Who can apply?
You must be...
- An Australian resident
- Over 18
- Employed
What do you need from me to apply?
We require...
- Your bank details so we can deposit your approved loan amount into your account</span >
- A mobile phone number and valid email address
Providing us with as much correct information as possible means we can let you know the outcome of your application asap.
I'm currently unemployed. Can I apply for a loan?
To be eligible for a credit product with us, you are required to be employed.
I’m self-employed. Can I apply for a loan?
You most certainly can!
I'm on a temporary visa. Can I apply for a loan?
To be eligible for a credit product with us, you are required to be an Australian Citizen or Permanent Resident.
So how does the application process work?
It’s super simple. Just select the product you’re interested in and hit “Apply now”, let us know your desired loan amount or credit limit (depending on product) and fill in your information. The application only takes about three minutes to complete!
The process is paperless and you’ll receive a quick decision on your application. Once approved, the funds can be in your account in as little as 10 minutes.
Will you be contacting my employer?
No, we won’t contact your employer when assessing your application.
Why didn’t I receive an immediate decision?
We’re a digital lender, but sometimes we need to look at things a little more carefully to ensure we’re making the right decisions.
It may also take a little longer if we haven’t received all the information we need. Sometimes, we may need to call you to confirm your details over the phone.
Can I apply for a MONEYME loan in a branch?
Whilst we don’t have a branch, there are a couple of ways to apply for a loan with us:
- Online</a >
- Over the phone
We’ve made sure that our application process is as quick and user-friendly as possible.
It’s tailored for phones and tablets too, so it’s easy to apply for a MONEYME loan from any device.
How much can I borrow?
The amount you can borrow depends on the credit option you choose and your serviceability.
- Personal Loan - $5,000 to $50,000
- ListReady - $5,000 to $35,000
- Freestyle Credit Card - $1,000 to $5,000
With either option, you should borrow the amount that best suits your situation, making sure you are able to pay off your loan and are comfortable with the payment schedule.
How fast can I get my loan?
It only takes 3 minutes to apply.
Once approved, you could have the funds in your account in as little as 10 minutes. The time it takes for you to receive the funds is will depend on your bank and in some instances it may take longer.
Do I have to submit an application to find out what my repayments will be?
Not at all! We have a repayment calculator on the website available for you to use.
Please note: This calculator provides an estimate only and a comparison rate based on the example information provided. Other fees, costs and charges are not included. This calculation is not an offer for credit. The amount you can borrow may vary once you complete a loan application and all the details relevant to our lending criteria are captured and verified. The interest rate for this product is variable and subject to change. Any calculations made by you using this calculator are intended as a guide only.
What happens after I get approved?
Once your application has been approved, you will receive a copy of your loan agreement and payment schedule via email, the funds will be sent to your nominated bank account typically within 10 minutes but may take longer depending on your bank.
Why was my application unsuccessful?
We rely on data from a number of sources to make our credit decision, including information disclosed to us by credit reporting bodies. Some of the factors that we consider include income, expenses, other debt obligations, security of employment and credit history.
Do you conduct credit history checks?
Yes, we do conduct credit history checks as a standard part of our application process. Our goal is to make informed and fair decisions when evaluating applications. The credit history check allows us to assess an applicant's financial responsibility, which is an important factor in our decision-making process. There are some circumstances where we will automatically decline an application, such as if you have credit defaults, are bankrupt, or are in a debt agreement.
If you have any specific concerns or questions about our credit check process, feel free to discuss them with our team, and we'll do our best to provide the information you need.
Why do you ask for my bank statements?
We are required by law to make an assessment if a loan contract is suitable for you.
At MONEYME, we obtain a copy of your most recent bank statements to make a credit assessment.
Our trusted partner at Illion, www.bankstatements.com.au, allows us to securely receive your bank statements without storing your login details.
Their service supports over 120 banking institutions Australia-wide. The same technology is used by big banks and online companies. This means you can avoid all the time-consuming admin of getting your bank statements and pay slips to us manually.
Why do you ask for my online banking details?
It’s the fastest and easiest way for us to process your loan application. Your bank details are encrypted, and we receive a read-only PDF copy of your transaction history.
All data is securely handled in accordance with data protection laws and our privacy policy.
Who sees my online banking login details?
No one. Your online banking login details are used only to retrieve your banking transactions and are immediately destroyed within 15 seconds. Neither MONEYME nor Illion store nor view your online banking login details.
What happens to my online banking details after I input them on your website?
Your bank details are encrypted in transit and stored securely by illion Open Data Solutions. We do not have the ability to change any of your banking details or access any of your personal information.
For further reference, you can access illion Open Data Solutions’ terms and conditions here</a >.
What costs are involved?
We reward customers with a good credit history by providing them with lower interest rates!
Please select the product you are inquiring about and scroll down to find the fees and charges.
How does Freestyle Credit Card work?
Upon approval, you will have access to your Freestyle Mastercard.</strong >
As you repay the principal on your account, this will become accessible to use again – given your account is in good standing.
For your account to be in good standing you must meet your minimum set repayments. Failure to do so will result in restrictions on your account.
What happens if I don’t use my card for a while?
Another good thing about your Freestyle Mastercard is, that you can keep it in your back pocket! There is no account-keeping fee for keeping your account open.
It will remain active and open until a termination request is received.
How do I change my Freestyle card pin?
To change the PIN of your Freestyle credit card, please follow these steps:
Please select the product you are inquiring about and scroll down to find the fees and charges.
- Log in to your MONEYME App
- Click “Account” on the lower right corner of the screen
- Select My Product > Freestyle Card
- Change Card PIN
- An SMS verification code will be sent via mobile
- Once verified, you will be prompted to set up your desired card PIN
It is important that you ensure your card and PIN are protected from unauthorised access. Please choose a unique PIN (avoid date of birth, year of birth, etc.) and do not disclose your PIN to anyone.
How can I change the credit limit on my Freestyle credit card?
Changing your credit limit can easily be done via the website or the mobile app.
Mobile app:
- Login to your app
- Select Account > My Products > Freestyle
- Click Update credit limit
- The outcome will be sent to you in minutes!
Website:
- Login to the website</a ></span >
- Select My Products > Freestyle credit card > Settings
- Click “Update your credit limit”
- The outcome will be sent to you in minutes!
How do I dispute a Freestyle card transaction?
You’re protected against unauthorised transactions under Mastercard’s Zero Liability Protection Policy.
Before you dispute a transaction:
- Freeze your card to prevent further transactions. You can do this by tapping the Menu bar > My products > Freestyle > Freeze card
- Check whether the purchase was made by a secondary cardholder or family members
- Google the business to see if it trades under a different name
- Check whether it is a purchase authorisation (e.g. security deposit on hotel) Check any memberships, app purchases or magazine subscriptions you may have
Raising a dispute: To raise a dispute, please contact one of our friendly team members.
What is the minimum repayment?
The minimum repayment is set each time you withdraw cash and is the amount you need to pay in order for your account to remain in good standing.
How is the interest calculated on a personal loan?
Interest is calculated daily, based on your outstanding balance and is charged to you monthly or fortnightly, depending on your repayment frequency.
How do I obtain statements?
Your statement of account is sent to you automatically:
- Personal Loan & Debt Consolidation - Bi annually
- Freestyle - Monthly
- ListReady - Quarterly
Alternatively, to get a copy of your most recent statement, please email us at hello@moneyme.com.au
How can I view my account balance?
Your account balance is available on the mobile app and website. Simply log in to view this information.
How long does it take to receive a closure statement once the loan is closed?
A repaid confirmation email will be sent to you within 5 minutes after your loan is closed.
How can I view my repayment schedule?
Your repayment schedule is available on the mobile app and website. Simply log in to view.
How can I view my application history?
Your application history is available on the mobile app and website. Simply log in and select “Loan History” to view.
Why is my account suspended?
Your account may be suspended due to the existing arrears. Please clear your overdue balance to continue using your account.
If your account is up to date and appears to be suspended, please contact our friendly payments team.
How do I change my email address?
If you can’t remember which email address you provided during your application, or you need to update your address, please contact our friendly team members.
How do I update my contact details?
Updating your contact details can be done via the website.
- Login to the website</a ></span >
- Select “Account Details” on the top right
- Click “Update other details here”
- Send your request through
- One of our friendly team members will review and action your request for you</span >
- You will receive an email confirmation
How can I change my bank account/direct debit details?
Updating your direct debit details can be done via the website.
- Login to the website</a ></span >
- Select “Account Details” on the top right
- Click “Update other details here”
- Send your request through (please make sure you provide us with the correct BSB and Account Number)</span >
- One of our friendly team members will review your request
- You will receive an email confirmation once your details have been updated</span >
How do I close my account?
Personal Loan, Debt Consolidation and ListReady - Once repaid, your account will automatically be closed.
Freestyle - Your account will remain active and open until we receive a termination request from you.
How do I make extra or full payments?
Making payments towards your account is super easy! This can be done via the mobile app or website.
Mobile app:
- Login to your app
- Click “Repay”
- Select “Payment amount”
- Choose your preferred payment option - direct debit or card payment</span >
- Slide to pay
- And you’re done!
Website:
- Login to the website</a ></span >
- Click “Make A Payment”
- Choose your preferred payment option - direct debit or card payment</span >
- Select payment amount
- Click “Pay Now”
- And you’re done!
What are your payment methods?
Payments can be made via:
- Direct debit
- Debit card payments
- Fund transfers
What are your repayment frequencies?
Your repayments can be set up as fortnightly or monthly. If you’d like to change your schedule, please follow these steps:
- Login to the website</a ></span >
- Select “Account Details” on the top right
- Click “Update other details here”
- Send your request through (please provide us with the frequency and next start date)</span >
- One of our friendly team members will review your request
- You will receive an email confirmation
I'm struggling with payments
We understand that circumstances can change and we are here to help.
If you are experiencing hardship or difficulty making repayments, please contact our dedicated payments team and we will assist you.
What happens if I miss my payment?
A $15 dishonour fee is charged on missed or failed payments.
Please keep in mind that you have 14 days to catch up on an overdue payment to avoid negatively impacting your credit score.
If you suspect you will struggle to meet your upcoming repayment/s, please contact our team as soon as possible and we’ll work something out together!
What happens if I have overdue payments?
A $35 overdue fee is charged every 14 days until the arrears are cleared or a cap of $210 is reached. We have a dedicated Payments Team who will assist in coming up with a plan and getting you back on track, so all you have to do is contact us.
What happens if I have seriously overdue payments?
Seriously overdue accounts can result in formal collections actions which may include adding a default listing on your credit file.
We have various options available to assist you, including hardship. Contact us as soon as possible, and we’ll work something out together!
How can I get independent assistance?
For financial advice, counselling or support, the National Debt Helpline is available to help at no cost!
Visit their website (www.ndh.org.au) or speak to a financial counsellor at NDH’s national hotline 1800 007 007.
Can I extend my repayment term?
Your minimum repayments term is set. However, we understand that circumstances change and in some cases, an extension may be required.
If you believe you will need this, reach out to our dedicated payments team who are happy to work out a suitable arrangement.
How do I defer or reschedule my personal loan repayment?
Please contact our friendly payments team. If you would like to defer or reschedule your personal loan repayment.
What is a Hardship Arrangement?
If you have financial difficulties and can’t pay on time, you might miss payments. Missing payments may result in collections activity and can hurt your credit report and lower your credit score. A hardship arrangement is a way to make it easier to manage your payments. For example, you can ask us to change how often or how much you need to pay. This can help you to avoid missing payments affecting your credit report and stop your credit score going down.
You can find more information on the Credit Smart website: https://www.creditsmart.org.au/financial-hardship
How to apply for a Hardship Arrangement?
You can contact us about your financial difficulties at any time through the details on our Contact Us page. We will send you a form that asks basic questions about your financial difficulties and what payments you are able to make. The form only takes a couple of minutes to complete and allows us to establish a Hardship Arrangement unique to your circumstances. In some situations, we may ask for additional documentation as well. We will ask for this via email. Note: completing the Hardship Form is not the approval for a Hardship Arrangement. If Internal Use your hardship application is approved, you will receive confirmation of the change to your payment arrangement and the associated details.
What is a Promise to Pay?
A ‘promise to pay’ is not a financial hardship arrangement. Basically, the lender just records the fact that the customer will make up their missed payments. A Promise to Pay may be appropriate if it just a payment of two that require change. As a result, your credit report may continue to show the account as overdue until all the payments are made (although, if payments more than the minimum due in a month are made, the RHI status will reduce towards RHI=0, which will show other lenders that the customer was capable of paying off the overdue amounts). There is no financial hardship indicator shown.
Does a Hardship Arrangement impact my Credit Report?
Your credit report will show a note that you have agreed to an arrangement to manage your payments to us. It will not show why you are having trouble paying or the details of the arrangement. The note comes off your Credit Report after 12 months after the arrangement ends. A financial hardship arrangement won't prevent you from applying for credit later on. We, or another lender, might just ask for some additional information about your finances at that time, to ensure that are able to manage a new loan. If you are approved for financial hardship, we will send you a confirmation letter with more details about the arrangement.
What does the Hardship Arrangement look like on my Credit Report?
If you have entered a Hardship Arrangement and this has changed how often or how much you need to pay – the change to your payments is for a short time and is called a “temporary financial hardship arrangement”. The sign for a temporary financial hardship arrangement is 'A'.
If you pay on time with the new arrangement, then your credit report will show your payments as up-to-date, which means your credit report and credit score will not be affected by missed payments during the arrangement. If you do not meet the arrangement, your credit report will show missed payments. If you think you might miss a payment under the new arrangement, please call us as soon as you can.
We’ll send you a reminder before your arrangement ends. At that time, you'll need to chat with us about getting back to regular payments. If you don’t, your credit report might show missed payments, which could lower your credit score.
What happens after my hardship arrangement ends?
Your repayments will revert to the original payment amount.
If your circumstances do not improve after your hardship ends, we encourage you to please contact our friendly payments team immediately.
What is a credit score?
A credit score is based on your borrowing and repayment history. It is a number that summarises your credit history and shows lenders what you are like as a borrower. Lenders will check your score when you apply for credit or a loan, as it tells them how likely you are to make your repayments. The higher your score, the better your chances are of being approved for credit.
How is my credit score calculated?
Your credit score is calculated by credit reporting bodies such Experian, using data from a number of different sources, such as public databases, financial institutions and utility providers.
A number of factors play their part in determining your score, including:
- The number of times you’ve made credit applications and the types of credit providers you've applied to.
- The types of credit products you’ve previously applied for.
- Your repayment history.
- Any negative credit events, such as missed repayments, account defaults and bankruptcies.
Your credit score is not affected by your bank balances, race or origins, beliefs or affiliations, sexual orientation, lifestyle or medical history.
How does making applications for credit impact my credit score?
While you may be able to shop around quite easily for goods and services, shopping around for credit products can have a negative impact on your credit score. When you make an application for credit, the lender places a ‘credit enquiry’ on your file. If you make too many applications for credit, you may be considered to be a bigger risk to lenders who may see a high number of enquiries as an indicator of an over-reliance on finance or an inability to obtain finance from other organisations.
The types of credit you enquire about may also have an impact on your credit score.
Does checking my credit score impact my credit score?
No. When checking your credit score with MONEYME, it does not affect your credit score. Looking into your credit score does not have any negative impact on your credit file.
You can check your credit score for free in 30 seconds by downloading the MONEYME app: Apple Store - Download App</a > </a >Android / Google Play - Download App</a >
Why is my credit score different to what I have seen elsewhere?
Your credit score may appear differently between credit score providers as each credit reporting body collects different information and uses their own method to calculate a credit score.
Visit their website (www.ndh.org.au) or speak to a financial counsellor at NDH’s national hotline 1800 007 007.
There are three different credit reporting bodies operating in Australia, Experian, Equifax and illion, , each with their own way of calculating your credit score. MONEYME’s credit scores are powered by Experian. You can learn more about Experian credit scores and how they work here.
How do I access my full credit report?
Your credit report contains a detailed account of your credit history for the previous 5 years. If you are interested in accessing your credit report, you can do so by visiting the Experian Website</a > and making a request. Once you have received your credit report, </a >this guide</a > may help you to understand more about your report and its contents.
When is my score updated?
Your credit score is constantly evolving over time. Information is added, deleted or updated frequently, meaning that it can change monthly or even more frequently. We encourage you to log in once a month to monitor your score.
What is a Credit Report?
Your credit report can include information that is needed to identify you: name (including other names that you use), birth date and addresses.
Your credit report may also have information about your credit history – that is, how many loans or credit facilities you have applied for and how you’ve dealt with the debts you have.
The Credit Smart website had lots of good information about what a credit report is and what it is used for: https://www.creditsmart.org.au/learn-about-credit/whats-in-a-credit-report
Will my credit application show on my credit report?
Applications you have made for credit will show on your credit report. This will include the types of loans you’ve applied for, and the types of things you’ve tried to buy on credit, over the last 5 years. These will be shown whether or not you were actually approved for the loan, or whether you opened the loan once approved. For example, if you shop around for a credit card and make applications to three different banks, then your report will show three applications.
It is mandatory for credit providers such as MoneyMe to report all credit applications it has received to the credit reporting bodies.
What is Comprehensive Credit Reporting?
Comprehensive credit reporting, also known as repayment history information, shows on a month by month basis, whether you’ve made your loan payments on time.
If you are late by 14 days or more in making a repayment, the lender is required to record that against your credit file with credit reporting bodies.
What does it mean for me?
As more information is being reported on your credit file, you’re able to positively influence your credit score simply by displaying good credit behaviour such as making your repayments on time.
What new information is on my credit report, and what information can providers now see?
Prior to this change, mainly negative information was available on your credit file (e.g. credit enquiries and default listings). Now with comprehensive credit reporting, this means more positive information is available – including
- Account limits
- Account open and close dates
- Credit types
- Repayment History Information (RHI) for the last 24-month period
What is Repayment History Information (RHI)?
Your repayment history is recorded as an RHI status. This status is displayed as a number, indicating how many days in arrears your account was in a specific month. This information is reported on an ongoing basis for your active account until it is repaid.
What is reported if I miss a payment, or change my repayment schedule?
If you miss a payment and it is not caught up within the 14-day grace period, it will be reported on your credit file as overdue.
If you request to change a payment prior to the scheduled date and it fits within acceptable criteria, the change won’t affect your credit report.
How does this affect my credit score?
The key thing to know is that good repayment history and behaviour is now reflected on your profile which means you have the opportunity each month to improve your credit score.
If you’re worried about missing one payment or making it after the 14-day grace period, don’t stress too much. The great thing about Comprehensive Credit Reporting is it shows your last 24-month repayment history, which gives lenders a better understanding of your overall repayments – not just the most recent.
I have forgotten my password. What do I do?
Head to our member’s area and submit your information in the verification section. A link will be sent to your email for resetting your password.
How do I change my email address or username?
If you can’t remember which email address you gave us, or you need to update your address, please contact us and one of our agents will update your information.
How do I make a complaint?
Customer satisfaction is extremely important to us, but we understand sometimes we may get it wrong.
Where can I find your policies?
At MONEYME, we’re huge on transparency and honesty.
Check out the links below to our key policies:
What online security measures do you employ?
Your privacy and security are important to us. We use products that are the best of the best in the online security business.
We follow the same standards as banks and other online payment companies to ensure your safety and security.
How is my information stored and protected?
All information is entered through a Secure Socket Layer (SSL), which means an encrypted connection is created between your system and ours, and it's always kept that way.
