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Money Place Personal Loans

MoneyPlace is a peer-to-peer lending platform which connects borrowers to willing investors. Peer-to-peer lending platforms like MoneyPlace provide borrowers looking for personal loans with an alternative to traditional banks.

MoneyPlace works differently to a traditional bank. As a peer-to-peer lender, MoneyPlace doesn’t provide borrowers with the finance for a loan; instead, it connects them to a range of investors willing to loan funds.

MoneyPlace is an online-only operation, which means it doesn’t have branches. You can apply for loans online, however they also have a customer service line if you need customer support.

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.

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Money Place Personal Loans rates

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Features of a MoneyPlace personal loan

MoneyPlace offers borrowers access to an unsecured personal loan, which can be used for a wide variety of uses. An unsecured personal loan from MoneyPlace can be used 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 to five years, and borrowers can borrow between $5,000 to $45,000. MoneyPlace personal loans have no ongoing fees, however borrowers will need to pay an application fee.

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

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

MoneyPlace personal loans – customer service

MoneyPlace doesn’t have any branches, but you can apply for a personal loan with MoneyPlace online. You can also talk to 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 MoneyPlace personal loan you’ll need to meet the following criteria:

  • Be 18 years or over
  • Be an Australian citizen or permanent resident
  • Have a minimum income of at least $20,000 per year
  • Have no outstanding defaults, court judgements, writs or bankruptcies listed on your credit file
  • Have proof of income and employment

How to apply for a MoneyPlace personal loan?

To apply for a MoneyPlace personal loan, borrowers can apply online through the 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 – with no impact on your credit score
  • Apply for a personal loan
  • MoneyPlace will take 24–48 hours to assess your application and will be in contact if any additional information is needed
  • Once approved, you’ll be matched with a lender within 24 hours
  • Accept an investor’s bid and the funds will arrive overnight

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

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

MoneyPlace personal loans review

MoneyPlace aim to offer an alternative to traditional banks by leveraging a peer-to-peer marketplace of investors who are willing to loan funds to borrowers seeking personal loans.

All MoneyPlace personal loans are unsecured, which means borrowers don’t need to provide security. MoneyPlace personal loans are available for terms of three to five years, and borrowers can borrow between $5,000 to $45,000. It’s worth noting that the maximum loan amount will change depending on a number of factors, including your credit history.

MoneyPlace offers personalised interest rates, which means different borrowers get offered different interest rates, 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 a MoneyPlace 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.

FAQs

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, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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