loans for
kicking goals

Low rates starting from 6.74% p.a. (comparison rate from
8.13% p.a.*) with money in your bank account in as little as
60 minutes.

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

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Find out how much your repayments and interest rate could be with our calculator.

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Estimated monthly repayments


Example interest rate

6.74% p.a.

Comparison rate*

8.13% p.a.

Total charges


Total repayments


It won’t affect your credit score!

Check our rates and fees

Interest rate (p.a.)


% p.a.

up to


% p.a.

Comparison rates (p.a.)*


% p.a.

up to


% p.a.
*This comparison rate is based on an unsecured variable rate personal loan of $30,000 for a term of 5 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. $495 establishment fee and $10 monthly fee applies.

Establishment fee


Loans up to $15,000


Loans above $15,001

Loan term

3 to 5 years

Our fees


Monthly fee


Early exit fees

*This comparison rate is based on an unsecured variable rate personal loan of $30,000 for a term of 5 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. $495 establishment fee and $10 monthly fee applies.

Bank Loans

In the past, when you needed to borrow money in Australia, bank loans were one of the main alternatives. With the rapid advancement of technology and the growth of online lenders and online credit cards, you can now get access to funds without even leaving your home. With so many loans on offer such as variable personal loans, cash loans, consumer loans, joint loans and flexible bank loans, how do you know which one is best for you?

Everyone’s individual circumstances are different, so if you’re in the market for a loan, you’ll need to look at your specific needs to decide whether bank loans are the right finance option for you. To help you, here we look at the pros and cons of getting a personal loan from a traditional bank compared to taking out a loan through an online lending business. Here are some factors you need to consider:

Customer service

One of the reasons some customers prefer getting bank loans rather than borrowing from online lenders is because they prefer a more personalised service. They like meeting face-to-face and having one person as their point of contact. Meeting in person, however, is more time consuming so if you need quick access to funds it is not always the most viable option.

If you do decide to borrow money through an online platform, you’ll need to make sure that there is an easy way to contact the lender so you can get any help you need. Many online lenders have live chat on their website, and extended hours where they are available to talk to you over the phone. With online loans, you can usually manage them online once the loan has been approved which can be more convenient than needing to contact your bank directly. You can also check that there is clear and easy-to-understand information about their loans on their website which makes it easier for you.

Cost of the loan

Another factor to consider when deciding what type of loan is best for you is the total cost of the loan. With traditional bank loans comes a physical building and bank branches which can be expensive to operate. Not having the expense of servicing branches frees up costs for online lenders that can then be passed on to the borrower through offering lower fees. Before accepting your loan, it’s good to have a clear understanding of all the fees and charges to ensure it is competitive and affordable. 

Comparing interest rates is also important as they can vary significantly between lenders. Using an online calculator makes it quick and easy to compare different loan products before submitting your loan application. Unsecured loans typically have a higher interest rate than a loan that requires collateral, so when you are comparing the rates, make sure you consider the type of loan it is. You may be surprised at how competitive the interest rates of some of the online lenders are. For example, MoneyMe offers very competitive rates for an unsecured personal loan. Compare it with the rates of the big four banks and see for yourself. Many online lenders also have online calculators and other tools to help you understand how much your repayments are likely to be before applying for the loan.

Speed of the loan

One of the biggest advantages of using an online lender rather than opting for bank loans is how long it will take to get a loan. Traditionally, applying for a loan has been a very drawn out, complex process involving a lot of paperwork. Technology has changed all of that, and online fast loans are now very popular. 

You might be wondering how do I apply for a loan without going into a bank. If you apply for personal loans through an online lender, the application process can often be completed in a matter of minutes, and the approval process is fast, too. Once you have agreed to the terms of the loan, you can sign the contract digitally without ever needing to physically go into a bank. Gone are the days of piles of documentation, endless waiting, and long bank queues. With some online lenders, you can even get access to your funds on the same day that you submit your loan application. The ability to access last minute loans from the comfort of your own home at a time that suits you is very appealing to many borrowers.

Eligibility criteria

Apart from the speed of the application process, another question to consider is can I get a loan? When deciding on the best loan for you it is important to look at what the eligibility criteria is. The lending criteria for bank loans can be stricter than those of online loan companies, and you often need to provide extensive paperwork and if your credit report has any marks against it, it can be very difficult to get a loan. You don’t want to borrow more than you can afford to pay back, but some online lenders are less stringent with their criteria and will consider other factors such as your income, employment history, and living expenses as well as your credit score.

Security of the loan

One advantage of borrowing bank loans through one of the big 4 banks is that they may be more familiar to you, and you are aware of their reputation, but there are also many reputable online alternatives. Before taking out a loan, don’t be afraid to do a background check so you can make sure you are dealing with a trustworthy lender. You can read reviews online, and check that the online security they are using is as safe as other banks or reputable payment companies. Even though the lender is carrying a lot of the risk, whether you choose an online lender or a traditional brick and mortar bank, you’ll want to make sure you are taking out your loan with a responsible and secure lender. You don’t put your data at risk or get in more debt than you can afford to pay back.

To find the best lending solution for you, you’ll need to look at your particular financial situation, compare all the features of the different bank loans and online loans available and work out what is the best for you.

If you want to get a hassle-free personal loan from an online lender, MoneyMe provides a simple loan application where you can apply for personal loans of up to $50,000 in a matter of minutes. With our fast approval process, you won’t have to wait long to see if your loans have been successful. Depending on which bank you are with, the funds can be in your bank account on the same business day in some cases. Without all the lengthy paperwork to fill out, our loan application process is as straightforward as possible.

For further information, browse our website or call us at 1300 329 037. We’d love to help you decide whether a MoneyMe personal loan is right for you. And if you’re running a business, we also provide a merchant payment solution, MoneyMe+. With our business payment solution, you can offer your customers interest free payment plans on purchases, giving them more purchasing power. Contact us today to discuss all your financing needs.  


How to apply

1 Check your rate and repayments

You can get a conditional loan offer in just minutes
without impacting your credit score!

2 Submit your application

Review your loan offer, accept it, and you’ll get an
approval outcome typically within 60 minutes.

3 Same-day transfer

Once approved, we’ll transfer the money to your bank
account immediately, even on weekends.

Must be Australian citizen, New Zealand citizen or permanent resident

Earn more than $30,000 p.a. from employment

Must at least be 18 years old

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‘Read only' access to accounts

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Average rating: 4.6, based on 3400 reviews
Legal Seafood MoneyMe Financial Group Pty Ltd AUD 1300 090 949 xx
Level 7, 352 Hunter Street Sydney NSW AU 2000
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