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To be eligible for a personal loan in Australia, you typically need to be at least 18 years old and hold Australian citizenship or be a permanent resident. In addition to meeting the lender’s eligibility criteria, there are other factors that impact whether your application will be approved, and what interest rate and loan amount you will be offered.

Your personal credit history is often the biggest factor affecting the maximum personal loan amount you will have access to, and what personal loan rates will be offered, but there are other factors which are taken into account too. A lender will also look at your income and living expenses, and your existing debt, to assess whether you can afford to repay the loan.

To get a sense of how a loan would affect your current living situation, you can use our personal loan calculator to estimate what the fortnightly or monthly repayments would be.

When applying for a personal loan, you'll typically need to provide various documents to verify your identity, income, employment, and financial stability. Commonly required documents include government-issued identification, proof of income, employment verification, and bank statements.

With MONEYME, there’s no paperwork required. Our online application process takes just a few minutes and will ask you about your current employment, living expenses and other debts you have. We will then ask you for secure access to your online banking account. This access is offered as a read-only option. We cannot change or alter your bank account and we cannot view your banking password or pin. Your security is important to us, and we use SSL encryption to keep your details safe, just like your online banking app or website will.
 
Make sure you have your Australian driver’s licence or passport at hand when you apply, as we will need to verify your identity.

If you don’t have a credit history, it may be more difficult to apply for a loan, but it is not the only factor lenders look at when reviewing your application. At MONEYME, we look at several aspects to assess your ability to repay the loan, including your credit score, income, employment status, and existing debt.

While you can still apply for a loan without a credit history, it’s a good idea to check your credit score and understand the factors that will move it up or down. A higher credit score typically increases your chances of approval and may qualify you for more favourable loan terms, such as a lower interest rate, or a higher loan amount.

Your credit score is based on what’s listed on your credit file, including any current or previous credit accounts, your repayment behaviour for credit products and utility bills, and any previous credit enquiries (when you have applied for credit products). You can check your credit score for free in the MONEYME app.

For significant expenses like weddings, home improvements, medical procedures, or education, you may need more than just a short-term loan or credit card. A personal loan can help you access funds while also providing the flexibility needed to manage your finances effectively.

Compared to a credit card, which is a great option for everyday expenses, a personal loan typically comes with a lower interest rate. A personal loan is repaid in regular installments (often fortnightly or monthly) over a set loan period, which can make it easier to budget whilst repaying the loan.

Traditional lenders often require extensive paperwork, including bank statements and payslips, making the application process difficult and time-consuming. In contrast, MONEYME’s online application process includes zero paperwork. We leverage smart technology to offer fast approvals and fund transfers, providing our customers with a simple, seamless experience. Whether you're seeking a small personal loan or a larger amount, our streamlined approach means you can apply online without the hassle.

At MONEYME, we prioritise customer convenience by offering a fast and tech-friendly application and approval experience. Our range of loans and credit products provide flexible options tailored to your needs. Applying for a loan or a credit card takes just a few minutes online or on the MONEYME app. Once a loan application has been approved, we transfer the funds to your bank immediately. This means many of our customers receive their funds in as little as an hour after they have submitted their online application. 

How much you can borrow for a personal loan will depend on your current financial situation and your credit history. MONEYME offers personal loans up to $50,000. We look at a range of factors when assessing your loan application, to ensure we lend responsibly and offer you the best possible deal.   

Debt consolidation can be a great way to simplify your finances and manage cumbersome debts like high-interest credit cards or multiple buy-now-pay-later accounts. Managing multiple debts can be overwhelming, especially when each comes with its own interest rate and repayment schedule. Personal loans offer an effective solution for consolidating multiple debts into a single, manageable payment. By consolidating debts such as credit card balances, medical bills, or other loans, you can streamline your finances and potentially reduce your overall interest costs.

MONEYME offers low-interest personal loans for debt consolidation to help you get back in control. You can opt for making extra repayments or even paying out your personal loans in full, ahead of schedule. There are no early repayment or exit fees, so we won’t sting you for paying back your debt sooner.