Lender Review: MoneySpot

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Company Brief

Small Amount Loans: $200 – $2,000

Type of Loan  Interest Rate  Interest Type  Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Personal Loan 4% Monthly Interest Rate Fixed Monthly $200 $2,000 1 business day 42 days 90 days

The minimum loan amount for small amount loans is $200 and the maximum loan amount of $2,000. The fees for the loan include a 4% monthly fee (or equivalent to a 48% APR for a medium-term loan) and an establishment fee equivalent to 20% of the loan amount.

For example, a $500 loan over three months would include an establishment fee of $100 and a monthly fee of $20, for a total monthly fee of $60. As a result, the total repayable amount is $500+$100+$60=$660. Your monthly repayment amount is $220.

Medium Amount Loans: $2,001 – $5,000

Type of Loan  Interest Rate  Interest Type  Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Personal Loan 48% Annual Percentage Rate Fixed Interest Rate $2,001 $5,000 1 business day 42 days 2 years

The minimum loan amount for medium amount loans is $2,001 and a maximum loan amount of $5,000. The Annual Percentage Rate is 48% and an establishment fee of $400. Borrowers may get the loan for 42 days to 2 years repayment term.

For example, a loan of $3000 over three months would include a $400 establishment fee and interest charges of $275.60. As a result, the total repayable is $3000+$400+$275.60=$3675.60. Your monthly payment is $1,225.20.

Breakdown of all fees for each loan product

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
  • $50 collection fee for late payments

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

  • $400 establishment fee.
  • 4% monthly interest rate.
  • A direct debit dishonour fee of $35
  • $50 collection fee for late payments

Application Process

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.

Notable Loan Product Features

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.

The Company

Positives:

  • Speedy loan application process and loan approval
  • Online application process
  • Extends flexible arrangements for borrowers with financial hardships during the term of the loan.

Negatives:

  • Relatively higher late payment fees

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