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Monthly repayment from


Example interest rate

9.20 %

Comparison rate*

10.58 %

Total charges


Total repayments


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.


Are you thinking about making some purchases using layby? Whether you are buying a car, shopping for the latest clothing or electronics, purchasing gifts for your kids, looking for new furniture or paying for a holiday, there may be times in life where you want to buy something but don’t have the money to pay the full purchase price immediately. As well as layby, there are also other alternatives payment options available, too. For example, with MoneyMe’s Freestyle account you can get a line of credit up to $20,000 with interest-free terms on purchases.

What is the purpose of payment options like layby and Freestyle?

Payment options such as layby and Freestyle make it possible for you to secure a sale without needing to pay the full purchase price upfront. In some cases, if you see a good deal and don’t grab it straight away, you may miss out altogether. If you know you’ll have the money to pay for it soon, using layby or Freestyle could be an affordable way of buying what you need. 

What are the benefits of choosing Freestyle over layby?

Although using layby may help you secure a good deal, there are also some limitations you need to be aware of. How layby traditionally works is that you put down a deposit for what you want to buy and then pay the full purchase price back in instalments over time. Typically, you won’t be charged interest if you meet all the layby rules and conditions, although there may be some associated fees and charges. The downside of buying something on layby is that you often won’t be able to take the product home until it is fully paid for.

Another disadvantage of using layby is that if you change your mind after you have started paying the money back, you may be hit with a cancellation fee if you no longer want to go ahead with the sale. Also, by the time you finally get to take the product home, if it is now discounted you’ll still be charged the original price. Whether you are shopping in a physical store or at online layby stores, each retailer will have different layby terms and conditions so you’ll need to read the fine print before going ahead. 

There are several benefits of choosing Freestyle over layby. One of the main benefits is that if you shop using Freestyle, you can take your purchases home straight away. This means that if you buy the latest TV, a new dress or a washing machine, as long as they are in stock you’ll be able to start using them straight away rather than needing to wait weeks, or even months, before you can take the products home. The Freestyle virtual credit card offers up to 55 days interest free so can be a great choice if you know you can make your repayments within the interest-free period. The monthly account fee of $5 only applies if the outstanding balance is over $20, and the annual fee can vary from $0 to $149 depending on your credit limit and rating. MoneyMe has transparent pricing so you can confirm any fees and charges associated with your Freestyle account before going ahead. 

If you know you’ll be able to repay the money within the interest-free period, using a line of credit instead of layby could mean an interest-free shopping experience as well as being able to take home the products or use the services straight away. And with a Freestyle account, once you’ve paid the money back, it becomes available for you to use again without needing to reapply.

What is the best way to finance products and services?

From Beforepay, Afterpay and layby to interest free credit cards, a cash advance and same day loans, there are many options when it comes to buying products and services. You’ll need to weigh up the alternatives to help you decide which option is most affordable for you and best meets your needs. You’ll need to consider factors such as how much money you’ll need to borrow and how quickly you’d like to start using the products and services. 

With MoneyMe’s Freestyle Virtual Mastercard you can apply for a credit limit up to $20,000. The online approval process only takes a few minutes to complete, and you can start using the funds on your virtual card as soon as it has been approved. The Freestyle online credit card comes with several other benefits too, such as interest-free payment terms and access to credit back on hundreds of well-known brands. Because your virtual credit card lives on your smartphone, not in your wallet, it is a convenient way to shop for small day-to-day purchases as well as bigger purchases either online or in-store. If you are making a more expensive purchase such as buying a car, MoneyMe also has unsecured personal loans up to $50,000. 

Setting up a Freestyle Virtual Credit Account or applying for a MoneyMe personal loan is fast and straight forward. In fact, if you submit your application during business hours, you’ll usually get a response in just a few minutes. If you need cash today, apply for a MoneyMe online Freestyle virtual Mastercard® now and you could have access to extra funds before you know it. Happy shopping!

Our customers


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.


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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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Won’t impact your credit score!
Won't impact your credit score!

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