How to decide between two of Australia's most well-known short-term lenders.
If you're looking for a short-term loan, you'll soon find the plethora of lenders available in Australia. While many of these lenders may seem similar at first glance, they all have noticeable differences. These points of distinction could mean the difference between an affordable loan and an unaffordable loan, so it's important to know what they are.
This guide will break down the important features of Wallet Wizard and MoneyMe to help you find the best loan for you.
|How much can you borrow?||$500 to $5,000||$200 to $10,000|
|How long do you have to repay?||Differs with each loan amount as the product is a line of credit.||Small loans (under $2,000): 1 to 2 months|
Medium loans ($2,001-$5,000): 3 months to 2 years
Personal loans ($5,001-$10,000): Up to 3 years
|How much will the loan cost?||47.8% APR||Small loans (under $2,000): 11-20% of loan amount (establishment fee) + 4% of loan amount each month|
Medium loans ($2,001-$5,000): $400 (application fee) + 11-30% p.a. interest
Personal loans ($5,001-$10,000): Establishment fee - 8% of the principal borrowed with maximum APR: 36.08%
|Eligibility criteria||Not clearly stated. Discharged bankrupts and Centrelink borrowers are eligible.||You must be 18+, an Australian resident and employed with a decent credit history.|
|How quickly is the loan funded?||Within two to three hours if the loan is approved before 2:30pm. Next business day for loans confirmed after this time.||Applications can be approved within five minutes and MoneyMe aims to have your funds to you in one hour.|
|Is there a prepaid card?||Yes||Yes|
|How much are you charged for a late repayment?||Direct debit reversal fee: $10||Small loan payment dishonour fee: $25|
Medium and personal loan payment dishonour fee: $15
Late fee: $5 charged daily
|Can you pay the loan off early?|| |
|Want to apply?||Review and apply||Review and apply|
Wallet Wizard and MoneyMe offer different loan amounts, loan terms and costs. Make sure you choose the features that best meet your needs and budget.