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.
*Please note that Savvy does not represent MoneyMe for their personal loan product.
The features and benefits of MoneyMe personal loans
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.
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.
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.
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.
The pros and cons of MoneyMe personal loans
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.
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.
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
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