MoneyPlace Personal Loan Review

Consider whether MoneyPlace is right for you and compare a variety of other loan offers with Savvy today.

Last updated on May 2nd, 2022 at 10:49 am by Thomas Perrotta

MoneyPlace is an Australian peer-to-peer (P2P) lender specialising in personal loans for a wide variety of potential purposes, from consolidating outstanding debts to conducting renovations around your home and more.

It’s crucial to learn about the different types of loans available on the market before plunging into the application process with a particular lender, which you can do right here with Savvy.

We’ve broken down MoneyPlace’s loan offer so you can quickly and easily contrast its features and benefits with those of other lenders around Australia, giving you the ability to confidently choose the cheapest and best deal for you. Start the process today.

*Please note that Savvy does not represent MoneyPlace for their personal loan product.

The features and benefits of MoneyPlace personal loans

Interest rates from 5.95% p.a.

Rates on MoneyPlace’s loans start from as low as 5.95% p.a. (5.95% p.a. comparison rate), which is a highly competitive rate on the market right now.

Borrow up to $80,000

What largely sets them apart, though, is that you can borrow up to $80,000 (from a minimum of $5,000), significantly expanding your potential range compared to the standard $50,000 to $75,000.

Take up to seven years to repay

Depending on the type of loan you take out and your profile as a borrower, you can space out your repayments over as many as seven years to ensure that they’re manageable.

Free early repayments

You won’t have to worry about incurring any added charges for paying above the minimum required amount each month, as there aren’t any penalties for early settlement.

Fixed interest

These loans come with a fixed interest rate, meaning you’ll be able to budget with confidence and be safe in the knowledge that your repayments won’t rise.

No asset security required

These loans are unsecured, meaning you won’t be required to supply a valuable asset to serve as collateral for the loan and be sold if you become unable to repay.

The pros and cons of personal loans with MoneyPlace

PROS

100% online application process

MoneyPlace is an online lender, so you won’t be required to leave your home when completing your application and will be able to do so on your computer or smartphone.

Receive your rate before applying

Part of the application process involves receiving your interest rate before reaching the form itself, which gives you a clearer idea of how much you’ll end up paying overall.

No monthly fees charged

There aren’t any ongoing fees charged on this loan, meaning you may only be required to pay interest on top of your principal payments over each instalment, rather than other costs.

CONS

Inflexible loan terms

While you can space your loan out over up to seven years, the only available repayment terms through MoneyPlace are three, five and seven years, rather than one to seven.

Potentially very high establishment fee

Although you may not be charged an establishment fee at all in some cases, this may be implemented on your loan as a percentage of your loan amount up to 5.5%.

Higher rates for imperfect credit

The minimum interest rate listed above is only really available to customers with the best credit rating (as is the case with most lenders), so you’ll have to pay more if you don’t fit this category.

MoneyPlace personal loans explained further

What is the process of applying for a personal loan with MoneyPlace?

MoneyPlace’s loan application isn’t particularly different from most online lenders, but it’s still important to be able to enter the process with a clear understanding of what you’ll be required to complete and supply. Familiarise yourself with the following steps before starting the process:

  1. Make sure you’re eligible: before all else, you should ensure that you meet your lender’s eligibility criteria, as not doing so could result in you wasting time chasing a lead which you can’t actually qualify for. All applicants must meet the following criteria:
    1. 18 years or older
    2. An Australian citizen or permanent resident
    3. Employed and earning more than $20,000 per year
    4. Applying as an individual, rather than a company or partnership
  2. Get your rate estimate: once you’ve done this, you can take the first step on their website, which is obtaining a quick, two-minute interest rate estimate. This will be based on factors such as your finances, employment and any outstanding debts. This is obligation-free and won’t impact your credit score.
  3. Fill out your application form: after you’ve received your rate, you can complete the application form on their site. This will go into more detail on your financial profile and require you to supply verification for your information, such as via bank statements, payslips or tax returns or Notices of Assessment (if you’re self-employed).
  4. Receive an outcome and sign your contract: if they’re happy with your application, you’ll be notified shortly after that you’ve been approved and will be sent an application confirming all of the details of your agreement. You’ll be required to sign this and return it to them, after which your funds can be transferred directly into your account for whatever use you might need.

Of course, it’s important to note that comparing is crucial in the process of obtaining your loan. You should never apply for the first loan you see, as it may not be the best or most affordable for you. At Savvy, we’re partnered with flexible, reputable lenders from around Australia so you can conduct high-quality comparisons and be confident that the loan you choose will be the best option for you.

Common personal loan questions answered

What is peer-to-peer lending?

P2P personal loans are an alternative type of lending. While the products themselves are essentially the same, your application is uploaded to a specialised platform where it’s assessed by private investors, rather than a single lender. Because of this, you may find that these loans come with lower interest rates and greater borrowing ranges (as evidenced by the $80,000 limit) than standard personal finance.

Should I apply for a secured personal loan instead?

If you have an asset to use as collateral for your loan, it may be well worth using it. This is because secured loans typically attract a much lower interest rate than unsecured and can increase your potential borrowing power to reflect the value of your asset. All of this can lead to a substantially cheaper loan, which comes about as a result of your lender feeling safer in the knowledge that the loan funds can be recouped even if you become unable to keep up with repayments.

Can I apply for a personal loan if I have a bad credit rating?

Yes – there are personal loans available to borrowers who have struggled with their credit scores in the past, such as those with defaults or prior bankruptcies. However, these loans are offered by specialist lenders who can work with borrowers in this position, although they come at lower borrowing ranges of up to $10,000 to $12,000 and much higher interest rates and fees.

How long does it usually take to get approved and funded?

In most cases, you can have your application approved and funded within 24 hours. This varies between lenders and also depends on the complexity of your profile, though. For instance, some lenders may be able to approve and fund applications on the same day you apply. If you need a fast loan, it’s worth comparing lenders to see who can offer you the speediest overall process.

Why are loan calculators important when comparing finance offers?

Using a personal loan calculator can be an effective way of enabling you to work out an approximate cost of the overall deal, inclusive of interest, and what your monthly repayments might be. Many applicants find it helpful to have a clear visual of how much loans cost when broken down into their preferred instalment size. You can also use our borrowing power calculator to give you an estimate of what you might be approved for based on your profile.

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