- MoneyPlace specialises in 100% online personal loans
- The company sets interest rates according to borrowers' individual financial circumstances
- MoneyPlace does not charge ongoing fees and there are no penalties for early payments
What is MoneyPlace?
Launched in 2016 by four former executives of NAB, MoneyPlace is an online lender, offering tailored personal loans to cover a range of needs.
It found its niche in the market by being willing to offer lower interest rates to higher quality borrowers than the major banks - a pricing model known as risk-based lending.
In 2018, Moneyplace was acquired by ASX-listed non-bank lender Liberty Financial, with the two continuing to operate under their own brands.
MoneyPlace offers straightforward, 100% online loans, setting its interest rates according to individual borrowers' financial situations.
What loans does MoneyPlace offer?
As MoneyPlace's marketing material says, "as long as it's legal, you can use your loan for just about anything", including:
- car loans
- debt consolidation loans
- medical and dental loans
- education loans
- home improvement loans
- travel loans
- wedding loans
There's one proviso, however. Personal loans are just that - personal, meaning borrowers can't borrow funds of behalf of anyone else.
MoneyPlace loan details
MoneyPlace provides both secured and unsecured personal loans.
Some borrowers may be offered the option of taking out a secured loan, such as when a vehicle is put up as security against the loan used to purchase it. These types of loans can provide more flexibility with the interest rate being offered.
See also: Personal loans: secured vs unsecured?
Here's a general rundown below:
Loan type | Unsecured |
|---|---|
Rate type | Fixed Rate |
Minimum | $5,000 |
Maximum | $80,000 |
Loan duration | 3, 5, or 7 years |
Repayment options | Weekly Fortnightly Monthly |
Extra repayment fee | $0 |
Early payout fee | $0 |
Redraw | No |
Why choose MoneyPlace?
Here's what a MoneyPlace spokesperson told Savings.com.au:
"MoneyPlace was founded on the idea that all Australian borrowers deserve a better deal.
"Since then, we've helped tens of thousands of customers to borrow hundreds of millions of dollars at rates far lower than available from the major lenders - saving them millions of dollars in interest and fees.
"When choosing a lender, the most important factor should be the overall cost to you.
"With our market-leading low rates, no ongoing fees, and no penalties for paying out your loan early, MoneyPlace offers some of the very best value loans in the market.
"When you apply for a loan with MoneyPlace, your application will be assessed by your own dedicated lending specialist - not by a faceless corporation that treats you like a number."
MoneyPlace personal loan rates
Interest rates vary according to the financial circumstances of each borrower. Here is a selection below:
| Lender | Car Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Interest Type | Secured Type | Early Exit Fee | Ongoing Fee | Upfront Fee | Total Repayment | Early Repayment | Instant Approval | Online Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.67% p.a. | 6.10% p.a. | $605 | Fixed | Secured | $0 | $0 | $0 | $21,796 | |||||||||||
5.67% p.a. | 6.10% p.a. | $605 | Fixed | Secured | $0 | $0 | $0 | $21,796 | |||||||||||
5.67% p.a. | 6.10% p.a. | $605 | Fixed | Secured | $0 | $0 | $0 | $21,796 | |||||||||||
5.80% p.a. | 6.23% p.a. | $607 | Fixed | Secured | $0 | $0 | $0 | $21,839 | |||||||||||
5.80% p.a. | 6.23% p.a. | $607 | Fixed | Secured | $0 | $0 | $0 | $21,839 | |||||||||||
5.80% p.a. | 6.23% p.a. | $607 | Fixed | Secured | $0 | $0 | $0 | $21,839 | |||||||||||
6.30% p.a. | 6.30% p.a. | $611 | Fixed | Unsecured | $0 | $0 | $0 | $22,002 | |||||||||||
6.30% p.a. | 6.30% p.a. | $611 | Fixed | Unsecured | $0 | $0 | $0 | $22,002 | |||||||||||
6.30% p.a. | 6.30% p.a. | $611 | Fixed | Unsecured | $0 | $0 | $0 | $22,002 |
"We take into consideration a number of factors, including looking at a borrower's income, employment, credit history and financial behaviour to gain a holistic view of our customer's financial situation.
"It is this extra detail we go to that allows us to offer the best possible deal to our borrowers." MoneyPlace spokesperson.
MoneyPlace's website provides a facility for prospective borrowers to check their likely interest rate that will not affect their credit score.
Frequently asked questions
How long is the usual time of approval for a MoneyPlace personal loan?
MoneyPlace has a fully online application process, providing a rate check in two minutes and an application process of around 10 minutes.
Are there other fees and charges?
In some cases, MoneyPlace may charge an establishment fee when a loan is drawn down.
There is no monthly or annual fees, or any penalties for making early repayments.
Who can apply for MoneyPlace's personal loans?
To apply for a MoneyPlace personal loan you must:
be an individual (no joint applications)
be 18 years or older
be an Australian citizen or permanent resident currently residing in Australia
be currently earning an income of over $20,000 per year
not have any outstanding loan defaults
not have any court judgements, writs, or bankruptcies
not currently in collections for any existing debts
have no more than three active payday loans at the time of application
Self-employed applicants
If you are self-employed, you must also:
- have been trading for at least two years
- provide the previous financial year's tax return, showing income has been paid to you from your business, and the notice of assessment
- be borrowing for predominantly person or personal investment purposes