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.