Money3 is an Australian non-bank personal loan lender and operates out of a head office in Victoria.
Money3 started operating in 2000, lending money in the form of personal loans and car loans to both employed and unemployed people in different financial circumstances. It also provides personal loans for Australians who have bad credit or who are on Centrelink benefits.
Money3 is listed on the Australian Securities Exchange.
Money3 personal loan repayment calculator
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at interest rate 29.50 %
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Money3 personal loans rates
based on $5,000 loan amount for 2 years at 29.50%
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Total repayments for a 2-year, $5,000 loan at 29.50% would be $6,679*. Terms from - years
Features of a Money3 personal loan
Money3 provides unsecured and secured personal loans of up to $12,000 for a personal loan and $50,000 for a car loan. Borrowers can pay it off over a maximum loan term of two years.
This lender may charge various fees and charges on its personal loans including establishment fees, ongoing fees, late fees and redraw fees. There are no penalty fees for early repayment.
Money3’s personal loan rates may vary depending on your credit history, but even its lowest rates are high when compared with other options on the market.
Borrowers can use a Money3 personal loan for many uses including:
- Car repairs
- Medical expenses
- Holidays and travel
- Educational expenses
Money3 personal loans – customer service
Customers can contact Money3 by phone, online enquiry and live online chat. Money3 phone lines are in operation from 9am to 7.15pm (EST) on weekdays.
If customers cannot make a call in those hours, they can also request a call-back from Money3.
Who is eligible for a Money3 personal loan?
- Must be over the age of 18.
- Must be an Australian resident.
- Must earn a take-home income of at least $400 per week.
- Income must be paid into your account.
- Not currently bankrupt
How to apply for a Money3 personal loan?
The application process only takes five to 10 minutes and can be done through the Money3 website.
- Select loan range and loan purpose.
- Click ‘Apply Now’ on their website.
- Complete the application form.
- Submit the online application.
- Wait for a response.
Money3 personal loans review
Money3 provides personal loans suitable for those with poor credit history, those who have been bankrupt before and those on Centrelink benefits.
Personal loan customers can borrow up to $12,000, with a maximum term of two years.
Money3 may charge various fees, including an establishment fee, ongoing fees redraw fees and late fees, so if you are applying for a Money3 personal loan, it’s best to read the contract carefully. However, Money3 customers can pay their loan early without penalty.
Money3’s interest rates are high compared with other personal loan lenders. As such, most borrowers with a positive credit record are likely to find that other lenders may have lower interest rates.
If you’re looking for the best personal loan rates for you, it’s worthwhile to compare personal loan rates from several different lenders.
Learn more about personal loans
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.
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 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.
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.
How long does it take to get a student personal loan?
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.
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 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 are the Westpac personal loan eligibility criteria?
The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:
- You should be over 18 years old
- You must be a permanent resident or hold a valid visa with confirmed employment in Australia
- You should earn a regular and permanent income of at least $35,000 before taxes
If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:
- Personal details including name, contact information, and residential address
- Proof of identity such as drivers licence or passport details
- If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
- If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips
Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.
Can I merge my personal loan with my home loan?
Yes, you can refinance your home loan and, in the process, merge or consolidate your personal loan and home loan. By doing so, you can lower the number of debts you have, and you may also reduce the total interest you have to pay.
However, you should consult a financial advisor or a mortgage broker to confirm that you are decreasing your total outstanding debt, including interest payments. The repayment term for a home loan can be much longer than that for a personal loan, and by merging the two, you could be repaying a higher amount over the full 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.
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 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.
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.
Does refinancing a personal loan hurt your credit score?
Personal loan refinancing means taking out a new loan with more desirable terms in order to access a more competitive interest rate, longer loan term, better features, or even to consolidate debts.
In some situations, refinancing a personal loan can improve your credit score, while in others, it may have a negative impact. If you refinance multiple loans by consolidating these into one loan, it could improve your credit score as you’ll have only one outstanding debt liability. Your credit may also improve if you consistently pay the instalments on time.
However, applying to refinance with multiple lenders could negatively affect your credit if your applications are rejected. Also, if you delay or default the repayment, your credit score reduces.