Personal
loans for
kicking goals

What is a personal loan?

Personal loans from credit providers are contracts where you agree to borrow money from the credit provider for personal purposes, such as a car or student finance. Interest is charged on the loan, plus fees and charges are payable (such as ongoing fees like account keeping fees). Your establishment fee is often rolled into your total loan amount and does not constitute as a separate payment fee upon approval or acceptance of your loan contract.

A personal loan can provide you with access to money you want or need now, so that you can do things like:

• take advantage of a great offer on a new asset with a great interest rate car loan and flexible terms

• put down a deposit for an upcoming life event and enjoy regular, cashflow friendly repayments

• pay for an unexpected emergency or bills (like mechanical works and repairs on your car) and enjoy the security of knowing that you can cover your costs comfortably with a range of loan terms, including short terms of just 12 months

• move rental properties (and pay your upfront costs like professional movers and your bond)

• travel to all of the places you have always wanted to go comfortably and with the security of knowing that you can pay off your epic adventure with manageable repayment terms

MoneyMe offers personal loans ranging from $5,000 to $50,000, with flexible repayments and no early repayment fees or exit fee. Our interest rate ranges are highly competitive. Check out our comparison rate examples to compare personal loans.

Larger loan amounts can help with purchases like a new car, a wedding, renovations, or education expenses like tuition fees and even for the cost of regular school terms.

Larger loan amounts may have a longer loan term, so that you have more time to repay the loan, but this also means that there is more interest to pay over the life of the loan. Shorter loan terms will mean higher repayment amounts but less interest payable over the life of the loan. Shorter terms often have a higher interest rate too. Don't forget that you can reduce the amount of interest that you pay on a new loan for a car or other large purchase by paying out your loan amount ahead of time.

Even if you have a poor history with credit, you may be approved for a personal loan with MoneyMe.

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

Generally speaking, a secured personal loan is a personal loan that is secured by some form of collateral that you own—such as a home or a car—that your lender has the right to sell in the event that you default on the loan. The cost of the secured asset helps the lender to recoup any lost earnings from interest payments and often a lender adjusts their interest rate to reflect the slightly lower credit risk.

On the other hand, an unsecured personal loan is not secured by any collateral. While this might mean that you pay a slightly higher interest rate, it also means that your loan amount is not secured to any asset that you own. Paying a slightly higher interest rate could give you more flexibility.

When you take out a new lending product with MoneyMe, you also enjoy fee waivers like no early exit fees applied when you choose to close out your existing loan balance with us ahead of schedule. Paying out your loan balance means that you can avoid paying some of the interest charged on your loan.

You also enjoy a competitive interest rate and comparison rates on a fixed rate loan options. A fixed rate loan remains the same throughout the term of your finance whereas the cost of lending products offering a variable interest rate may fluctuate. Refer to our comparison rate to ensure that you are getting the lowest cost finance and rate available.

How do I apply for a MoneyMe personal loan?

Simply apply through our website or the MoneyMe app available in App Store and Google Play. Our application process is entirely online, and can be completed in minutes, with no face-to-face interactions and lengthy paperwork! Enjoy competitive interest rates and low fees across all of our finance options.

How soon can you get the outcome of your MoneyMe personal loan application?

Many borrowers who apply during business hours (being 8am to 9pm Mondays to Fridays and 9am to 9pm on weekends) receive the outcome of their application on the same day. If you apply outside of business hours, or your financial situation is more complex, it may take a little longer.

If you are approved, we send your lending offer immediately which shows you what rate of interest you will be charged on your loan as well as the total cost of your loan over your nominated term. You can sign this offer online and once received, we transfer you the money you need to buy your new car, book a holiday or straighten out your finances immediately.

The time it will take for you to receive your new cash funds depends on a range of factors including which financial institution your bank account is held with.

What is a comparison rate?

Comparison rates are designed to help customers understand the true cost of a loan, because the comparison rate actually includes fees as well as the interest rate. All finance comes with a range of fees beyond just the interest rate offered. When you receive a finance offer from MoneyMe, you can clearly check the comparison rate or total cost of your loan, including both the interest rate charged as well as any other applicable fees.

What is refinancing?

Refinancing refers to taking out an entirely new loan, and using the loan funds to pay off an existing loan.

It is typically done to obtain lower interest rates and/or better loan terms. Lower interest rates mean lower payable interest over the term of the loan. Refinancing and switching to a lender with lower interest and lower general fees can help you reduce the total interest you pay over the term of your loan. It's worth periodically checking that you really are getting the best interest rate that you can. Interest rate differences of even just 1% or 2% could add up on the loan term so saving yourself that extra 1% or 2% in interest now could mean big long term savings.

What fees are associated with MoneyMe personal loans?

We charge an establishment fee and a monthly fee, in addition to an interest rate starting from 6.25% p.a. Other fees and charges may apply if you don’t make your scheduled loan repayments.

How are MoneyMe’s interest rates determined?

We set interest rates primarily according to the borrower’s credit report. Other factors which can impact the interest rate that you receive includes your total income, debt obligations, and living expenses. Ensuring that your credit report is as good as it possibly can is a quick and easy way of giving yourself the best chance for securing the lowest possible interest rate offered.

What is an early repayment fee?

Early repayment fees are generally fees that are payable by borrowers if a loan is repaid ahead of schedule. Paying your loan ahead of time reduces the amount of interest that you pay.

We don’t charge early repayment or early exit fees if you decide to make an early repayment for your personal loan.

Can you make a redraw on your MoneyMe personal loan?

We don’t offer redraws on personal loans, which means the amount of the loan you have repaid won't be available for use again.

What is your credit history?

The term ‘credit history’ is usually used to describe how you have managed your credit in the past.

It also sometimes shows how long loan accounts have been open, the number of credit enquiries on your credit file, and whether you are making your loan repayments on time. Past or current loans and credit cards generally form part of your credit file and history. Your credit report will impact the kind of interest rate you are offered should you be approved for a new loan with us. The higher your credit score, the lower the interest rate we offer will generally be. Other factors can affect your interest rate too like your living expenses and your total income.

How can you find out your credit score?

Your credit score is a number that is calculated based on what is in your credit report and how you have performed with credit products in the past. You can obtain your credit file from an online credit file provider for free. Generally, a higher score means lenders will consider you less risky, whereas a lower score may affect your ability to get a loan.

What credit reporting agencies do MoneyMe use?

The credit reporting agencies we use are Equifax and Illion.

Can you get a MoneyMe personal loan on a bridging visa?

We will not review your application while you’re on a bridging visa, but you can reapply with us once your visa status is confirmed.

How can you change your account information if you’re 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 860 441 or send an email to hello@moneyme.com.au.

How can you contact MoneyMe?

Whilst we’re completely online, we’re always here to help. You can reach us via phone on 1300 860 441, by LiveChat during operating hours or by emailing hello@moneyme.com.au at any time

What are 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, with a limit of up to $20,000. Freestyle facilitates in-store Tap n Pay and online shopping, fast transfers to your bank account, pay-anyone features and more. Click here to find out more.