the loans through electronic transfer or cheque. Customers can also use the option of getting cash over the counter.
How long will my repayment schedule be?
Needy Money provides a flexible schedule whereby customers can choose a shorter duration for small loans and a longer term repayment, up to two years, for larger loans.
Will my application be refused if I have bad credit score?
No, customers are not refused loans solely on the basis of their credit score. Needy Money accepts applicants with good and bad credit scores and loans according to the repayment ability of the applicant.