MoneyMe is an Australian personal loan lender that operates entirely online. While MoneyMe does not have any physical branches, it operates out of a head office in Sydney.
As an online-only lender, MoneyMe uses technology to streamline the personal loan application and approval process. MoneyMe provides a quick paperless application process and fast approval to help customers receive their money sooner.
Money Me personal loan repayment calculator
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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
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Variable up to 29.99%
based on $30,000 loan amount for 5 years
Fully drawn advance
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.
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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.
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.
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.
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 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.
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 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.
Are there low doc personal loans?
Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.
It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.
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.
What are the pros and cons of personal loans?
The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.
One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.
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.
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 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 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 do credit scores have to do with personal loan interest rates?
There is a strong link between credit scores and personal loan interest rates because many lenders use credit scores to help decide what interest rates to offer to potential borrowers.
If you have a higher credit score, lenders will probably classify you as a lower-risk borrower. That means they’ll be keen to win your business, so they may offer you a lower interest rate if you apply for a personal loan.
If you have a lower credit score, lenders will probably classify you as a higher-risk borrower. That means they might be concerned about you defaulting on the loan and costing them money. As a result, they might protect themselves by charging you a higher interest rate.