Lender Review: MoneyMe

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Company Brief

Personal Loan: $2,100 – $50,000

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Unsecured Personal Loan 6.25%-19.95%-Per Annum Fixed Annual Interest Rate + One-time establishment fee of $295-$495 + Monthly fee of $10 $2,100 $50,000 1-24 hrs 1 year 5 years

 

MoneyMe offers an unsecured personal loan from $2,100 to $50,000 with repayments terms from 1-5 years. The annual interest will range from 6.25%-19.95% p.a. depending on the borrower’s credit report, overall income, debt obligations, and living expenditures. The repayment fees also include a monthly fee of $10, and a one-time establishment fee of $295 for loans between $2,100 and $5,000, $395 for loans between $5,001 and $15,000, and $495 for loans between $15,001 and $50,000.

For example, if you get a $6,000 loan with a 3-year repayment term, and if your interest rate was set at 6.25% per annum, you will pay an establishment fee of $395 and total monthly fees of $360. Your monthly payment will be $205.25 with total repayments amounting to $7,389.

MoneyMe Freestyle Virtual Mastercard: $1,000 – $20,000

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Line of Credit 0% for the first 55 days, 16.99%-25.99% Per Annum afterwards Fixed Annual Interest Rate + Annual Fees up to $149 $1,000 credit limit $20,000 credit limit instantly 1 month 5 years

 

The Freestyle Virtual Mastercard of MoneyMe allows users to pay for items or gain access to cash with limits ranging from $1,000 to $20,000. The interest rate for this product ranges from a minimum interest rate of 16.99% to a maximum interest rate of 25.99% per annum. The credit limit and interest rates are determined using the borrower’s credit score and specific circumstances. Annual fees amounting to $49 for accounts with a $3,001-$5,000 credit limit, and $149 for accounts with a $5,001-$20,000 credit limit are also charged to the borrower’s account.

As an example, if you have a revolving credit line of $20,000 with a 2-year repayment term, total annual fees will amount to $298, with interest payments amounting to $6,421 following an interest rate of 16.99% per annum. At the end of the repayment term, total repayments will amount to $26,421.40.

Breakdown of all fees for each loan product

The following are the fees associated with MoneyMe Personal Loans:

  • Annual Interest Rate: 6.25%-19.95% per annum.
  • Establishment Fee: $295 for loans between $2,100 and $5,000, $395 for loans between $5,001 and $15,000, and $495 for loans between $15,001 and $50,000.
  • Monthly Fee: $10.
  • Dishonour Fee: $15. This fee is charged when a direct debit is not honoured or a loan repayment agreement is not fulfilled.
  • Overdue Account Fee: $15. This charge is due on the third day of the month in which your account is past due.

The following are the fees associated with MoneyMe Freestyle Line of Credit:

  • Annual Interest Rate: 16.99%-25.99% per annum.
  • Annual Fees: $49 for accounts with $3,001-$5,000 credit limit, and $149 for accounts with $5,001-$20,000 credit limit
  • Monthly Fee: $5 per month, waived if the balance for the month is below $20.
  • Overdue Account Fee: $15. This charge is due on the third day of the month in which your account is past due.
  • Disputed Transaction Fee: $11. Payable after challenging a transaction and the disputed transaction is deemed to be genuine.
  • Dishonour Fee: $15. This fee is charged when a direct debit is not honoured or a loan repayment agreement is not fulfilled.
  • Mastercard foreign exchange fee: 2.99% of the value of the transaction.

Application Process

Application for personal loans and Freestyle Virtual Mastercard is done online via the company’s website or through the MoneyMe downloadable app.

To qualify for both Personal Loan and Freestyle Virtual Mastercard, you must have the following credentials:

  • You must be at least 18 years old.
  • You must be a citizen or a permanent resident of Australia.
  • Be employed full-time or on a permanent part-time basis.
  • Share your bank details as proof of income.

The online application form will ask for information such as your mobile phone number, valid email address, details of your income, and any other bills and responsibilities you currently have. The lender will run a check to find out if you have a bad credit history in order to make sure you are a responsible borrower that can afford the loan.

You will also be required to provide your desired loan amount as well as the purpose of the loan. Using the secure Proviso technology, the firm will have access to your most recent 90-day banking statements.

The application form may be completed in 3 to 5 minutes. If the application is completed within the company’s business hours, the application can be approved the same day.

For personal loans, funds will also be transferred immediately after loan approval and your acceptance of the loan terms. If the personal loan application is made outside office hours and the borrower uses a bank account other than the Commonwealth Bank, loan proceeds will be transferred at the start of the next working day.

For Freestyle Virtual Mastercard applicants, approval can take anywhere from a few minutes to an hour. After approval, the virtual card will be instantly accessible to you.

Notable Loan Product Features

One of the notable loan product features of MoneyMe is that approval only takes an hour for both personal and line-of-credit loans. Funds are transferred within minutes of approval for personal loans, while the virtual card is already activated once the Freestyle Virtual Mastercard is approved.

Repayments can also be completed by setting up a direct debit arrangement with your bank account. The schedule of direct debiting is usually aligned with your pay cycle. Extra payments for Freestyle Virtual Mastercard can be completed through the website dashboard at no extra cost to the borrower.

The Company

Positives:

  • Online application process through the MoneyMe website or the downloadable app.
  • Quick turnaround time on approvals and fund transfer/Freestyle Virtual Mastercard activation.
  • Positive customer experiences due to great customer service.

Negatives:

  • Costly payments on penalties such as Dishonour Fees and Overdue account fees.

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