Find out how much your repayments and
interest rate could be with our calculator
Monthly repayment from
Example interest rate
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. Any calculations made by you using this calculator is intended as a guide only.
Are you struggling to meet your repayments and are scanning the internet with questions like ‘Can you put personal loan repayments on hold?’ If so, you are not alone. There may be some recent changes in the economic climate that make things much harder for many of us, not only in Australia but also globally. With many people losing their jobs, struggling with illnesses, facing losses and other financial hardships, it can be difficult for them to meet their personal loan repayments. If you find yourself in this unfortunate situation for any reason, you should contact your bank or credit provider to see what measures they have in place to assist you.
At MoneyMe, we understand your circumstances may have changed since you first took out your personal loan, and so we may be able to offer you some assistance. If you find yourself facing financial hardship, the best thing to do would be to call us on 1300 831 269 and we can assess your situation. If you do need to put your personal loan repayments on hold, you can lodge a formal hardship request with us. In some cases, we may need evidence of the change (for example a severance letter or a doctor’s certificate). Once you’ve completed and submitted your form, we may also need to get in touch with you to obtain further information.
If your account is not up-to-date by the last day of the month, MoneyMe charges an overdue account fee of $15 and you may find your total repayments will be higher as the interest rate will be calculated on your daily outstanding balance. Also, if your bank declines your direct debit payment, you’ll be charged a $15 dishonour fee (and your bank may charge you a dishonour fee as well). If you know there will be insufficient funds in your account when the scheduled payment is due or you think you are going to have seriously late payments, please get in touch with us before this happens so we can discuss alternative arrangements.
MoneyMe is not allowed to give you financial advice, but if you need to get independent assistance we recommend using the government’s MoneySmart website at www.moneysmart.gov.au. Alternatively, you can contact the National Debt Helpline on 1800 007 007.
If you are wondering how overdue repayments on your personal loans will affect your credit rating, if your account reaches 60 days overdue, MoneyMe will need to list a credit default on your file with credit reporting agencies. This will typically stay on your record for up to five years which unfortunately may affect your future ability to obtain credit from some credit providers. The good news is though, with comprehensive credit reporting (CCR) now both the positive and negative are recorded and available on your credit file which means you have the opportunity each month to improve your credit score. It also means lenders will have a more comprehensive picture of your credit behaviour as they will have access to your repayment history information (RHI) for the last 24 months. Although MoneyMe does look at your credit history when assessing your loan application and there will be times when a personal loan will be rejected due to bankruptcy, poor credit history or if you are in a debt agreement, we don’t automatically decline anyone with a mark on their credit file. And if your personal loan application is declined the first time, we are happy to take another look at your application, especially if your financial situation has improved over time.
If you are taking out a new personal loan and wondering how do you calculate personal loan repayments, MoneyMe has an online personal loan calculator to help you work how much your monthly repayments are likely to be based on the amount you want to borrow, your ideal loan term and your credit history.
Whether you are getting a low income personal loan, personal loan for pensioners, a personal loan for debt consolidation, low credit score personal loans, or a personal loan for self employed, at MoneyMe we take responsible lending seriously so we aim to only lend you money through our personal loans online that we think you will be able to comfortably manage to repay. We do this to try to make your life easy not harder, and to make it less likely that you’ll be in the position of needing to put your personal loan repayments on hold. We also have access to some secure and fast technology that helps us work out how much money you’ll be likely to be able to afford to repay each month. Using Proviso technology, we can access 90 days of your bank statements in seconds– but you can rest assured that the information we can see is read-only and we won’t have access to your passwords or PINs.
If you have an existing MoneyMe loan and are asking ‘Can you put personal loan repayments on hold? please get in touch with us. We’d be happy to assist you, but we can’t help you if we don’t know what’s happening. Contact us today on 1300 831 269, send an email to firstname.lastname@example.org, or get in touch via our website. We’re always happy to have a look at your circumstances and see what we can do to help you.
NicoleSep 15, 2021
Unbelievably easy finance when I needed it the most. A huge thank you from me and as a returning customer I know that I am getting a fair deal.
ChrisSep 10, 2021
After 5 to 10 minutes of filling up my application, my loan has been approved and the money was in my bank account. I had a great experience that is why I'm giving them a 5-star rating. Excellent service. Thank you very much, MoneyMe.
VictoriaSep 2, 2021
Amazing through and through. MoneyMe helped me out when no one else would and they have been a delight to deal with. I 100% recommend their service. They're an absolute joy to deal with!
Out of 2,701 reviews
p.a. to 19.95 %
p.a. to 21.32 %
$295 for loans between $2,100 and $5,000
$395 for loans between $5,001 and $15,000
$495 for loans between $15,001 and $50,000
Minimum 1 year
Maximum 5 years
Early exit fees
*This comparison rate is based on an unsecured 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. A $495 establishment fee and $10 monthly fee applies.