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

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.