What is a personal loan?
A personal loan is borrowed money that allows you to make big or small purchases without having to pay anything upfront. You can repay it in weekly, fortnightly or monthly repayments over the agreed term with your lender. A personal loan can be used for a variety of reasons, such as home renovations, holidays, or to pay off existing debts. Here at MoneyMe, you can apply for unsecured personal loans from $2,100 up to $50,000.
What is the difference between a secured and unsecured personal loan?
A secured personal loan is a type of credit that is backed by collateral—such as a home or a car—that your lender has the right to seize in the event you default on the loan. This type of personal loan poses less risk to the lender, making it easier for borrowers to get approved.
On the other hand, an unsecured personal loan is not protected by any collateral. The lender can’t seize your asset as the payment for your loan in case you default.
How do I apply for a personal loan?
Simply apply through our website or the MoneyMe app available in App Store and Google Play. Our application process is entirely online, with no face-to-face interactions and lengthy paperwork—you can complete it within 3 minutes!
How soon can I get the outcome of my personal loan application?
You can expect to receive a decision within an hour if you apply during business hours, which is 8am to 9pm Mondays to Fridays and 9am to 9pm on weekends. We send you the funds instantly upon approval. However, how quickly you receive them depends on your bank. If you apply outside of business hours, it may take a little longer to know the outcome of your application.
How soon can I re-apply for a personal loan if my previous application was declined?
With MoneyMe, the cool-off period depends on the reason why you were declined, but the shortest period before you can re-apply with us is 30 days.
What is a personal loan comparison rate?
Normally presented as a percentage, a comparison rate allows borrowers to determine the true cost of a personal loan. You may notice that the interest rate charged on the loan is typically higher on a comparison rate—because rather than just showing the amount borrowed plus the interest rate, the personal loan comparison rate also includes the establishment fees and other associated fees that you have to pay within the loan term.
What is personal loan refinancing?
Personal loan refinancing refers to taking out an entirely new loan and using that money to pay off an existing loan. It is typically done to obtain lower interest rates and better loan terms. Refinancing gives you the same amount of repayments but accumulates less interest upon your scheduled repayments, making the overall loan amount less expensive.