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:

• take advantage of a great offer on a new asset (like a car or a boat)
• put down a deposit for an upcoming life event
• pay for an unexpected emergency or bills (like mechanical works and repairs on your car)
• move rental properties (and pay your upfront costs like professional movers and your bond)
• 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.

What fees are associated with MoneyMe personal loans?

We charge an establishment fee and a monthly fee, in addition to an interest rate starting from 6.25% p.a. Other fees and charges may apply if you don’t make your scheduled loan repayments.

How are MoneyMe’s interest rates determined?

We set interest rates primarily according to the borrower’s credit score, we also take into consideration other factors such as income, debt obligations, and living expenses.

What is an early repayment fee?

Early repayment fees are generally fees which are payable by borrowers if a loan is repaid ahead of schedule.

We don’t charge early repayment or early exit fees if you decide to make an early repayment for your personal loan.

Can you make a redraw on your MoneyMe personal loan?

We don’t offer redraws on personal loans, which means the amount of the loan you have repaid won't be available for use again.

What is credit history?

The term ‘credit history’ is usually used to describe how you have managed your credit in the past.

It also sometimes shows how long loan accounts have been open, the number of credit enquiries on your credit file, and whether you are making your loan repayments on time. Past or current loans and credit cards generally form part of your credit history.

How can you find out your credit score?

Your credit score is a number which is calculated based on what is in your credit report. You can obtain your credit score from an online credit score provider. Generally a higher score means lenders will consider you less risky, where as a lower score may affect your ability to get a loan.

What credit reporting agencies do MoneyMe use?

The credit reporting agencies we use are Equifax and Illion.

Can you get a MoneyMe personal loan on a bridging visa?

We will not review your application while you’re on a bridging visa, but you can reapply with us once your visa status is confirmed.

How can you change your account information if you’re switching banks?

Once you've logged in to your MoneyMe account, go to 'Account details' and click on Update your details 'here'. A window will appear where you can enter your new bank account details. Press send to submit.

Alternatively, you may contact us directly on 1300 860 441 or send an email to hello@moneyme.com.au.

How can you contact MoneyMe?

Whilst we’re completely online, we’re always here to help. You can reach us via phone on 1300 860 441, by LiveChat during operating hours or by emailing hello@moneyme.com.au at any time

What is MoneyMe’s operating hours?

We’re available from 8am to 9pm on weekdays and 9am to 9pm on weekends. We’re also open on most public holidays.

Does MoneyMe have other credit products apart from personal loans?

Yes—aside from personal loans, we also offer Freestyle: A virtual Mastercard, with a limit of up to $20,000. Freestyle facilitates in-store Tap n Pay and online shopping, fast transfers to your bank account, pay-anyone features and more. Click here to find out more.