MoneyPlace Personal Loans
What personal loans does MoneyPlace offer?
MoneyPlace offers an unsecured personal loan that has a fixed interest rate. The interest rate on the loan is determined by the individual applicants’s financial circumstances and the risk band MoneyPlace places them in.
The minimum loan amount for a MoneyPlace personal loan is $5,000 while the maximum loan amount is $50,000.
MoneyPlace interest rates are tailored to the individual borrower for a borrowing period of three, five or seven years.
What can you use MoneyPlace’s personal loans for?
MoneyPlace says its personal loans can be used for important life events and other purposes, such as:
- Buying a car
- Debt consolidation
- Funding a holiday
- Medical expenses
- Home renovations
- Weddings and more
MoneyPlace says its personal loans cannot be used for business purposes or to fund a house deposit. Check the product disclosure statement (PDS) or contact MoneyPlace for more information on what you can and can’t take out a personal loan for.
MoneyPlace personal loans FAQ
MoneyPlace personal loans can be taken out for three, five or seven years. Repayments can be made weekly, monthly or fortnightly.
There are a number of fees to be aware of when taking out a personal loan. At the time of writing, MoneyPlace charges an establishment fee when you take out a personal loan. The fee is a one off payment that is calculated as a percentage of your loan amount, capped at $950 at the time of writing. The fee is added to your loan so that you don’t pay anything upfront. Bear in mind that you may be required to pay interest on the fee amount once it is added to your loan total.
According to the MoneyPlace website, there are no monthly fees, extra repayment fees or early payout fees. Other fees, such as late payment fees, may apply. Visit the MoneyPlace website for more information about fees and charges.
At the time of writing, MoneyPlace does not list a specific minimum amount for repayments. Regular repayments are required, however, and they can be made weekly, fortnightly or monthly. MoneyPlace also allows extra repayment at no cost and does not charge a penalty for early repayment of the loan. Bear in mind that late fees may apply if you miss a payment on your MoneyPlace personal loan.
When applying for a personal loan with MoneyPlace you need to meet the following criteria:
- You must be 18 years or old
- You must be an Australian citizen or permanent resident
- You must be currently employed and earning over $20,000 per year
- You must not have unpaid defaults or be a recent bankruptee
- You must not earn the majority of your income from government benefits
MoneyPlace says that an online application takes approximately 10 minutes and you can receive your personal interest rate in under two minutes, provided you have everything on hand. You may need to provide documents and ID such as:
- A current driver’s license
- Details of your current and previous (if applicable) employer
- Details of your income, assets, expenses and liabilities
- Previous tax returns if you are self-employed
MoneyPlace is a provider of personal loans. It was acquired by non-bank lender Liberty in 2018.