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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
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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.
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.
Once you enter your banking details, MoneyMe uses illion Open Data Solutions to safely and securely access read-only versions of your bank statements. It does not have the ability to change any details or access any personal information.
MoneyMe will assign you a score based on its own personalised rating system. This is determined by both your current credit history and also through your borrowing history with MoneyMe. Paying your dues and fees on time may provide you with lower costs with MoneyMe in the future.
Elizabeth Barry is the lead editor for Finder. She has over 10 years' experience writing about a range of topics with a focus on personal finance. You’ll find her writing and commentary in a range of publications and media including Seven News, the ABC, MSN, the Irish Times and Singapore Business Review.
Hi Vicki, you can contact MoneyMe directly. Also if you’d like some help with managing your bills and debts overall, it might be worth contacting the National Debt Helpline: ndh.org.au.
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All that I what to borrow is 50 dollars
Hi Vicki, you can contact MoneyMe directly. Also if you’d like some help with managing your bills and debts overall, it might be worth contacting the National Debt Helpline: ndh.org.au.