LazerMoney Loan Review

Learn about the financial services provided by LazerMoney and their offerings, terms, fees and more, with Savvy today.

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, updated on February 12th, 2024       

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LazerMoney is a Sydney-based online lender offering a variety of small loan products. Before making any decisions with LazerMoney, knowing how its finance products work, as well as the fees and terms is essential. Luckily, you can explore these details with Savvy. Dive into our analysis of its product offerings and discover potential alternatives with us today!

Rates and product information are correct as of 12 February, 2024.

LazerMoney Loan Review

How do LazerMoney's small loans work?

For LazerMoney, borrowers can access loans ranging from $2,050 to $5,000, with repayment terms extending from two to four months. These loans fall under the Medium Amount Credit Contract (MACC) category, meaning they’re subject to specific regulations governing fee structures. Borrowers have the flexibility to choose their repayment frequency (either weekly, fortnightly or monthly) without incurring additional charges for early repayments for either loan type.

The application process for LazerMoney is entirely online. Applicants must be at least 18 years of age, an Australian citizen and earning a regular income to qualify. Upon submission, applicants receive will receive a fast decision, and if approved, funds can be disbursed within 60 minutes of formal approval.

What will the cost of a small loan through LazerMoney be?

LazerMoney offers small loans with the following price breakdown:

  • Interest rate: up to 48% p.a.
  • Establishment fee: $400
  • Cost example: for a $3,000 small loan repaid monthly over 12 months with a 48% p.a. rate, you’d be charged a $400 establishment fee and interest of $947, resulting in a total loan cost of $4,347.

There may also be additional fees that apply to your loan in certain circumstances, such as a direct debit dishonour fee of $35, but these are conditional and won’t be charged if you don’t suffer any direct debit dishonours.

Can I qualify for a small loan with LazerMoney if I have bad credit or receive Centrelink payments?

LazerMoney considers applicants for funding even if they have a less-than-ideal credit score or receive Centrelink benefits. While they conduct credit checks as required by Australian responsible lending laws, LazerMoney primarily assesses an applicant's current financial status and considers various factors to determine eligibility. This means that it may be an option for you if you’ve struggled with credit.

For those receiving Centrelink payments, as long as applicants meet the qualification criteria regarding minimum income, they can apply for a loan while receiving regular Centrelink payments. This includes those who solely rely on Centrelink, such as single mothers and those receiving a veteran payment or age pension, although approval isn’t guaranteed.

What are the potential alternatives to a small loan with LazerMoney?

When it comes to alternatives to LazerMoney loans, one of the quickest and easiest is applying for a small loan through Savvy. We’re partnered with a variety of Australian lenders to help borrowers access the funds they need fast.

The step-by-step process of submitting your small loan application with us is as follows:

  1. Complete our straightforward application form, providing essential details such as your credit score, income, employment status, and desired loan amount, ranging from $2,050 to $5,000.
  2. Submit your application and receive an instant automated decision from one of our partnered lenders.
  3. Upon conditional approval, your application will be evaluated by your assigned lender, which may require additional documentation.
  4. Upon lender approval, you'll receive formal approval and loan documents outlining your loan terms, fees, repayment schedule, and other relevant information.
  5. After signing and returning the documents, your funds will be promptly deposited into your designated bank account. This may be possible as soon as the same day you submitted your application.
Apply now

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The information on this website is of general nature and does not take into consideration your objectives, financial situation or needs.

For loans between $2,050 and $5,000, the APR is between 21.24% (minimum) and 48% (maximum) per annum. Comparison rate of 65.4962%. Minimum term is 16 days and maximum term is 24 months. The cost of the loan is a $400 establishment fee and monthly interest charged on the amount borrowed. For example, a loan of $3,000 over 3 months with an APR of 48%, (comparison rate of 65.4962%), will have an establishment fee of $400, monthly repayments of $1,225.20. Total repayments of $3,675.60 and total interest payment of $275.60.

Warning: A comparison rate indicates the true cost of a 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.