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Is MONEYME a Payday Loan?

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Example interest rate

9.20 %

Comparison rate*

10.58 %

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Disclaimer: This calculator provides an estimate only and a comparison rate based on the example information provided. Other fees, costs and charges are not included. This calculation is not an offer for credit. The amount you can borrow may vary once you complete a loan application and all the details relevant to our lending criteria are captured and verified. The interest rate for this product is variable and subject to change. Any calculations made by you using this calculator is intended as a guide only.

What is a payday loan?

No matter how solid your budget is, sometimes sudden expenses come up, such as expensive car or home repairs or medical procedures that might leave you falling behind your usual monthly bills. And when such a crisis happens, you’ll need quick access to some extra cash.

That’s where a payday loan comes in. Also called “advance loans” or “payday advance”, payday loans are short-term loans that are usually up to $2,000. You can get a payday loan in storefronts, online, and even in a few banks. Although it’s an unsecured loan, it’s different from regular loans as you don’t have the option to pay back the payday lenders over a longer period. Payday loans are typically paid 16 weeks to 1 year from the day you borrowed.

Is MoneyMe a payday loan? MoneyMe is a digital financial company in Australia that offers several financial services. One of which is our unsecured personal loans that range from $2,100 to $50,000 that consumers can repay from 1 to 5 years.

How do payday loans work?

Payday cash loans offer smaller loan amounts. Although they provide borrowers with quick short-term solutions, instant payday loans like these usually have higher interest rates and much shorter repayment periods than standard loans. This is because a typical money loaner or payday lender doesn’t assess the debt-to-income ratio of their borrowers before giving them the loan.

If it’s an urgent payday loan you need right now, MoneyMe offers a better alternative in the form of personal loans. Our personal loans have flexible and much longer repayments all while offering the convenience of getting same-day money, just like when you apply for a quick payday loan. MoneyMe personal loans have low rates starting lower than the big 4 banks.

Using an advanced proprietary loan management platform, you can apply for a MoneyMe loan anytime and anywhere using just your smartphone. Complete our online application in under 5 minutes, get an outcome fast, and have the funds in your bank account in as little as 60 minutes once approved. The process is fairly easy.

But first things first: to be eligible to apply you must be an Australian resident who is 18+ and has a regular income. Since we offer much bigger loan amounts than payday loans companies, your application will undergo a fair and careful assessment before approval. As a responsible lender, we consider various factors such as your credit score, income, debt obligations and living expenses to come up with a loan amount tailored to your circumstances. This way we’re confident that you’re getting an amount you can comfortably afford to repay.

If ever your application is approved, we will be sending you a soft copy of your loan contract that you can digitally sign once you’ve read and decided that you’re happy with the loan statement as well as the terms and conditions.

Should you decide to pay off the entire loan earlier, you don’t have to worry about paying an additional cost since we don’t charge early exit fees.

With rates starting lower than the big four banks, our personal loans can help you cross short-term debts off your list and get the cash boost you need to buy essentials while waiting for your next paycheck—without getting any surprise fees or hidden charges.

Are payday loans bad for credit?

Just like any loan, an online payday loan may put a dent in your credit score if you fail to make repayments on time. Multiple credit accounts could hurt your credit score, and adding another active credit in the form of a pay advance loan might put you in a much more difficult circumstance. So it’s best to apply for a payday loan amount that you are comfortable repaying to avoid falling into a debt cycle.

If you’re unsure of how much to borrow and want to see what your monthly repayments might be, use our handy personal loan repayment calculator. It’s a free online tool that gives a clearer picture of what your monthly repayments would look like against an actual interest rate and comparison rate. Other information such as your potential total charges and your total repayments are included too, so you won’t be in the dark and you’ll know what to expect should you push through with your application.

Do payday loans require a credit check?

One of the reasons why many people opt to apply for pay day loan is it’s easy to get as lenders do not run a credit check. Typically, payday loan lenders only require borrowers to submit their identification, a good-standing bank account and a copy of their paycheck.

Whether you’re looking for a no-interest payday loan, cheap payday loans, or quick payday loans to help you cover sudden expenses, it pays to seek advice from a financial expert or invest in personal research to find a reputable lender with a high service rating.

Is MoneyMe a payday loan? The answer is no, we offer award winning, flexible, low rate personal loans and have thousands of 5 star reviews from happy customers. Apply for a MoneyMe personal loan from $2,100 to $50,000 to help you get the extra cash you need on the same day that you applied. Apart from we’re secure and we use advanced technology to come up with a fair and accurate loan decision, our loan offers start at low interest rates and come with manageable repayment options to suit your financial circumstances.

Our customers

Is MONEYME a Payday Loan?

Fast, fair and easy. Very happy customer. Happy to get another loan in the future from MONEYME.

Simple process, easy to follow application, quick response time and good support.

I was impressed with how easy and quick the application was. Very happy with their customer service, and the app is very convenient.


Review Stars Out of 2,701 reviews

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Transparent and
simple pricing

Interest rate

9.20 %
to 25.20 %

Comparison rate*

10.58 %
to 26.58 %

Establishment fee
(Direct applications)

$395 for loans between $5,000 and $15,000

$495 for loans between $15,001 and $50,000

Monthly fee


Loan terms

Minimum 3 years

Maximum 5 years

Early exit fees


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