MoneyMe is one of Australia’s fastest online lenders, offering quick decision personal loans to employed Australians.
Tailored interest rates and repayment terms make it easy to borrow, but they also mean you won’t be approved for a loan that you can’t afford to repay.
Types of MoneyMe personal loan
MoneyMe uses a peer-to-peer lending platform to offer unsecured personal loans to employed individuals. Like SocietyOne, MoneyMe is not a bank and does not lend capital itself. Instead, it facilitates loans between investors and borrowers.
Fixed interest rates start from around 7% p.a. with loans ranging from $2,100 to $50,000.
What can a MoneyMe personal loan be used for?
You can use an unsecured personal loan from MoneyMe for any personal purpose, as long as it is legal. For instance, you can use the borrowed money for:
- Debt consolidation
- Home improvements
- Buying a car
- School fees
- Holidays
- Wedding costs
- Medical and dental bills
- Unexpected bills
- Emergencies
Useful MoneyMe personal loan features
The main advantages of MoneyMe’s unsecured loans are the fast approval process and competitive interest rates. Notable features include the following.
Instant decisioning
MoneyMe features a simple application process and almost instant decisioning. You can apply for a loan anytime, anywhere.
Speedy access to funds
If approved, funds can be transferred to your bank account in as little as 1 hour (if you’re a CommBank customer).
Tailored interest rates
MoneyMe has low interest in general, but their lowest rates are reserved for people with an excellent credit score.
Fixed interest rates
Your repayments will always stay the same.
Flexible repayment terms
You can choose to pay back the loan in 1 year, 2 years, 3 years, 4 years, or 5 years.
Who can apply?
To be eligible for a fixed rate unsecured loan from MoneyMe, you must be an Australian citizen or permanent resident, currently employed, and at least 18 years of age. You must also have a good credit history.
How to apply
MoneyMe has a simple online application process and same-day assessment if you apply during business hours. The funds will generally reach your account within 24 hours upon approval. You need the following documents to apply for a loan:
- Proof of identity, e.g. Australian passport, driver’s licence
- Proof of address, e.g. utility bill, bank statement
- Proof of income, e.g. bank statements, payslips
- Details about your current debt and living expenses
