MoneyMe offers small-to-medium personal loans with quick turnaround times, allowing you access to funds within a few hours. The lender bases its rates on your credit score, as well as your payment history with MoneyMe.
Pros and cons
- Fast turnaround time of one to a few hours
- A virtual Mastercard can offer lines of credit up to $20,000
- A mobile app that allows you to view and manage your loans
- Rates can be high, especially for those with low credit scores
- A number of fees and charges can add up, such as establishment, monthly and annual fees
- MoneyMe loans are designed to solve short-term problems and will not be suitable in addressing longer-term issues
Compare MoneyMe Personal Loans
What types of personal loans does MoneyMe offer?
MoneyMe is an online financial provider that promotes responsible lending. This means that you won’t be approved for a loan you can’t afford to repay. You can choose from 3 product types:
- Personal loan. This product is for loan amounts of between $5,000 and $50,000. You will be charged between $395 and $495 as an establishment fee. The interest rates also vary between 9.20% p.a. and 25.20% p.a., and the loan can be repaid over a maximum term of 5 years.
- Line of credit. Access up to $20,000 with a MoneyMe Freestyle Virtual Credit Account at a rate of between 18.24% p.a. and 23.24% p.a.
- Debt Consolidation Loan. If you have existing debts, consider this loan to merge them all into one, easier to manage loan. Borrow from $2,100 up to $50,000 at a fixed rate between 8.20% p.a. and 24.20% p.a. Your rates will be based on your current credit and debt situation.
What features does MoneyMe offer with its personal loans?
- Repayments align with your pay cycle. Loan repayments are lined up with your pay cycle and are automatically direct debited.
- Responsible lending. MoneyMe only approves loan amounts that you can afford to repay. Repaying your loan on time helps develop a positive loan rating, which means you benefit from lower rates the next time you borrow from MoneyMe.
- Quick turnaround. Loan applications are approved quickly and money is available within a few hours, or within the hour if you bank with CommBank. This may vary if you apply on a weekend or outside business hours.
- Flexible terms. Repayment terms are customised to borrowers' budgets and pay cycles. Loans of over $2,100 can be repaid over a maximum of 5 years (1 year for amounts between $2,100 and $5,000).
- No paperwork. This application process is paperless, meaning you sign the loan agreement electronically. As part of the verification process, MoneyMe uses illion Open Data Solutions technology for read-only access to your bank statements from the last 90 days.
How you can apply for a personal loan from MoneyMe
You can apply for a MoneyMe loan conveniently online. Before supplying personal and financial information, you’ll be asked to specify the loan amount, the desired loan period and the loan purpose.
You must meet the following eligibility criteria in order to apply for a loan:
- You must be an Australian resident
- You must be employed
- You must be aged 18 years or older
You’ll need the following documents on hand:
- Bank details so your loan can be deposited
- Mobile phone number
- Valid email address
MoneyMe’s personal loan products are designed to reward good customers with lower rates and added benefits. However, it’s best to compare your loan options before you apply.
Frequently asked questions
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