MONEYME Debt Consolidation Personal Loan
We currently don't have this product on Finder
- Interest Rate (p.a.)
- 6.24% to 26.10%
- Comparison rate (p.a.)
- 6.95% to 27.49%
- Min Loan Amount
- $5,000
Summary
Consolidate debt with a competitive interest rate from 6.24% p.a.The MONEYME Debt Consolidation Personal Loan offers a competitive interest rate in the top 20% of our database. However, this is offset by a high $495 application fee which is in the top 25% of more expensive loans.
The loan also lacks the ability to make penalty-free extra repayments. These mixed features give it a Finder Score of 6.8 out of 10.
Details
Product details
| Product Name | MONEYME Debt Consolidation Personal Loan |
| Interest Rate (p.a.) | 6.24% to 26.10% |
| Comparison rate (p.a.) | 6.95% to 27.49% |
| Interest Rate Type | Variable |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $70,000 |
| Loan Security | Unsecured |
How does MONEYME Debt Consolidation Personal Loan compare?
- Competitive interest rate. The minimum interest rate of 6.24% is in the top 20% of personal loans in our database.
- High application fee. The $495 application fee is in the top 25% of more expensive loans we've analysed.
- No penalty-free extra repayments. Unlike many other personal loans you cannot make extra repayments without incurring a penalty.
Things to consider about the MONEYME Debt Consolidation Personal Loan
This loan aims to merge your existing loans into a singular loan in order to simplify repayments, minimise ongoing fees, and potentially reduce the interest paid.
You can borrow between $5,000 and $70,000 over a period of 3 years to 7 years, and this borrowing limit will be based on an assessment of your financial situation. The loan amount granted depends on MONEYME’s evaluation of your financial situation, such as your existing debts.
There is a $10 monthly fee, as well as an establishment fee that ranges from $0 to $495 based on how much is borrowed. The interest rate you’ll be charged will depend on your MONEYME loan rating – which is based on your credit score, but is affected by your loan and repayment history with MONEYME. This means if you pay in full and on time, you could receive a lower rate on your next loan with MONEYME.
Features of the MONEYME Debt Consolidation Personal Loan
- Fast turnaround. The application form is online and can be finished in around 5 minutes. You will need to upload a read-only version of your bank statements for the last 90 days as part of this process. This is done through illion Open Data Solutions, a secure third-party technology that ensures your privacy. You'll find out if you're approved quickly, and the funds will be in your account within a few hours.
- Responsible lending. MONEYME will evaluate your financial situation and base your loan amount and interest rate around that, ensuring it does not lend you more than you can afford to repay.
- Fee transparency. MONEYME outlines its fees clearly and you won't face any surprising extra costs. These fees include an establishment fee, a monthly account fee, as well as late and dishonour fees of each for late or failed payments. You will receive reminders for upcoming payments.
- Automatic repayments. While you can opt for manual payments, MONEYME will default to an automated, direct debit payment for your loan and this can be set up around your pay cycle.
- MONEYME loan rating. MONEYME includes your history with the lender as part of its assessment of your loan terms – meaning if you pay on time and in full, you could have lower rates for your next MONEYME loan.
How you can apply for a personal loan from MONEYME
If you’ve compared your options and decided that a MONEYME Debt Consolidation Personal Loan suits your needs, click “Go to site” to fill in the online application form. After this, you will have your loan terms and loan amount confirmed.
The eligibility criteria is as follows:
- You must have proof of Australian residency.
- You must be employed.
- You must be 18+ years old.
The following details will be required in the application process:
- Bank details so your loan can be deposited
- Mobile phone number
- Valid email address
Sources
Your reviews
Richard Finder
Assistant publisher
Hi there, looking for more information? Ask us a question.
You are about to post a question on finder.com.au:
- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
- finder.com.au is a financial comparison and information service, not a bank or product provider
- We cannot provide you with personal advice or recommendations
- Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.
This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.