MoneyMe Loans Review

Company Outline

 

moneyme loans logo

MoneyMe provides unsecured personal loans which means that you do not need to provide any collateral for securing the loan. The approval process is a crucial part of obtaining a MoneyMe loan. Creditworthiness of the borrower and their ability to repay are the primary factors taken into consideration while approving the loan. Funds are transferred directly to the borrower’s bank account upon approval. This also decides the rate of interest that you would be offered.

A variety of loan solutions are available from MoneyMe, with loan amounts varying from $2,100 to $50,000 based on your creditworthiness and eligibility. It’s crucial to keep in mind, though, that taking out a larger loan can necessitate more thorough credit checks and supporting paperwork. An establishment fee is a common cost associated with taking out a personal loan. It is always advised to make sure you can comfortably afford the loan installments and to only borrow as much as necessary. MoneyMe is known for its highly professional service, enhancing the overall customer experience.

Eligibility Criteria for Personal Loans

For personal loans and for credit cards, you must be:

  • At least 18 years of age
  • A permanent resident or a citizen of Australia
  • Employed permanent part-time or a full-time basis
  • Willing to share your bank details as proof of income

Having an excellent credit score can positively influence the approval process and loan terms.

The online application will require you to share your contact details such as contact number and email ID, details of income and details of all your expenses.

MoneyMe will verify that you are a reliable and responsible borrower who can afford to repay the loan. MoneyMe offers financial assistance to support borrowers during challenging financial times.

Features of MoneyMe Loan Products: Interest Rate

  • The application process is an easy process, completely online and can be completed within a few minutes.
  • MoneyMe offers car loans with quick approvals and positive customer experiences.
  • MoneyMe allows flexibility in terms of repayments such as a choice of weekly, fortnightly or monthly frequency to suit your budgets and personal financial needs.
  • MoneyMe helps borrowers manage their finances by providing a personal loan calculator to estimate potential monthly repayments.
  • There are no additional charges for early repayment of loans.
  • MoneyMe offers various loan products for differing financial needs such as short term loans, cash loans and credit cards.
  • MoneyMe disburses loans to the nominated accounts within minutes after it is approved.
  • The loan contract outlines the terms and conditions, including the promise to repay the loan.
  • MoneyMe offers competitive interest rates for personal loans, making them a more affordable financing solution compared to credit cards.
  • The credit limit for MoneyMe credit cards can impact customer satisfaction, especially when considering responsible repayment history.
  • MoneyMe is customer focused, providing fast and friendly service.
  • 24/7 customer support through online chats or phones is made available by MoneyMe.

Positives: No Early Repayment Fees

  • Quick and easy online application process
  • The turnaround time for approval may be a few minutes based on the application.
  • Customer experience has been positive due to good customer service. Customers have praised MoneyMe for its highly professional service.

Other Services from MoneyMe: Financial Assistance

MoneyMe offers other services in addition to its loans. These services include:

Free Credit Score:

With MoneyMe’s free credit score service you can check your credit score and report online. This service can be used to monitor your credit score so you can identify any errors that may be affecting your reliability as a borrower.  MoneyMe has partnered with Equifax, one of Australia’s leading credit reporting agencies to provide this service.

Listready:

Listready is a platform that helps renters to secure a property by providing a rental bond to their landlords. Renters can pay a smaller fee each month instead of a large consolidated bond amount through the Listready platform to secure a rental property. This makes it easier for the renter to be able to afford suitable property. This service is available in New South Wales, Victoria, and Queensland.

MoneyMe is a reliable loan provider, offering exceptional service and transparent processes.

Factor In Costs

You won't use a penny to apply for our lender-finding service, but here's some costs you could expect from a lender

Loan amount

$300 - $2,000

Terms

16 days (minimum)

12 months (maximum)

Costs

20% upfront establishment fee

+ 4% monthly fee

Example

Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440.

Disclaimer: Under the current legislation, all Small Amount Credit Contract loan providers don’t charge an annual interest rate. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The minimum loan term is 16 days and maximum loan term is 12 months. Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440.

Loan amount

$2,100 - $4,600

Terms

12 months (minimum)

24 months (maximum)

Costs

47.8% Annual Percentage Rate (APR)

65.85% Comparison Rate p.a.

Example

Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88.

The maximum interest rate for a Medium Amount Credit Contract is 47.8%. Comparison Rate 65.85% p.a. The maximum loan term is 24 months. Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Credit criteria and terms and conditions apply.

Loan amount

$5,000 - $15,000

Terms

12 months (minimum)

24 months (maximum)

Costs

47.8% Annual Percentage Rate (APR)

47.8% Comparison Rate p.a.

Example

Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $18,995.04.

This is an estimate only and the comparison rate based on the example information provided. Other fees, costs and charges are not included. This calculation is not an offer for credit.The maximum interest rate for a Personal Loan is 47.8%. Comparison Rate 47.8% p.a. The maximum loan term is 24 months. Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $18,995.04. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Credit criteria and terms and conditions apply.