Money Place personal loan repayment calculator

Thinking about taking out a personal loan with Money Place? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Money Place personal loans compare with other options.

I'd like to borrow

$

Loan term

Credit Score ()

Your estimated repayment

at interest rate 10.00 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • Lower rate for customers with good credit history
  • No early repayment fees
  • No ongoing fees
  • Online-only - No branch access
  • Upfront fees

Money Place personal loans rates

Product
Advertised Rate
Comparison Rate*
Repayment
Upfront Fee
Features
Go to site
Company

7.65%

Fixed up to 10.49%

7.65%

$603

based on $30,000 loan amount for 5 years

$0

Redraw facility
Extra repayments
Fully drawn advance
Secured
Money Place
More details

10.99%

Fixed up to 13%

12.09%

$652

based on $30,000 loan amount for 5 years

$0

Redraw facility
Extra repayments
Fully drawn advance
Secured
Money Place
More details

Features of a MoneyPlace personal loan

MoneyPlace offers borrowers access to an unsecured personal loan for various purposes, including to pay for a car, holiday, medical bills, debt consolidation, home improvement and weddings.

MoneyPlace offers personalised interest rates, which means borrowers get different interest rates, depending on their credit history, credit score, employment status, cash flow and loan amount.

MoneyPlace personal loans are available for loan terms of three, five or seven years, and borrowers can borrow between $5,000 and $50,000. MoneyPlace doesn’t charge ongoing fees or early payout fees, however borrowers will need to pay an application fee, which is added to the loan amount.

MoneyPlace personal loans can be used for a range of different purposes including:

  • Debt consolidation
  • Renovations
  • Car
  • Holidays
  • Medical bills
  • Weddings
  • Motorcycles

MoneyPlace personal loans customer service

MoneyPlace doesn’t have any branches, but you can apply online for a personal loan. You can also contact them via email or over the phone:

  • Online enquiry
  • Email
  • Phone, Monday to Friday, 9:00am – 5:00pm (AEST)

Who is eligible for a MoneyPlace personal loan?

To be eligible for a loan from MoneyPlace, there are some basic eligibility requirements. You must: 

    • Be applying as an individual (no joint applications, or applications in your company or business name)
    • Be a citizen or permanent resident of Australia and currently residing in Australia
    • Be earning an income of at least $20,000 per year (you cannot be earning the majority of your income from Government benefits)
    • Be at least 18 years of age
    • Not have any outstanding defaults, court judgements, writs, or bankruptcies
    • Not currently be late in paying any existing debts or bills

If you are self-employed, you must also:

  • Have been trading for at least 2 years
  • Provide the previous financial year's tax return, that shows income has been paid to you from your business, and the notice of assessment
  • Be borrowing for predominantly personal or personal investment purposes

How to apply for a MoneyPlace personal loan?

Borrowers can apply online for a MoneyPlace personal loan through their website. The application process takes around 10 minutes to complete and involves the following steps:

  • Get a free online quote and calculate your interest rate estimate – this will not affect your credit score.
  • Apply for a personal loan online
  • MoneyPlace will take less than one business day to assess your application and will be in contact if any additional information is needed
  • Once approved and you’ve accepted your loan offer, the funds will usually come through the next business day or sooner.

At the time of application, you’ll need to provide the following documentation:

  • Proof of identity
  • Details of income and employment
  • Details of any other financial commitments

MoneyPlace personal loans review

MoneyPlace is an online provider of personal loans for a variety of purposes including debt consolidation, car loans, home improvement, medical treatments, holidays and weddings.

All MoneyPlace personal loans are unsecured, which means borrowers don’t need to provide security. MoneyPlace personal loans are available for terms of three, five or seven years, and borrowers can borrow between $5,000 to $50,000. It’s worth noting that the maximum loan amount may change depending on various factors, including your credit history.

MoneyPlace offers personalised interest rates, which means different interest rates apply to different borrowers, depending on their credit history, credit score, employment status, cash flow and loan amount.

MoneyPlace personal loans have no hidden costs and don’t come with any ongoing fees, account-keeping fees or early repayment fees. Borrowers pay a one-off establishment fee, which is added to the loan amount.

Depending on your credit history, this personal loan may not offer the most competitive interest rates. Before applying for any personal loan, always do your research and compare your personal loan options to make sure you’re getting a loan that suits your budget, needs and lifestyle.

Learn more about Money Place

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

What can I use a bad credit personal loan for?

Generally, bad credit personal loans can be used for the following purposes:

  • Debt consolidation
  • Paying bills
  • Buying vehicles
  • Moving expenses
  • Holidays
  • Weddings
  • Education

Some lenders restrict how their bad credit personal loans can be used as part of their commitment to responsible lending – be sure to check before applying.

Can I apply for a quick loan online?

While some lenders will require you to provide paperwork in person, many lenders will allow you to make an application for quick personal loan online. You’ll still need to provide information on your identity, income, and loan purpose in most cases.

Are there emergency loans with no credit checks?

While many personal loans require a credit check as part of the application process, some personal loans and payday loans have no credit checks, which may appeal to some borrowers with a bad credit score.

Keep in mind that even if a loan is available with no credit check, the lender will likely want to confirm that you can afford the repayments on your current income.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

Can unemployed single parents get personal loans?

It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.

If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.

What do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

Can I get a no credit check personal loan?

Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.

Can single mothers get personal loans online?

Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.