MoneyPlace personal loans review

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on January 10, 2022 Fact Checked
MoneyPlace personal loans review

Looking for a personal loan from MoneyPlace? Learn what you should know about this lender and discover how its personal loans stack up against the competition.

What is MoneyPlace?

MoneyPlace is a non bank lender, offering personal loans, car loans and other specialised loans such as travel and wedding loans.

MoneyPlace offers unsecured loans to Aussies.

Unsecured means you can apply without requiring details of an asset to be provided as security for the loan (such as a property or a car).

MoneyPlace says its loans are simple, 100% online and tailored to match your individual situation.

Why choose MoneyPlace?

MoneyPlace spoke to Savings.com.au to explain what sets its apart from other lenders.

“MoneyPlace was founded six years ago on the idea that all Australians borrowers deserved a better deal,” a spokesperson said.

“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, $0 establishment fees, no ongoing fees and no penalties for paying out your loan early, MoneyPlace offers some of the very best value loans in the market.

MoneyPlace says its overwhelmingly positive customer reviews are testament to its principle of going out of its way to treat every customer like a person.

“When you apply for a loan with MoneyPlace your application will be assessed by your own dedicated lending specialist in our Melbourne head office — not by a faceless corporation that treats you like a number,” MoneyPlace said

“Our loans are fast and simple with great rates and no hidden fees. Our applications are completed 100% online, take about 10 minutes to submit and typically are funded in just one business day.”

MoneyPlace personal loans

Lender
Advertised rate Comparison rate* Monthly repayment Interest TypeSecured TypeEarly Withdrawal FeeOngoing FeeApplication FeeTotal RepaymentEarly RepaymentInstant ApprovalOnline Application

FixedUnsecuredN/AMore details
CHECK YOUR RATE IN 2 MINUTES
  • No ongoing fees
  • No application fees
  • Apply online
CHECK YOUR RATE IN 2 MINUTES
FixedUnsecuredN/AMore details

Unsecured Loan ( Very Good Credit)

FixedUnsecuredN/AMore details

Unsecured Personal Loan (Good Credit)

Rates based on a loan of $30,000 for a five-year loan term. *Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate, Rates correct as of January 17, 2022. View disclaimer.

MoneyPlace’s important people

  • Michelle Sparsi
    Chief Operating Officer

  • James Smith
    Chief Technology Officer

  • Nathan Vincent
    Head of Design

MoneyPlace personal loan: Important details

Loan type

Unsecured

Rate type

Fixed Rate

Minimum

$5,000

Maxiumum

$80,000

Loan duration

3 Years
5 Years
7 Years

Repayment options

Weekly
Fortnightly
Monthly

Extra repayment fee

$0

Early payout fee

$0

Redraw

No

Frequently Asked Questions:

How long is the usual time of approval for a MoneyPlace's personal loan?

MoneyPlace has a fully online process for getting access to money quickly. On its website it claims a loan approval time of 1-2 business days.

What other loans does MoneyPlace provide?

MoneyPlace offers specialised loans for a range of unique circumstances, such as wedding loans, medical loans and debt consolidation. For more information visit the MoneyPlace website.

Who can apply for MoneyPlace’s personal loans

To apply for a MoneyPlace personal loan you must be:

  • An individual, 18 years or older

  • An Australian citizen or permanent resident

  • Currently working (earning over $20,000 per year)

You must not:

  • Be in collections

  • Have unpaid defaults

  • Be a recent bankruptee

  • Earn the majority of your income from government benefits

“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,” a MoneyPlace spokesperson said.

“It is this extra detail we go to that allows us to offer the best possible deal to our borrowers.”


Advertisement

In the market for a personal loan? The table below features unsecured personal loans with some of the lowest interest rates on the market.

Lender
Advertised rate Comparison rate* Monthly repayment Interest TypeSecured TypeEarly Withdrawal FeeOngoing FeeApplication FeeTotal RepaymentEarly RepaymentInstant ApprovalOnline Application

FixedUnsecuredN/AMore details
APPLY ONLINE

Low Rate Personal Loan Unsecured (Excellent Credit)

  • No extra repayment or early exit fees
  • Up to $75,000 in loan amounts
  • Funding approved within 24 hours
APPLY ONLINE

Low Rate Personal Loan Unsecured (Excellent Credit)

  • No extra repayment or early exit fees
  • Up to $75,000 in loan amounts
  • Funding approved within 24 hours
VariableUnsecuredN/AN/AMore details
NO ONGOING FEES

Plenti Personal Loan (Excellent Credit Rating) (Variable)

  • No application fees
  • No ongoing fees
  • Apply online
NO ONGOING FEES

Plenti Personal Loan (Excellent Credit Rating) (Variable)

  • No application fees
  • No ongoing fees
  • Apply online
FixedUnsecuredN/AMore details
CHECK YOUR RATE IN 2 MINUTES
  • No ongoing fees
  • No application fees
  • Apply online
CHECK YOUR RATE IN 2 MINUTES
FixedUnsecuredN/AN/AMore details
NO ESTABLISHMENT, ACCOUNT OR EARLY REPAYMENT FEES

No Fee Personal Loan

  • No security required
  • Can apply online
  • Fast time to funding
NO ESTABLISHMENT, ACCOUNT OR EARLY REPAYMENT FEES

No Fee Personal Loan

  • No security required
  • Can apply online
  • Fast time to funding
FixedUnsecuredN/AMore details

Liberty Personal Loan (Very Good Credit History)

Rates based on a loan of $30,000 for a five-year loan term. *Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate, Rates correct as of January 17, 2022. View disclaimer.


Image by Visual Stories via Unsplash

Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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Aaron joined Savings.com.au in 2021. He is a finance journalist with a keen interest in property, the share market, and improving financial literacy in young Australians.

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