What is a personal loan?
Personal loans from credit providers are contracts where you agree to borrow money from the credit provider for personal purposes. Interest is charged on the loan, plus fees and charges are payable (such as an establishment fee, and ongoing fees like account keeping fees).
A personal loan can provide you with access to money you want or need now, so that you can do things like:
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take advantage of a great offer on a new asset (like a car or a boat)
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put down a deposit for an upcoming life event
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pay for an unexpected emergency or bills (like mechanical works and repairs on your car)
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move rental properties (and pay your upfront costs like professional movers and your bond)
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travel
MoneyMe offers personal loans ranging from $2,100 to $50,000, with flexible repayment terms and no early repayment fees.
Larger loan amounts can help with purchases like cars, a wedding, renovations, or education expenses.
Larger loan amounts may have a longer loan term, so that you have more time to repay the loan.
Even if you have a poor credit history, you may be approved for a personal loan with MoneyMe.
What is the difference between a secured and unsecured personal loan?
Generally speaking, a secured personal loan is a personal loan which is secured by some form of collateral that you own—such as a home or a car—that your lender has the right to sell in the event that you default on the loan.
On the other hand, an unsecured personal loan is not secured by any collateral.
How do I apply for a MoneyMe personal loan?
Simply apply through our website or the MoneyMe app available in App Store and Google Play. Our application process is entirely online, and can be completed in minutes, with no face-to-face interactions and lengthy paperwork!
How soon can you get the outcome of your MoneyMe personal loan application?
Many borrowers who apply during business hours (being 8am to 9pm Mondays to Fridays and 9am to 9pm on weekends) receive the outcome of their application on the same day. If you apply outside of business hours, or your financial situation is more complex, it may take a little longer.
If you are approved, we send the loan funds to you instantly upon approval.
The time it will take for you receive the loan funds depends on a range of factors including which financial institution your bank account is held with.
What is a comparison rate?
Comparison rates are designed to help customers understand the true cost of a loan, because it includes fees as well as the interest rate.
What is refinancing?
Refinancing refers to taking out an entirely new loan, and using the loan funds to pay off an existing loan.
It is typically done to obtain lower interest rates and/or better loan terms.