Frequently Asked Questions

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So how does the application process work?

It’s super simple. Just hit quick start, select how much you’re after and fill in your info. The application should only take you about three minutes!

The process is paperless and you’ll receive a quick decision. You sign electronically and then you’ll receive the cash in your account. It’s that simple.

Who can apply?

You must be:

  • An Australian resident
  • Over 18
  • Employed
What do you need from me to apply?
  • Bank details so we can deposit your loan
  • A mobile phone number and valid email address

Providing us with as much correct information as possible means we can let you know the outcome of your application asap.

Why didn’t I receive an immediate decision?

We’re a digital lender, but sometimes we need to look at things a little more carefully to ensure we’re making the right decisions.

If you’re unable to provide all of your information on the spot, it may take a little longer. Sometimes we may need to call you to confirm your details over the phone.

Will you be contacting my work?

No, we will not contact your employer to assess your application.

Can I apply for a MoneyMe loan over the phone or in a shop?

We only take applications online – but we’ve made our application process as quick and user-friendly as possible. It’s tailored for phones and tablets too, so it’s easy to apply for a MoneyMe loan from any device.

Who is eligible for a MoneyMe loan?

To be eligible to apply you must be working in Australia and 18 years or older.

We’re big on responsible lending, so if we don’t think you’re in a position to repay the loan comfortably, we won’t lend to you.

How much will you lend me?

We will always try to ensure that we’re only lending an amount you can afford to repay.

Our lending criteria take a number of factors into account before deciding the amount we’re able to lend you. These include income, expected living costs, and your MoneyMe loan rating.

Do you conduct credit history checks?

Yes, we do conduct credit history checks as a standard part of our application process. Our goal is to make informed and fair decisions when evaluating applications. The credit history check allows us to assess an applicant’s financial responsibility, which is an important factor in our decision-making process. There are some circumstances where we will automatically decline an application, such as if you have credit defaults, are bankrupt, or are in a debt agreement.

If you have any specific concerns or questions about our credit check process, feel free to discuss them with our team, and we’ll do our best to provide the information you need.

How fast can I get my loan?

It only takes about 3-5 minutes to apply. Once your application has been approved, we move fast to get you your cash.

We aim to have your loan funds in your bank account within the hour. This will depend on your bank and in some instances it may take longer.

On rare occasions, we might not be able to verify some of your information electronically. If this is the case, we’ll let you know straight away what you need to send us.

We’ve got a number of ways to make this as easy as possible for you:

E: help@moneyme.com.au

T: 1300 783 046

How soon after my last loan can I get another loan?

Straight away, so long as you’ve repaid your last loan in full and continue to meet our lending criteria.

How does it work if I apply outside of business hours or on a weekend?

Because our digital application is smart, easy and fast, you can still apply outside of business hours or on weekends.

If you are approved and bank with an institution other than Commonwealth bank, your loan will be transferred at the start of the next working day.

If you don’t provide us with your bank account details for electronic verification, you’ll have to wait for our next working day for us to manually review your documents.

Why was my application unsuccessful?

We rely on data from a number of sources to make our credit decision, including information disclosed to us by credit reporting bodies. Some of the factors that we consider include income, expenses, other debt obligations, security of employment and credit history.

Why do you ask for my bank statements?

We are required by law to make an assessment that a loan contract is not unsuitable to you.

At MoneyMe, we obtain a copy of your most recent bank statements to make a credit assessment. We may subsequently obtain bank statements on an ongoing basis for the purposes of ongoing account management, including if you are in default.

We look at your recent bank statements through our trusted partner, - the same technology used by a number of big banks and online companies. This means you can avoid all the messy and time-consuming admin of getting your bank statements and pay slips to us.

It is not possible for anyone at MoneyMe to see or access your online banking password.

Why do you ask for my online banking details?

It’s the fastest and easiest way for us to process your loan application. We have a read-only snapshot of your transaction history and cannot access your details in any way.

All data is securely handled in accordance with data protection laws and our privacy policy.

Who sees my online banking login details?

We are only permitted read-only access, so will only ever be able to view the recent transactions on your account – nothing more. No person can access your online banking password.

What happens to my online banking details after I input them on your website?

Your bank details are encrypted in transit and stored securely by illion Open Data Solutions. We do not have the ability to change any of your banking details or access any of your personal information.

Complete illion Open Data Solutions terms and conditions are available here.

What costs are involved?

At MoneyMe, we offer variable costs and the cost of your loan is based on your MoneyMe loan rating. We reward customers with a good credit history by providing them with a lower cost.

Apply now to find out your MoneyMe loan rating.

What is a MoneyMe loan rating?

The MoneyMe loan rating gives a score from A1+ to A5 for each customer and is mostly determined by your credit history. The specific costs and repayments are outlined on our costs page.

Each time you take out a MoneyMe loan and repay us on time, you can improve your MoneyMe loan rating and may be able to borrow at a lower cost next time.

How can I find out my MoneyMe loan rating?

To find out your MoneyMe loan rating, simply click the ‘Apply now’ button on the Quick start and fill out the form. We will be able to make an assessment in seconds to determine your loan rating and repayments.

Do I have to submit an application to find out my loan rating and what my repayments will be?

No. Once you fill out your necessary details we will be able to make an assessment in seconds to determine your loan rating and repayments. You will see your loan rating and repayments before you are required to submit your loan application.

How can I improve my MoneyMe loan rating so I can borrow at a cheaper cost?

Each time you take out a MoneyMe loan and repay us on time, you can improve your MoneyMe loan rating and may be able to borrow at a lower cost next time.

What other fees may be charged?
  • If you wish to make an early payment on your loan we don't charge any early payment or early termination fees.
  • If you need to change a payment and it is within your loan term, let us know 1 business day before the payment is scheduled and we will change it for free.
  • If you don't let us know and your payment dishonours, we charge you a $15 dishonour fee.
  • If your account is not up to date by the last day of the month, there is a $15 overdue account fee.
  • Not paying us back on time will negatively affect your loan rating.
How do I make my repayments?

Repayments are set up to be really easy. When you apply, we set you up with a customised direct debit schedule that is aligned with your pay cycle.

Once your loan is paid back in full, the direct debits will stop.

Speak to us!

We can’t be of assistance if we don’t know what’s happening.

What happens if I can’t honour my direct debit?

If your bank declines your direct debit payment, you’ll be charged a $15 dishonour fee (your bank may also charge you a dishonour fee).

This fee is charged each time a direct debit is dishonoured or your commitment to make a loan repayment is not met. It’s important you call us beforehand if you know there are insufficient funds in your account to make the scheduled payment so we can discuss an alternative payment arrangement.

What happens if I have overdue payments?

If your account is not up to date by the last day of the month, we’ll charge you an overdue account fee of $15. Your total repayments may be higher as the interest will be calculated on your daily outstanding balance.

We will contact you whenever your payments are behind to understand your situation and try to come to an arrangement.

What happens if I have seriously overdue payments?

You need to speak to us to make arrangements.

If your account reaches 60 days overdue, we intend to list a credit default on your file with credit reporting agencies. The default will typically stay on your record for up to five years and may affect your future ability to obtain credit with companies such as Telco’s, banks, and MoneyMe.

How can I get independent assistance?

We are not allowed to give you financial advice, but recommend using the government’s MoneySmart website for advice, go to their webpage www.humanservices.gov.au/advancepayments or call them on 1800 007 007.

What if I am facing hardship?

If your circumstances have changed since you took out the loan, we may be able to offer some assistance. Please call us on 1300 783 046 to allow us to assess your financial situation.

We may need evidence of the change (such as a severance letter or a doctor’s certificate). We may also need to get in touch to obtain further information from you once you have completed the form.

What is Comprehensive Credit Reporting (CCR)?

Comprehensive Credit Reporting (CCR) is the latest change to the way credit information is reported, meaning more information, both positive and negative, is now recorded and available on your credit file. This gives you more control over your credit health and for lenders to have a more comprehensive view of your credit information, including your repayment history.

What does it mean for me?

As more information is being reported on your credit file than what was previously available, you’re able to positively influence your credit score simply by displaying good credit behaviour such as making your repayments on time.

What new information is on my credit report, and what information can providers now see?

Prior to this change, mainly negative information was available on your credit file (e.g. credit enquiries and default listings). Comprehensive credit reporting now means other, more positive information is available – including:

  • Account open and close dates
  • Account limits
  • Credit types
  • Repayment History Information (RHI) for the last 24 month period
What is Repayment History Information (RHI)?

Your repayment history is recorded as an RHI status. This status is displayed as a number, indicating how many days in arrears your account was in a specific month. This information is reported on an ongoing basis for your active account until it is repaid.

What happens if I miss a payment, or change my repayment schedule?

If you miss a payment and it is not caught up within the 14 day grace period, it will be reported on your credit file as overdue.

If you request to change a payment prior to the scheduled date and it fits within acceptable criteria, the change won’t affect your credit report.

How does this affect my credit score?

It can impact it both positively and negatively, depending on your situation and actions. The key thing to know is that good repayment history and behaviour is now reflected on your profile which means you have the opportunity each month to improve your credit score.

If you’re worried about missing one payment or making it after the 14 day grace period, don’t stress too much. The great thing about Comprehensive Credit Reporting is it shows your last 24 month repayment history, which gives lenders a better understanding of your overall repayments – not just your most recent.

Where can I find out more information about this?

To find out more, check out the CreditSmart website.

CreditSmart is an information website developed by credit experts to help consumers understand how credit reporting operates in Australia. It aims to help you understand how recent credit reporting reforms affect you, by providing information about the system that is unbiased and fair.

When will MoneyMe contact me by telephone?

We’ll only call you if we need to; such as if you’ve made an application or missed a payment and we need to speak to you.

And you’re always welcome to get in touch with us in a variety of ways – check out our contact us page for more details.

Can I come into a branch?

MoneyMe is 100% online – but don’t worry, there’s more ways than ever to get in touch with us:

E: canwehelpyou@moneyme.com.au

T: 1300 783 046

How do I make a complaint?

Customer satisfaction is extremely important to us, but we understand sometimes we may get it wrong.

See our complaints page for further information.

Where can I find your policies?

At MoneyMe, we’re huge on transparency and honesty.

Check out the links below to our key policies:

What online security measures do you employ?

Your privacy and security is important to us. We use products that are the best of the best in the online security business.

We follow the same standards as banks and other online payment companies to ensure your safety and security.

Security Policy

How is my information stored and protected?

All information is entered through a Secure Socket Layer (SSL), which means an encrypted connection is created between your system and ours, and it's always kept that way.

How do I change my password?

Head to our member area, and submit your information in the verification section. A link will be sent to your email for resetting your password.

How do I change my email address?

If you can’t remember which email address you gave us, or you need to update your address, you’ll need to call us on 1300 783 046 and one of our agents will update your information.

How often can I make withdrawals?

You can withdraw from your line of credit as often as you like up to your available limit, as long as your account is up to date.

How do I make a withdrawal?

You can make withdrawals through the Members Area by clicking the ‘Withdraw cash’ button in your Account Overview, or from the menu by clicking ‘Manage my loan’ and then ‘Withdraw cash’.

To make a withdrawal now, log in to the Members Area.

How does my line of credit work?

When you apply you’ll be approved for a global line of credit, which is your highest approved credit amount. You’ll be able to withdraw (minimum $100) as many times as you like up to this determined limit.

As you repay the principal on your withdrawn credit, this amount will become accessible to withdraw again – given your account is in good standing.

For your account to be in good standing you must meet your minimum set repayments. Failure to do so will result in restrictions placed on your line of credit.

What are my payment options?

We set your minimum payments over a fixed term, however you’re able to make extra payments or repay in full at no extra cost.

If you wish to reschedule your payments, you can up to 7 days from the scheduled date for free.

To make a payment now, log in to the Members Area.

What is the minimum repayment?

The minimum repayment is set each time you withdraw cash and is the amount you need to pay in order for your account to remain in good standing.

How do I make repayments?

Your payments are set up as direct debits and are aligned to your pay cycle. You can view your schedule in the Members Area.

If you wish to make additional payments you can through the Members Area by clicking the ‘Make a payment’ button in your Account Overview, or from the menu by clicking ‘Manage my loan’ and then ‘Make a payment’.

To make a payment now, log in to the Members Area here.

How do I know if I’m eligible?

To be eligible you must be over 18, an Australian resident and employed.

Please note that all applications are subject to assessment and suitability based on a range of factors such as your income, expenses, bank transaction history and your credit report.

What happens if I don’t use it for a while?

Your line of credit will remain active and available until you request to close your account.

How can I increase or decrease my line of credit?

To increase or decrease your line of credit go to your Members Area, click on ‘Account details’ and go to the ‘My line of credit’ section. There you’ll find an increase/decrease button.

What if I want to pay off my balance early?

That’s absolutely fine, and we don’t charge any early exit fees either. Simply visit the Members Area and click ‘Make a payment’ and select ‘Pay outstanding balance’.

To make a payment now, log in to the Members Area.

How do I obtain statements?

Each month you’ll receive an email with a link to your Statement of Account.

You can also access it by going to your Members Area, clicking your Account details where you’ll find a link under ‘My line of credit’.