Personal Loans

What is a personal loan?

A personal loan is borrowed money that allows you to make big or small purchases without having to pay anything upfront. You can repay it in weekly, fortnightly or monthly repayments over the agreed term with your lender. A personal loan can be used for a variety of reasons, such as home renovations, holidays, or to pay off existing debts. Here at MoneyMe, you can apply for unsecured personal loans from $2,100 up to $50,000.

What is the difference between a secured and unsecured personal loan?

A secured personal loan is a type of credit that is backed by collateral—such as a home or a car—that your lender has the right to seize in the event you default on the loan. This type of personal loan poses less risk to the lender, making it easier for borrowers to get approved.

On the other hand, an unsecured personal loan is not protected by any collateral. The lender can’t seize your asset as the payment for your loan in case you default.

How do I apply for a personal loan?

Simply apply through our website or the MoneyMe app available in App Store and Google Play. Our application process is entirely online, with no face-to-face interactions and lengthy paperwork—you can complete it within 3 minutes!

How soon can I get the outcome of my personal loan application?

You can expect to receive a decision within an hour if you apply during business hours, which is 8am to 9pm Mondays to Fridays and 9am to 9pm on weekends. We send you the funds instantly upon approval. However, how quickly you receive them depends on your bank. If you apply outside of business hours, it may take a little longer to know the outcome of your application.

How soon can I re-apply for a personal loan if my previous application was declined?

With MoneyMe, the cool-off period depends on the reason why you were declined, but the shortest period before you can re-apply with us is 30 days.

What is a personal loan comparison rate?

Normally presented as a percentage, a comparison rate allows borrowers to determine the true cost of a personal loan. You may notice that the interest rate charged on the loan is typically higher on a comparison rate—because rather than just showing the amount borrowed plus the interest rate, the personal loan comparison rate also includes the establishment fees and other associated fees that you have to pay within the loan term.

What is personal loan refinancing?

Personal loan refinancing refers to taking out an entirely new loan and using that money to pay off an existing loan. It is typically done to obtain lower interest rates and better loan terms. Refinancing gives you the same amount of repayments but accumulates less interest upon your scheduled repayments, making the overall loan amount less expensive.

What fees are associated with personal loans?

One of the costs associated with our personal loans is the establishment fee, with the amount depending on how much your loan will be and your credit history. We also charge an interest rate starting from 6.25%.

How are interest rates determined?

Lenders determine interest rates primarily according to the borrower’s credit score. When you apply for a personal loan with us, we try to see the whole picture to come up with an interest rate suitable to an individual’s circumstances. Apart from your credit score, we also take into consideration other factors such as income, debt obligations and living expenses.

What is an early repayment fee?

Lenders determine interest rates primarily according to the borrower’s credit score. When you apply for a personal loan with us, we try to see the whole picture to come up with an interest rate suitable to an individual’s circumstances. Apart from your credit score, we also take into consideration other factors such as income, debt obligations and living expenses.

At MoneyMe, we won’t charge you early payment or early exit fees should you decide to make an early repayment for your personal loan.

Can I redraw the balance I have successfully repaid for personal loans?

The balance you have repaid won't be available for use again. This feature is only applicable to our Freestyle product.

What is credit history?

Credit history is used to describe how a borrower uses their money, such as the number of credit cards and loans you have. It also shows how long your accounts have been open, the number of your credit enquiries and whether you are making your repayments on time. Once you have acquired a credit card or have taken out a loan, then you already have a credit history which will then reflect on your credit report and credit score.

What should be my credit score when applying for a personal loan?

Whilst your credit score is an important part of your personal loan application, a number of other factors are also taken into consideration. Other factors taken into account when reviewing your application include your income, debt obligations, living expenses any previous MoneyMe history to come up with a fair and tailored loan decision.

How do I find out my credit score?

You may obtain your credit score from your credit card company, financial institution or the loan statement from your lender. Take note that while the three nationwide credit bureaus (Equifax, Experian and TransUnion) can provide credit reports, they do not usually contain credit scores.

How can I improve my credit score?

If you wish to improve your credit score, first you must obtain a copy of your credit score and credit report. This will help you stay on top of your finances and understand more about your credit standing. The important things to keep in mind are to:

• Make sure all credit information are accurate
• Rectify incorrect information
• Note negative reports such as deferrals, defaults and frequent credit enquiries
• Take initiative in improving your credit position
• Pay your loans and bills on time
• Keep track of your credit record and all your financial commitments

What credit reporting agency does MoneyMe use?

The credit reporting agencies we use are Equifax and Illion.

Can I get a personal loan on a bridging visa?

We cannot review your application while you’re on a bridging visa, but we can once your visa status is confirmed.

How can I change my account information if I'm 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 669 059 or send an email to hello@moneyme.com.au.

How can I contact MoneyMe?

Whilst we’re completely online, we’re always here to help. You can reach us via phone or LiveChat during opening 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 that offers up to $20,000 for in-store Tap n Pay and online shopping, fast transfers to your bank account, pay-anyone features and more.