MoneyMe Personal Loan Review

Find out all there is to know about MoneyMe’s personal loans in one place and start the process of comparing and applying through Savvy today.

Last updated on April 14th, 2022 at 04:40 pm by Thomas Perrotta

MoneyMe is a private, non-bank lender specialising in personal finance for customers seeking out fast money solutions for a variety of different purposes.

Their affordable and flexible personal loan product is one of many available on the market now, so it’s important to dive into the key features of their loan so you’ll be able to make an informed decision on which is best for you.

Savvy is partnered with a variety of reputable, affordable lenders, including MoneyMe, to deliver you the highest-quality comparisons and enable you to confidently select the best loan from all the information at hand. You can apply straight from our page by clicking through from MoneyMe’s offer below.

Personal loans from MoneyMe

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Disclaimer: A comparison rate indicates the true cost of a loan. The comparison rate displayed for this advertiser is calculated based on a loan amount of $30,000 over 5 years and represents the effective rate on the loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.

The features and benefits of MoneyMe personal loans

Competitive rates from 6.25% p.a.

MoneyMe offers personal loans with low minimum rates starting from just 6.25% p.a. (7.64% p.a. comparison), which is a lower rate than many on the market.

Borrow up to $50,000

You can be approved for a personal loan stretching from as little as $2,100 up to a maximum of $50,000, enabling you to access financing large or small for a range of different purposes.

Free early loan repayments

If you’re looking for ways to cut down on the cost of your loan, you’ll be able to capitalise on free additional repayments and no fees for paying off your loan early.

Repay over one to five years

You’ll be able to choose the term over which you repay your loan, allowing borrowers to decide whether to prioritise smaller, more manageable repayments over up to five years or a cheaper overall loan.

Fixed interest

Interest rates are fixed on your loan, meaning your repayments will be locked in from the outset and won’t fluctuate at all across your term to make budgeting simpler.

Same-day approvals and funding

MoneyMe can have your application approved and funded the same day you apply, sometimes taking place in as little as 60 minutes overall to deliver the money you need at a rapid rate.

The pros and cons of MoneyMe personal loans

PROS

Apply online via your computer or phone

You’ll be able to complete your application 100% online without any need to leave your home thanks to MoneyMe’s advanced digital processes.

Unsecured finance

The fact that their loans are unsecured means you won’t have to make sure your car or another valuable asset is suitable to serve as collateral for your loan.

Flexible usage

This type of finance can be used for just about anything you need, from consolidating high-interest debts to covering unexpected medical costs or even funding a getaway.

CONS

Application and ongoing fees

You’ll be required to pay an application fee of either $295 (loans up to $5,000), $395 (between $5,001 and $15,000) or $495 (over $15,000) and $10 per month.

Shorter terms for loans up to $15,000

If you’re only looking to borrow a smaller loan of $15,000 or less, you won’t be able to take the full five years to do so, instead limiting it to three years (which can help you save on interest).

No redraw facility

Although some loans come with redraw facilities which enable you to access additional payments made across your loan term, you won’t be able to use this with MoneyMe.

More about MoneyMe personal loans

What are the steps for applying for a personal loan with MoneyMe?

The MoneyMe personal loan application process is a simple one to follow. Entering your application with an understanding of how it works and what you’re looking for as a borrower will help your chances of nailing it on your first go. Follow these steps when you commence your finance application with MoneyMe:

Compare offers with Savvy

Before all else, make sure you’re applying for the right loan by comparing your options with Savvy. We break down offers so you can quickly and easily compare the key features of different loans and lenders. After you’ve done this and determined that MoneyMe is the best loan for your needs, you can click straight onto their website.

Fill out their application form

Once you’re on MoneyMe’s site, you can start your application straight away. Their online form is quick and easy to complete and should only take you around five to ten minutes in total. This is designed to let them know more about you as a borrower and your financial situation to help them determine whether you’re a suitable candidate for the personal loan for which you’re applying. This will also include your online bank login details, which are accessed with high-level encryption to protect your information, so they can gain an insight into your finances and spending habits.

Get approved and sign your contract

After you complete your form and supply MoneyMe with all the information they need to decide on your application, they’ll provide you with a response (typically within minutes). If you’re approved, you’ll be sent a contract to sign which confirms all of the key information of your agreement, such as your interest rate, loan term and repayments. You can sign this electronically and return it, after which point the funds can be advanced directly into your account, sometimes within minutes of sending your application back.

Which eligibility criteria will I have to meet as part of my MoneyMe loan?

MoneyMe has laid out a set of clear qualification criteria when it comes to their loans, so it’s important to double-check them before applying to make sure you hit all of the required points. There’s nothing worse than applying for a loan you can’t be approved for by default, so you should always look over these points thoroughly before applying. The points to follow include:

  • You must be at least 18 years old and no older than 65
  • You must be employed and earning at least $36,000 per year
  • You mustn’t be receiving income from Centrelink or other government benefits
  • You mustn’t have any defaults, bankruptcies, court judgments or serious overdue accounts on your credit file
  • You must have a VEDA score of more than 600
  • You mustn’t have had any applications denied within the last 12 months

Some of your burning personal loan questions answered

What is MoneyMe’s personal line of credit?

MoneyMe also offers a personal line of credit product, known as a Freestyle Virtual Credit Account, which is similar to a credit card. This comes with a card which allows you to access funds up to a pre-determined limit (up to $20,000) whenever you like and comes with an interest rate from 14.99% p.a., although interest is only payable on the amount you use. You may find that this product is more suitable for your needs, so it’s worth considering if you’re looking for greater flexibility.

Will I be able to apply jointly with my partner?

Yes – this is known as a joint personal loan and is taken out between two co-borrowers. Applying with your partner can help improve your chances of being approved, as finance which relies on more than one source of income to repay it is seen as a safer prospect for lenders to take on.

Should I take out a loan with a fixed or variable interest rate?

Fixed and variable rates are important to understand when considering personal loans. Fixed interest rates are locked in from the beginning and don’t fluctuate at all during your term, making them more suitable if you’re looking for financial certainty and repayment stability. However, variable interest remains open to market movement throughout your repayment period, meaning you can either benefit from rate decreases or suffer from an increase in interest rates.

How can I make sure my application is approved quickly?

The speed of your application will depend on several key variables which may be out of your control, such as the nature of your credit file or your lender’s processing ability. However, there are simple things you can do to improve the speed of the process, such as having all your documents prepared and ready to go before you start the process and something as simple as applying earlier in the day or week (to avoid your application spanning multiple days or weekends).

Will I pay more in interest if I apply with a bank?

Probably – banks tend to offer personal finance products at higher rates than private non-bank lenders like MoneyMe, as well as credit unions and building societies. This is partly to do with the greater overheads required for maintaining physical branches, which online lenders don’t need to worry about, and paying shareholders, which aren’t present with credit unions. However, this isn’t a one size fits all approach: always compare offers and choose the best for your needs.

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