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Line of Credit

Freestyle
Credit Card

A credit card designed for today. 100% digital, up to
55 days interest free, and with zero fee options.

Won’t impact your credit score!
Won't impact your credit score!
  1. MoneyMe
    2.   /  
  2. Line of Credit

An award-winning experience

Winner of Canstar's Innovation
Excellence Award 2022*

Winner of Canstar's Innovation Excellence Award 2022*

Start using your
card in minutes,
not days

Forget waiting days or weeks for your credit card to arrive in the mail, Freestyle is ready to use straight away once approved.

Apply online
in minutes

Choose a credit limit
from $1,000-$5,000

Add it to your
mobile wallet

Ready to use
straight away

A card that
works for
you,
not against you

We spread repayments over a maximum 5-year period
from your latest transaction, unlike banks who spread it
over decades to make you pay more interest.

Plus, we’ll always send you payment reminders to help you
avoid nasty fees for missed payments.

Flexible options

Limit

Up to $5,0001

Annual fee

Fee

Credit limit

$0

Up to $3,000

$49

$3,001 to $5,000

Monthly fee

$0

Balance under $20

$5

Balance over $20

Cash advance fee

1.5%

Interest-free period

Up to 55 days2

Interest rate

A rate from 18.24% p.a. to 23.24% p.a. (based on your credit score) applies thereafter3

*Other fees and charges may apply.

More freedom with
more ways to pay

We understand there’s more than one way to
pay.

Add Freestyle to your mobile wallet to Tap n Pay
anywhere Mastercard is accepted, shop online
with your digital card details or use your credit
limit to transfer your mates back for dinner.

Our customers
LOVE us

Line of Credit

Fast, fair and easy.

Very happy customer. Happy to get another loan in the future from MONEYME.

Simple process

Easy to follow application, quick response time and good support.

Very happy with their customer service.

I was impressed with how easy and quick the application was. Very happy with their customer service, and the app is very convenient.

View more

What are you
waiting for?
Get Freestyle

Use your card instantly once approved!

Typically around 90 minutes

Things you should
know for a line of
credit:

Fees and charges

  • from 18.74% p.a. to 23.74% p.a.4
  • Credit limit approvals up to $5,000
  • Minimum withdrawal amount is $100
  • Monthly account fee of $5 Only applies if outstanding balance is over $20
  • Annual fee from $0 to $149 Based on your credit limit and rating
  • Cash advance fee of 1.5%

4 This interest rate is based on the Annual Percentage Rate (APR). Our APR is calculated daily by applying the daily APR and charged in arrears on the outstanding balance of your loan to the date your payment is due.

Other fees that may apply

  • Dishonour fee of $15 This is payable each time a direct debit is dishonoured on your commitment to make a loan repayment is not met.
  • Overdue account fee of $35 Payable when the repayment is 7 days overdue, and again every 14 days thereafter, until arrears are cleared or a cap of $210 is reached.

Example repayments

Based on a revolving line of credit of $5,000 over 5 years

  • Minimum interest rate of 18.74% p.a. (25.38% p.a. comparison rate5) with total cost of $5,713.78
  • Maximum interest rate of 23.74% p.a. (30.37% p.a. comparison rate5) with total cost of $5,860.02

5 Warning: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates.

Secure and responsible lending

When applying with MONEYME, you can bet our top priority is security. At MONEYME, we use bank level encryption to ensure your data is safe and secure.

When submitting bank statements online, we use illion’s trusted and secure technology that provides a ‘read-only’ 90-day snapshot in PDF format of your bank statement transactions. That means no one at MONEYME, or illion,

has access to your account or login details – it simply takes a snapshot of your transactions in PDF format. This, along with some personal, employment and spending details is all we need to process your Freestyle application.

As you make your repayments on time, your history with us improves and you may be able to increase your line of credit limit.

Get approved within minutes

When you apply for a Freestyle Credit Card Account, you'll generally get a decision on-the-spot. Once approved, we'll set you up with a digital card so you can start making purchases straight away, in- store and online. If you transfer money from your line of credit to your bank, this can take anywhere from a few minutes up to 1 business day, depending on who you bank with.

Freestyle Credit Card Accounts range from $1,000 to $5,000, depending on your credit profile and history.

You're able to decrease or request an increase for the limit on your line of credit, which is subject to our assessment and suitability.

We'll automatically set you up with a payment schedule with variable amounts aligned to your pay cycle. We'll remind you before we take payments to ensure you have the funds in your account (and to prevent any accidental missed payment fees!). Plus, you can get up to 55 days interest-free on purchases. To view our costs, visit our Costs page.

FAQs about MoneyMe Personal Loans

What is a line of credit?

Unlike a traditional personal loan that you pay off on a variable term, a line of credit provides you access to credit or extra cash whenever you need it, within your credit limit. With a line of credit, the balance you pay becomes available for use again.

How does a line of credit work?

If you are approved for $10,000 on a line of credit, you may borrow up to $10,000. But this doesn’t mean you are required to borrow and use the entire amount. You can borrow smaller amounts ($2,000 or $3,500 – depending on how much you need). Once you have repaid whatever amount you borrowed, the cash becomes available again for you to use without the need to re-apply.

How can I get a line of credit?

You can apply for a line of credit at financial institutions like banks, online lenders or credit unions. But take note that before picking a lender, you’ll want to research different lenders first to see and compare which of them has the best credit offer that suits your needs and ability to repay.

Can anyone get a line of credit?

Applying for a line of credit requires similar qualifications as when you apply for a personal loan or a credit card. You must be a resident of Australia, currently working and at least 18 years old to be eligible to apply.

Take note that your creditworthiness – which is determined by your income, credit history and overall financial health – will also be taken into account by your prospective lender during the assessment of your application.

Which is better, a line of credit or a personal loan?

With a line of credit you can borrow up to your maximum credit limit, with funds readily available for you to use again once you have repaid them. Your monthly payment amount on a line of credit relies on your interest rate, outstanding balance and the agreed terms. As for a personal loan, it gives you a lump sum which makes monthly repayments easier to budget. So the real answer strongly depends on what credit solution better fits your need and financial situation at the time you wanted to apply for one.

What is a secured line of credit?

Secured lines of credit are backed by collateral – which means you need to secure your line of credit against your personal assets, such as your home equity, car or some other valuable property. The lender has the right to seize the asset in the event you fail to repay your line of credit.

What is an unsecured line of credit?

An unsecured line of credit is not backed by any asset. Since there is no collateral involved, it usually comes with higher interest rates to pose lesser risks to the lender.

Am I eligible to apply for a credit card?

In order to apply for a Freestyle Virtual Mastercard, you will need to be at least 18 years old, an Australian citizen or a resident, and have a regular source of income.

Can I get a credit card with a poor credit score?

Here at MoneyMe, we see the whole picture when a customer applies for a credit card. Your credit score may be one of the most important factors, but we also consider your income, financial commitments and general living expenses to come up with a fair decision.

How do I apply for a credit card?

You can apply for a credit card online, over the phone or by visiting the physical branch of your prospective lender. As our process is entirely online with no face-to-face interactions, if you would like to apply for a Freestyle card you may click here—the application process is streamlined and only takes a few minutes. You may also apply via the MoneyMe app available on App Store and Google Play.

How can I manage my credit card account?

You can manage your Freestyle account via the Member’s Area or by simply logging in to the MoneyMe app. With 24/7 access to your account, you may view your transaction history, manage your credit limit, check your account status, and more.

Can I pay anyone using my card?

Yes. Apart from transferring funds to your personal bank account, Freestyle comes with a pay anyone feature that lets you send money straight to your friend’s or anyone’s account.

What is a credit limit?

Your credit limit is the maximum amount of credit approved by your card provider when you apply for a new card. This is the total amount of money you can borrow on your credit account. Credit limits are not similar for everyone, and the amount you may get approved for depends on the maximum amount the card company can lend and your personal circumstances.

How much can I borrow for a line of credit?

Your credit limit, or the maximum amount of money you can borrow for a line of credit, is tailored based on your individual circumstances and application. Here at MoneyMe, our credit limits range from $1,000 to $5,000. To determine your personal credit limit, we consider a range of factors such as your credit history, income, debt obligations and living expenses.

How do I increase my line of credit limit?

You may be putting almost all of your everyday spending on your credit card. Times are also changing and you need more emergency money, or you may be after certain rewards that you cannot hit with the current maximum amount you are allowed to spend. In this case, you might want to take your chance to get a bigger credit limit.

To increase your credit limit, you have to contact your credit card provider. You may either call a specific number or send a request online. Here at MoneyMe, you may apply for a credit limit increase by logging in to your MoneyMe account. Simply adjust the set credit limit according to your desired new credit limit, click submit and wait for the outcome of your request. Take note that your request is subject to further evaluation, and the outcome will depend on your financial standing and payment history with us.

What are the fees and charges for a line of credit?

The common fees associated with a line of credit are annual fee, monthly fee and interest rate. But in a line of credit, you don’t need to pay any interest unless you have used your money. We base the annual fee on your credit limit, and the monthly fee is waived if your balance is less than a specific amount.

What does annual percentage rate in a line of credit mean?

The Annual Percentage Rate (APR) is the total amount of cost paid annually when you borrow money. It is always higher than the interest rate, as it includes all fees and costs associated when you borrow money. The APR from every lender varies and is based on your creditworthiness, which means you may be able to get a lower annual percentage rate if you have a good credit rating

Can I use a line of credit for my house?

One type of line of credit is the line of credit home loan. Just like how a typical line of credit works, a line of credit home loan allows you to borrow money, but this time it will be using the equity in your home to help you cover house-related expenses, whenever you need it. You may use it if you are looking to buy an investment property or renovate your home.

Can I fund my business using a line of credit?

You can use a business line of credit for any business purpose. Small business owners typically rely on a business line of credit to better manage their cash flow or simply for their basic cash needs. This type of line of credit is one of the most common types of business funding that allows you to withdraw periodically, up to your limit.

Can I use a line of credit to pay for my school fees?

Online lenders like MoneyMe offer lines of credit that are custom built to help students pay for school fees. It allows students to borrow and withdraw funds as they need them, up to the approved credit limit. A line of credit for students is specifically designed to help pay for course fees, university tuition or any type of training.

Can I make down payments using a line of credit?

If saving would take a while and you need urgent money for down payments, getting a line of credit is one of the fast solutions. Using other sources, such as an unsecured line credit, to pay for a down payment is allowed, but some lenders may require you to source or present the minimum down payment from your savings.

Where else can I use a line of credit?

The great thing about a line of credit is that you can use it for almost anything – such as paying for a holiday trip, purchasing a new car or to simply have cash on hand whenever you need it. It is not only meant for big spending, but also for small, everyday purchases. A line of credit offers a new way to pay for the things you need anytime and anywhere.

Why should I use a line of credit?

People use a line of credit for a variety of reasons. Apart from giving you the freedom to decide on what to purchase or what to use it for, a line of credit allows you to apply for a maximum credit limit and only make repayments based on the amounts you have used. It is flexible and convenient, allowing you to reuse the funds that you have successfully repaid.

Where can I get a line of credit?

There are many ways you can get a line of credit, such as applying through banks, credit unions or online lenders. In banks, a line of credit may be granted to both new and existing customers. They provide you with a pre-approved limit without having the need to re-apply. The response time is usually 1 up to 15 working days, depending on which bank you’re applying to. Online lenders offer pre-approved credit limits as well, with a much faster response time. Each credit provider has unique offers and maximum credit limit available, so it is best to make a research before applying for one.

What is the difference between a line of credit and a credit card?

There are plenty of similarities between a line of credit and a credit card, but the primary difference is that a line of credit approves you a certain credit limit that you can borrow against a revolving credit line. You can borrow as much or as little as you like, and that you can reuse the funds you have successfully repaid. As for a credit card, it allows you to make purchases that you can pay back in instalments.

A line of credit typically has a higher credit limit and can be either secured or unsecured. On the other hand, a credit card is almost always unsecured, with the balance owing repaid by a specific due date every month.

Are lines of credit good?

Contrary to variable loan rates you get from secured and unsecured personal loans, a personal line of credit allows you to borrow only the funds you need that come with a variable interest rate that is usually lower. Every loan features different offers and fees, but in a line of credit the rates are much more competitive and better than credit cards. You have to make a lot of consideration before applying for one, as its benefits will depend on your financial circumstances.

How do I set up a Freestyle account?

The Freestyle Credit Card Account is more than just a revolving line of credit. It's a digital card that lives on your smartphone, providing you with instant access to up to $5,000 once approved. Tap n Pay in-store, shop online and send money straight to your bank.

With a quick and easy application, instant card creation and up to 55 days interest-free on purchases, Freestyle is a more convenient way to pay for the things you love, every day. We offer Freestyle Credit Card Accounts from $1,000 to $5,000.

Line of credit up to $10,000 Approved Online | MoneyMe

Flexible credit at your fingertips

Introducing Freestyle: Australia’s first virtual credit account, which is like a virtual credit card that provides you with all-in-one access to shop now & pay later with a line of credit and more. If you’re looking for a credit card that offers ultimate flexibility, Freestyle is the smarter choice. It lives in your smartphone and not in your wallet, delivering you access to instant, reusable loans in the form of a line of credit up to $5,000.

What is a line of credit?

A line of credit is a type of credit product that lets you access funds on a revolving basis. Rather than credit in the form of a personal loan that is funded on a lump sum basis, a line of credit offers anytime access to your credit limit, which can be drawn down in increments, repaid in full or in part, and then drawn down again the next time you need money on-the-go.

Think of it like a quick loan, small cash loan or unsecured personal loan that offers you cash today with repayment options tailored to you. We won’t charge you early payout fees when you repay your line of credit in full. We also align your fortnightly or monthly repayments with your current pay cycle, so you won’t have to worry about getting caught with late fees. MoneyMe offers a complete suite of credit options designed for Gen Now. They’re flexible funds whenever and wherever you need them.

A better way to access money

Freestyle is transforming the way credit works. Not only do we offer an entirely online application and approval process, but we also don’t waste time and resources with unnecessary plastic. Your credit card lives in your smartphone and is designed to support in-store Tap and Pay and online shopping. It’s a modern credit solution to address consumer demand for quick service and instant solutions. It’s easy to apply and get approved for – even your contract is signed digitally! Cash advance loans in the form of a line of credit have never been this flexible and easy.

Understanding how to calculate the interest rates on your cash loans online or same day loans is important. If you have taken out an unsecured car loan or a mini loan, then you will be able to understand what part of your regular repayment constitutes your principal loan amount (the amount you borrowed) and which part is the interest amount.

Freestyle is like a digital credit card with up to 55 days interest-free on all purchases. This means that you get no interest charge until this period has expired, and you may be able to pay with no interest if you repay in full within 55 days.

When you take out personal loans, Australia has various loan providers that offer fixed repayment schedules in which your yearly interest is broken down to monthly amounts. This interest repayment is automatically calculated into your fixed repayment amount that you pay fortnightly or monthly, depending on your pay cycle and personal preference.

Your expected repayments

A personal loan calculator can show you what the total amount of interest is payable over the length of your loan and give you an indication of the kind of repayment amount you will be looking at. If you’re asking yourself, “How much can I borrow?” or “Will I be capable of making monthly repayments?”, a personal loan repayment calculator may help paint a clearer picture for you and give you an estimate of your expected rate should you proceed with your loan application.

If you’re looking for a quick way to calculate your monthly interest on a line of credit or on small personal loans, check out our loan calculator. It’s online and easy to use. Simply enter your desired loan amount and preferred repayment duration, then you’ll get a preview of your repayments right then and there.

Line of credit eligibility

If you are 18 years or older, a resident of Australia and currently employed, then you are eligible to apply for our line of credit, easy loan or short term loans. As a responsible money lender, we also look at a range of factors such as your credit history, income, living expenses and the existing small loans you may have before we make a decision.

Where can I use my line of credit?

A line of credit offers you access to revolving amounts of credit when you need it rather than a complete lump sum of credit like unsecured loans funded into your bank account. It’s the more flexible alternative to small personal loans that gives you the freedom to decide how much to spend and what for, all within your credit limit.

You can use a line of credit like a cash advance that offers you credit funds for covering expenses when you’re a little short, or when an unexpected expense arrives like car repairs, travel expenses or education fees. You can make quick and easy online purchases like a flight from Sydney to Melbourne at a great price using your Freestyle Credit Card Account. If you’re planning a wedding, consider our wedding loans to put down a deposit for your venue and big event.

You can use your line of credit for things like rent assistance when rent is due before your pay cycle or for covering your grocery bill, your utilities, or for getting your hands on that perfect sale item available only for a limited time. If you’re planning an interstate move from Perth to Adelaide, or a short stay in Brisbane, use your line of credit to access quick cash and cover your expenses upfront.

While a line of credit or same day cash loans may offer quick cash access for your daily needs, big-ticket items might be better suited to a specific loan type like a boat loan.

If you’re planning to pursue a new degree or develop your existing skillset, then student loans or an education loan might be the best option for you. Travel loans offer you another option, helping you to budget carefully for holidays or extended travel overseas. If you need help for a rental property, then a bond loan can offer you the funds you need to pay for moving expenses, while renovation loans can help you cover the cost of improving your property. We offer all these types of loans as unsecured loans with personal loan interest rates tailored to you, meaning you don’t have to present collateral to secure the loan.

Apply now

For day-to-day living expenses and help when you need it fast, choose the flexible line of credit from MoneyMe. Experience a Credit Card fast approval: Apply now, get an outcome in minutes and access money in as little as 60 seconds from approval.

With our line of credit Perth, line of credit Hobart, line of credit Adelaide, line of credit Sydney, line of credit Brisbane, and line of credit Melbourne, you can access funds when you need it and how you wish to use it.

Line of Credit

MoneyMe is a digital line of credit company that offers services for every person in Australia. We have a principal mission of providing funds through simple online means so that you can buy and spend in the way you want to. 

For instance, if you are in need of quick money, you can easily hit us up when you apply for a MoneyMe account. By doing this, you can sign up for our business payment plans to kickstart your enterprise or even just pay for the veranda cost of your home.

Whatever the reason for borrowing money may be, our Freestyle credit card with a line of credit will surely be a perfect solution for you. We have minimal interest fees and repayments that are scheduled based on your personal pay cycle – what more could you ask for? 

To take advantage of our services, all you have to do is be eligible for the line of credit terms. As long as you are above 18 years old, a working individual, and a current resident in Australia, you can definitely apply for a line of credit from MoneyMe. 

Download our smartphone application available on both iPhone and Android devices, encode your basic financial information, and receive approval for your line of credit request in an instant.

How does a line of credit work?

Line of credit is an uncomplicated process – just think of it as an option similar to low doc personal loans. 

Much like regular loans, the funds from a line of credit are typically provided by a traditional lender such as a bank or government. However, the difference between a line of credit and bank loans is the convenience that takes place after the full repayment. 

With personal loans, after you have repaid the set amount and interest rate, you would typically have to go through the application process again. For traditional loan companies, this means that you have to fill up the stacks of paperwork and wait a week or more for approval. 

On the other hand, after you have made payments for your line of credit and have settled them on time, that amount is automatically ready for you to use again. With this option, you get to cut the red tape and spend more time managing your finances.

Pretty convenient, isn’t it? With MoneyMe, you can apply and enjoy a number of benefits on top of the line of credit rates that are low. Make an account today through our 100% online application process and enjoy up to 55 days free of interest!

Is it hard to get a line of credit?

Applying a line of credit from MoneyMe is one of the easiest things you will ever do. Our application process is convenient and quick – you don’t even have to grab a pen or print out your bank savings as supporting documents. 

Line of credit requirements

To get a line of credit from us, you must first make sure that you are eligible for our service. Our secured line of credit option is only available to those who are:

  1. 18 or older
  2. Residents in Australia
  3. Working and generating income

If these three conditions are present, then you are most certainly eligible to apply for any of our credit services. From a trusted line of credit to reliable consolidation loans for debt relief – the choice is yours when it comes to MoneyMe. 

Line of credit application procedure 

With MoneyMe, you can breeze through the application procedure in minutes. By picking up your laptop or smartphone, you’re already a quarter of the way finished. 

Start the application procedure by creating a MoneyMe line of credit account. This platform is important as it is how you’ll receive notifications and manage your funds. 

Next, input basic information about your financial situation. You need not worry if your credit score is not as good as you would like it to be, as MoneyMe takes into consideration not just your credit score, but other factors such as debt obligations and living expenses. 

Lastly, after you have submitted your request, rest easy as we make a fair credit decision based on the details you have provided. 

What is a line of credit good for?

A line of credit from MoneyMe is good for just about anything – you name it, our flexible credit product can pay for it. 

For example, you could be using our line of credit for a mortgage, a fancy new suit for that wedding you’re attending, or maybe even that new kitchen stove you’ve been eyeing for quite some time now. 

Whatever a traditional Mastercard credit card can purchase, our virtual line of credit solution can purchase as well. 

What is an overdraft line of credit?

An overdraft line of credit is typically given by banks so that you won’t experience check bounces, failed transactions, or missed payments on bills. 

This process works when the financial institution loans your account funds when it is out of balance. The bank provides you with the money you don’t have, and then you would have to pay the corresponding amount at a later date. 

While this might sound enticing at first, these traditional lenders may charge you a large amount for every transaction. Additionally, some of these institutions may not even allow you to make free advanced payments when you already have the money. 

However, with MoneyMe, you won’t have to concern yourself with the fees that are associated with the overdraft line of credit process. 

This is because we promote responsible spending by giving you a credit limit you can realistically pay off. Aside from this, we send you notifications when your repayment is near, schedule them based on your income cycle, and even let you pay in advance without charge.

With MoneyMe, you will definitely be able to spend on what you want, when you want.

*Canstar’s Innovation Excellence Award 2022 was for MONEYME’s product Autopay.
1Applications and maximum credit limits are subject to eligibility criteria including credit approval. Other terms and conditions may apply.
2Conditions apply to the interest free period. Refer to the Terms and Conditions for the Account for further information. After the interest free period, an interest rate of 18.24% p.a. to 23.24% p.a. will apply.
3The actual rate that you receive will depend on a range of factors, including your credit score.

Apple Store is a trademark of Apple Inc., registered in the U.S. and other countries. The card facility is issued by EML Payment Solutions Ltd pursuant to license by Mastercard Asia/Pacific Pte. Ltd. Mastercard and the Mastercard brand mark are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated.

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