MoneySpot is a loan technology company headquartered in Strawberry Hills, NSW 2012, Australia. The company was founded in 2015 and specialises in providing simple solutions for short-term borrowing requirements. MoneySpot has a credit license number of 166488197 and an ABN of 29166488197.
While the company’s telephone/email support is available from Monday to Sunday, 8 AM to 5 PM, customers can still complete the loan application process outside of these hours. MoneySpot has provided over $25 million in loans to more than 12,000 individual consumers.
Why Borrowers Are Choosing MoneySpot
MoneySpot offers several advantages to customers looking for a fast and simple solution for their short-term borrowing needs.
- The loan application form takes only a few minutes to complete, and the loan processing time is usually under an hour, meaning customers can get their money quickly.
- MoneySpot is committed to responsible lending and takes its obligation to ensure that customers can afford to repay their loans seriously. This focus on responsible lending ensures that customers are not left in a worse financial position after borrowing from the company.
- MoneySpot is an online-only lender, which means that customers can apply for loans and manage their accounts entirely online, without having to visit a physical branch.
- MoneySpot places great importance on customer service and provides customers with access to a secure client portal where they can view their current balance, the status of their loan, and their repayment dates. Customers can also contact MoneySpot via phone or chat during business hours.
- MoneySpot understands that unexpected events can occur, and customers may need to borrow money again. The company does not penalise customers for having a less-than-perfect credit history, and instead, looks for a recent history of repayment and affordability.
Overall, MoneySpot offers a fast, convenient, and responsible solution for short-term borrowing needs, with a strong focus on customer service and responsible lending practices.
Customer Reviews
Customer review highlights gleaned from MoneySpot’s Google Business Profile
MoneySpot Application Process
How to Apply
When you apply for a loan with MoneySpot, they will require you to provide personal information such as the following:
- Name
- Address
- Employment status
- Income and expenses
- Passport or Driver’s license number
- Medicare card number
- 90-days worth of bank statements (to assess your ability to make repayments on the loan)
- Bank account details
As part of the application process, MoneySpot will also conduct a basic credit check to review your credit history and determine your eligibility for a loan. It’s important to note that while MoneySpot does check your credit score, having a less-than-perfect score won’t necessarily disqualify you from getting a loan.
After your loan is approved, you will receive the loan agreement electronically, which outlines the terms and conditions of the loan, including the repayment schedule and fees. Once you e-sign the loan agreement, the funds will be transferred to your nominated bank account.
If you have any questions or concerns about the application process or your loan status, you can contact MoneySpot’s customer service team via telephone at 1300 048 156 or via email at customersevice@moneyspot.com.au.
Eligibility Requirements
To apply for a loan with MoneySpot, you must meet the following eligibility criteria:
- You must be at least 18 years old on the date of application.
- You must be an Australian resident or citizen.
- You should have a steady source of income, which can be from employment or self-employment. While MoneySpot does consider some Centrelink income, it should not be the majority of your income.
- You must have an Australian bank account that can receive direct debits.
It’s also worth noting that meeting the eligibility criteria does not guarantee loan approval, as MoneySpot also considers other factors such as affordability and responsible lending practices when assessing loan applications.
Maximum Loan Amounts
The maximum loan amount available from MoneySpot depends on your circumstances and is subject to MoneySpot’s assessment and approval.
New customers may only be eligible for loans up to $2,000, while returning customers who have a good borrowing history with the company may be eligible for larger loan amounts up to $5,000.
However, it’s important to keep in mind that taking out a loan always comes with certain risks, and you should only borrow what you can afford to pay back within the loan term.
Lender Key Highlights
MoneySpot highlights several key features and benefits of their loan products, including:
- Fast loan processing: MoneySpot claims to have a fast and simple application process that can be completed within five minutes. They aim to process loan applications quickly and transfer approved funds immediately to customers who have ANZ accounts.
- Responsible lending: The company is committed to responsible lending and takes the obligation to ensure that customers can afford to repay their loans seriously.
- Online platform: MoneySpot is an entirely online loan provider, allowing customers to apply for loans 24/7 from the comfort of their own homes.
- Customer service: The company has a dedicated customer service team available to answer any questions or concerns customers may have, whether by phone, email, or online chat.
- Flexible loan terms: MoneySpot offers loan amounts from $200 to $5,000, with flexible repayment terms ranging from 3 to 12 months, depending on the loan amount.
- No early repayment fees: Customers can repay their loans early without incurring any fees or penalties.
- Poor credit history considered: MoneySpot takes a customer’s recent repayment history and affordability into account, rather than solely relying on their credit score. Even those with a less-than-perfect credit history may be eligible for a loan.
Types of Loans Offered by MoneySpot
Below are the loan types offered by MoneySpot.
Unsecured Personal Loans
MoneySpot offers unsecured personal loans up to $5,000 that are designed to cover expenses such as home renovations, going on vacations or paying off outstanding debts. Moneyspot offers flexible repayment terms ranging from 3 to 24 months, and you can make additional repayments or pay off your loan early without any penalty fees or charges.
Same Day Loans
MoneySpot offers same-day loans with loan amounts ranging from $200 to $3,500. Same-day loans are a type of short-term loan that provides borrowers with quick access to funds, usually on the same day that they apply for the loan. These loans are designed to help people cover unexpected expenses or emergencies that require immediate attention.
If your application is approved before 2:30 PM AEST/AEDT on a business day, the funds will be transferred to your account within 60 minutes. However, the processing time may vary based on your bank’s processing times. It’s important to note that same-day loans are subject to eligibility criteria and loan assessment.
These loans are also typically small, short-term loans that are designed to be repaid quickly, usually within a few weeks or months.
Car Repair Loans
MoneySpot also offers car repair loans for up to $3,500. Car repair loans are a type of personal loan that is specifically designed to help people pay for unexpected car repairs or maintenance expenses. These loans can cover the cost of repairs, parts, and labour, and are often used by people who do not have enough savings or available credit to cover these expenses on their own.
Applying for a vehicle repair loan is easy and available 24/7 through the MoneySpot website. The loan process is entirely online, and once the loan offer is e-signed, a few final checks will be carried out. Once approved, the loan funds will be sent within 60 minutes to help cover unexpected car expenses and get you back on track with work and personal commitments.
Medical Fee Loans
MoneySpot’s medical fee loans can help cover unexpected medical expenses up to $3,500, providing a helpful solution when you need it most. These loans can be used to pay for doctor’s visits, hospital stays, surgery, prescription medications, and other medical bills that are not covered by insurance. They are often used by people who do not have sufficient health insurance coverage or who need to pay for medical expenses that are not covered by their insurance plan.
They have a quick and simple application process that can be completed entirely online. Once you’ve signed your loan offer, MoneySpot will carry out final checks and send your funds within 60 minutes of approval. It’s important to note that MoneySpot is transparent with its fees and charges, so you won’t have to worry about any hidden surprises.
Fast Cash Loans
MoneySpot offers fast cash loans that are designed to help you cover unexpected expenses or financial emergencies. These loans are often processed quickly, with some lenders able to provide funds on the same day or within a few business days of application. The amount that can be borrowed varies depending on the lender, but fast cash loans are generally small, unsecured loans.
You can borrow between $200 and $5,000 with flexible repayment terms of up to 12 months. The application process is quick and easy, and you can apply online 24/7. Once approved, you can deposit the funds directly into your bank account within 60 minutes.
It’s important to note that fast cash loans should be used for short-term financial needs only and not as long-term financial solutions.
MoneySpot Fees and Repayments
Loan Fees and Charges
While MoneySpot does charge a monthly fee for loans up to $5,000, it does not charge interest on these loans.
Small amount loans:
- Interest rate: 4% monthly fee (equivalent to 48% APR)
- Minimum loan amount: $200
- Maximum loan amount: $2,000
- Turnaround time: Same-day funding is available for ANZ account holders, otherwise within 24 hours of approval
- Minimum loan term: 3 months
- Maximum loan term: 12 months
Medium amount loans:
- Interest rate: 48% APR
- Establishment fee: $400
- Minimum loan amount: $2,001
- Maximum loan amount: $5,000
- Turnaround time: Same-day funding is available for ANZ account holders, otherwise within 24 hours of approval
- Minimum loan term: 42 days
- Maximum loan term: 24 months
It’s important to note that interest rates, loan amounts, and turnaround times are subject to change and may vary based on individual circumstances.
Early Repayment Options
MoneySpot does not charge any penalty fees or charges for making early repayments. This means you can pay off your loan sooner than the agreed-upon term and save on fees. Card payments are received instantly, while bank transfers may take 1-2 business days to be received.
Direct Debit Arrangements
MoneySpot offers direct debit arrangements for loan repayments. This allows you to set up automatic payments from your bank account on a schedule that suits you. This can be a convenient way to make sure your loan repayments are always made on time, without having to manually initiate payments each time.
To set up direct debit arrangements, you will need to provide MoneySpot with authorisation to withdraw funds from your bank account on the agreed schedule. You can choose to make payments weekly, fortnightly or monthly.
It’s essential to make sure you have sufficient funds in your account on the scheduled payment date to avoid any fees or charges. If you need to change or cancel your direct debit arrangement, you can contact MoneySpot customer service to make the necessary changes.
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