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Unsecured Loan (Below Average Credit)

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I want to borrow

Loan Term

years

Repayment Frequency

Pros and Cons

Pros:
  • No ongoing fees
  • No early exit penalty
  • Can apply online
Cons:
  • Application fee charged
  • Cannot apply in branch
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Money Place Fees and Features

New Car
New Car
Used Car
Used Car
Boat
Boat
Student Loan
Student Loan
Debt Consolidation
Debt Consolidation
Renovation
Renovation
Medical Bill
Medical Bill
Wedding
Wedding
Upfront Fee
Upfront Fee
5%
of loan amount
Ongoing Fee
Ongoing Fee
$0
Borrowing range
Borrowing range
$5k - $45k
Total Repayments
Total Repayments
$39,060
Early Exit Penalty Fee
Early Exit Penalty Fee
$0
Missed Payment Penalty
Missed Payment Penalty
$15
Redraw Activation Fee
Redraw Activation Fee
N/A
Repayment Type
Repayment Type
Fixed
Loan Type
Loan Type
Unsecured
Secured by vehicle
Secured by vehicle
Secured by property
Secured by property
Security by bank deposits
Security by bank deposits
Available to 457 Visa Holders
Available to 457 Visa Holders
Redraw Facility
Redraw Facility
Extra Repayments
Extra Repayments
Line of Credit
Line of Credit
New Car
New Car
Used Car
Used Car
Boat
Boat
Student Loan
Student Loan
Debt Consolidation
Debt Consolidation
Renovation
Renovation
Medical Bill
Medical Bill
Wedding
Wedding
Upfront Fee
Upfront Fee
5%
of loan amount
Ongoing Fee
Ongoing Fee
$0
Borrowing range
Borrowing range
$5k - $45k
Total Repayments
Total Repayments
$39,060
Early Exit Penalty Fee
Early Exit Penalty Fee
$0
Missed Payment Penalty
Missed Payment Penalty
$15
Redraw Activation Fee
Redraw Activation Fee
N/A
Repayment Type
Repayment Type
Fixed
Loan Type
Loan Type
Unsecured
Secured by vehicle
Secured by vehicle
Secured by property
Secured by property
Security by bank deposits
Security by bank deposits
Available to 457 Visa Holders
Available to 457 Visa Holders
Redraw Facility
Redraw Facility
Extra Repayments
Extra Repayments
Line of Credit
Line of Credit
Other Benefits
Ability to upload financials electronically.
Other Restrictions
No bankruptcies, judgements or defaults

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.

FAQs

The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.

However, people with bad credit histories can make debt consolidation work by following this three-step process. First, find a lender willing to give you a bad credit personal loan – this process will be simplified if you go through a mortgage broker or use a comparison website like RateCity. Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced. Third, instead of spending those savings, use them to repay the new loan.

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