The following are the lending costs of Moneyspot small amount loan:

• 20% of the total loan amount as the establishment fee
• 4% monthly interest rate
• A direct debit dishonour fee of $35

Meanwhile, the following are the lending costs of Moneyspot medium amount loan:

• $400 establishment fee
• 48% annual interest rate
• A direct debit dishonour fee of $35

Note:

• Moneyspot does not have an early repayment fee
• There are no mentions of default fees as well as minimum APR on Moneyspot website as of November 2023

You may apply using its website’s online loan calculator and application form. Moneyspot will only ask you for necessary information such as personal information (driver’s license number/Medicare card number, and a valid mobile phone number) and bank details for them to evaluate your application. Moneyspot will also perform basic credit enquiries. Your banking details are required so they can assess your financial situation.  This enables a licensed credit provider to check your credit score.

Once approved, Moneyspot will layout the loan conditions in a document that you can e-sign online. The application procedure takes less than five minutes and you will get your funds immediately according to its website (only if you have an account with ANZ. The fund disbursement sometimes takes longer with other banks).

If Moneyspot requires further information about your application, or if the loan application/fund release is taking longer, you may contact them through telephone at 1300 048 156 or via email at customersevice@moneyspot.com.au.

People must fulfil the following eligibility criteria to apply for the loan:

• 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 and not rely on Centrelink for the bulk of your income.

Funds are transferred to the nominated bank account of the borrower. Once funds are transferred you will be able to view them on your bank statements.

One of the notable loan product features of Moneyspot is that the company transfers the loan funds to the borrower’s bank account within 60 minutes (if the borrower is an ANZ bank account holder). For other major and regional banks, it will take several hours to a day provided the processing was completed before 4 PM.

Moneyspot also offers Financial Hardship queries and applications for borrowers who will encounter financial difficulties during the term of the loan. All you have to do is to email their customer service at customerservice@moneyspot.com.au or call 1300 048 156 and provide as much information to the company representative as possible. They may be able to make a payment plan with you to help you manage loan repayments.