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MoneySpot Review

Company Outline

moneyspot logo

Moneyspot  loans offer consumers a straightforward option for their short-term borrowing needs. The lending technology company began operations in 2015 and is headquartered in Sydney, Australia but they offer their services across Australia. Moneyspot adheres to responsible lending practices, ensuring that they assess applicants based on affordability and overall financial health.

The company’s customer support service is open Monday through Sunday from 8 a.m. to 5 p.m. However, loan processing and applications can still be performed after business hours. Moneyspot has an Australian Credit Licensee 450305 and is regulated by ASIC.

Small Loans

For small amount personal loans, which are a type of cash loan and short term loan designed to address immediate financial needs, the $200 minimum loan amount and the $2,000 maximum loan amount apply. A monthly fee of 4% and an establishment fee equal to 20% of the loan amount are included in the loan fees. The loans can be taken for periods of 63 to 90 days.

Medium Amount Loans

For medium-sized loans, Moneyspot offers medium-sized personal loans, which are unsecured loans aimed at helping individuals manage larger unexpected expenses. There is a $2,050 minimum and a $5,000 maximum loan amount. There is a $400 establishment fee in addition to the 48% annual percentage rate.

Loan Eligibility Criteria

To be eligible for a MoneySpot loan you must be

  • at least 18 years of age when you apply
  • an Australian resident
  • employed and have a regular income stream

Meeting these criteria does not automatically ensure loan approval, as MoneySpot also considers the applicant’s financial situation and affordability.

MoneySpot asks for details of an Australian Drivers License or Medicare Card, and bank statements from an Australian bank for 90 days.

Important Features of the Loan Repayments

  • The application process is simple and quick.
  • They do not look for a perfect credit history. Instead MoneySpot focuses on repayment and affordability.
  • Moneyspot may transfer the loan funds to the borrower’s ANZ bank account within 60 minutes. It may take up to a day for accounts with other banks in case the processing is completed by 4 pm.
  • In case you encounter financial hardship during the loan, MoneySpot encourages borrowers to reach out to their customer care support by email [email protected] or phone 1300 048 156 so that they may be able to help you to manage your loan repayments. Moneyspot may offer a revised payment plan to help manage loan repayments if the borrower’s financial circumstances change.

Positives

  • Completely online application process that is quick and simple.
  • There may be  flexible arrangements for borrowers who experience financial hardships during loan term.

Factor in
Costs

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Frequently Asked Questions

Quick cash loans are personal loans that make their way into your account super fast! By speeding up the application process and automating the tedious bits, we can start looking for lenders for you faster. You can typically borrow quick cash loans between $300 and $15,000.

Small loans are just like fast cash loans, but...small! Nothing too complicated. Typically, small loans are between $300 to $2,000 and are usually, unsecured loans.

We cannot guarantee that the lender we find won’t conduct a credit check on loans applications. However, we find lenders that may not just look at your credit score, they sometimes dig deeper. They can take a look at your current relationship with money and other factors to see if you’re suitable for quick loans.

Secured personal loans are loans that require equity as security, such as a car, motorbike, boat or caravan. Most secured loans are between $2,100 to $15,000.