Money Me personal loan repayment calculator

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

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$

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Your estimated repayment

at interest rate 10.00 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • Personalised interest rates
  • Interest rates start low
  • Fast approval
  • Charges an establishment fee
  • Bad credit borrowers may pay higher rates

Money Me personal loans rates

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

6.25%

Variable up to 29.99%

7.64%

$583

based on $30,000 loan amount for 5 years

$295

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

Features of a MoneyMe personal loan

MoneyMe provides tailored personal loans suitable for everyday borrowers, particularly suitable for those who prefer to manage their loans online.

You can borrow a maximum of $35,000 and pay it off over a maximum loan term of five years.

MoneyMe charges a one-off establishment fee on its personal loans, as well as late fees and direct debit dishonour fees.

MoneyMe’s personal loan rates vary depending on your credit history, but start very low for those who have a spotless credit record.

MoneyMe personal loans – customer service

MoneyMe operates entirely online, which means that customers cannot visit a branch for face-to-face customer service.

Customers can contact MoneyMe by phone, email, online enquiry and live online chat. MoneyMe phone lines and live chat are in operation from 8am to midnight on weekdays and from 9am to 9pm on weekends.

Who is eligible for a MoneyMe personal loan?

  • Must be over the age of 18
  • Must be an Australian resident
  • Must be currently employed in Australia

 

 

How to apply for a MoneyMe personal loan?

Because MoneyMe is a digital lender, you can only apply for their personal loans online. But the application process only takes three to five minutes and can be done through their website.

  • Click ‘Apply Now’
  • Click ‘Start your application’ and complete the form
  • Submit the online application
  • If your application is approved, you may receive the loan funds in your bank account within the hour, though this may sometimes take longer if MoneyMe needs to run further checks

Before you apply, make sure you have the following ready:

  • Your nominated bank account details
  • A mobile phone number and valid email address

MoneyMe personal loans review

As an online lender, MoneyMe provides tech-savvy borrowers a range of tailored personal loans. Customers can borrow up to $35,000, with a maximum term of five years.

MoneyMe charges several fees, including an establishment fee and late fees. However, MoneyMe does offer flexible repayments, and customers can pay their loan early without penalty.

Borrowers may not find MoneyMe suitable if they don’t prefer online services or require face-to-face customer service. MoneyMe operates entirely online, which means customers manage their loan online as well.

When it comes to interest rates, MoneyMe varies greatly. MoneyMe offers personalised rates, which means those with better credit histories may be eligible for a better interest rate, while borrowers with poorer credit histories may face a higher interest rate.

As such, MoneyMe’s personal loan interest rates vary from very low to high. 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 Money Me

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.

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.

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.

How are credit ratings/scores calculated?

Different credit reporting bodies may use different formulas to calculate credit scores. However, they use the same type of information: credit history and demographic profile.

They’re likely to look at how many credit applications you’ve made, which lender the applications were for, what purpose they were for, how much they were for and your repayment record. They’ll also look at your age and postcode. They’ll also look to see if you’ve had any bankruptcies or other relevant legal judgements against you.

Your score can change if your demographic profile changes or new information is added to your file (such as a new loan application) or existing information is removed from your file (i.e. because it has reached its expiry date).

How long will I have bad credit?

Most negative events that appear on a person’s credit file will stay in their credit history for up to seven years.

You may be able to improve your credit score by correcting errors in your credit report, clearing outstanding debts, and maintaining good financial habits over time.

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 documentation is needed for a self-employed personal loan?

Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.

While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other documents, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.

What is a credit rating/score?

Your credit rating or credit score is a number that summarises how credit-worthy you are based on your credit history.

The lower your score, the more likely you are to be denied a loan or forced to pay a higher interest rate.

When was comprehensive credit reporting introduced?

Comprehensive credit reporting was introduced to make credit reports fairer and more accurate. Under the previous system, credit providers only saw negative information about potential borrowers. Now, they're able to see both positive and negative information, which means that credit providers can see if a borrower’s negative credit behaviour is consistent or a mere one-off.

Are there $2000 emergency loans?

If you’re having trouble being approved for a loan of less than $2000 and urgently need to purchase household essentials, there may be emergency loan options available to you.

For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.

For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007

Are there alternatives to $2000 loans?

If you need to borrow $2000 or less, alternatives to getting a personal loan or payday loan include using a credit card or the redraw facility of your home, car or personal loan.

Before you borrow $2000 on a credit card, remember that interest will continue being charged on what you owe until you clear your credit card balance. To minimise your interest, consider prioritising paying off your credit card.

Before you draw down $2000 in extra repayments from your home, car or personal loan using a redraw facility, note that fees and charges may apply, and drawing money from your loan may mean your loan will take longer to repay, costing you more in total interest.

Is it hard to improve your credit score?

It can be hard to improve your credit score, as it usually requires sacrifice and discipline, but hard doesn’t necessarily mean complicated. Some simple ways you can give your credit score a boost include closing extra credit cards, reducing your credit card limit, pay off any loans and make loan repayments on time.

As a general rule, the lower your credit score, the more remedies you can apply and the greater the scope for improvement.

How long are $3000 loans?

Medium amount loans can be repaid between 16 days and 2 years. Many personal loans have terms between 1 year and 5 years, though some are as short as 6 months while others last for 10 years.

Generally, the shorter a loan’s term, the more expensive your regular repayments may be, but the less total interest you’ll pay. Loans with longer terms mean more affordable repayments, but more interest charges over the full term.

How can I get a $3000 loan approved?

Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.

Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.

Can I get a self-employed personal loan with bad credit?

It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full-time employment, so some self-employed personal loans require borrowers to have excellent credit.

If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.