MoneyPlace Rates and Review

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MoneyPlace is a fully licenced peer-to-peer (P2P) digital lender that specialises in providing a range of unsecured and secured personal loans on fixed-rate terms.

MoneyPlace’s headquarters are located in Melbourne. Founded by a former NAB banker in 2015, the fintech became Australia’s second fully licenced marketplace lending platform upon its establishment. In the same year, MoneyPlace entered into a five-year partnership with Auswide Bank. In 2018, the organisation was acquired by consumer finance services company Liberty Financial Group.

Loans available at MoneyPlace can be used for debt consolidation, home improvement, and car purchases. It also offers financing to fund educational training, travel, or wedding. However, it doesn’t extend loans intended for business purposes.

The digital lender offers personalised fixed rates based on the applicant’s financial profile. Would-be borrowers’ ‘risk band’ is determined by their credit score. This ranges from ‘poor’ to ‘excellent’, and will impact the interest rate and the maximum loan amount as well as the establishment fee they need to pay.

MoneyPlace offers flexible repayment terms extending up to seven years and boasts zero ongoing fees. The lender also claims no fees will be charged for early and extra repayments made.

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Comparison Rate Warning and Base Criteria

For home loans, the base criteria include a $400,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 loan over 5 years. These rates are only examples and may not include all fees and charges.

*The Comparison rate is based on a $150,000 loan over 25 years. 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.

Monthly Repayment Figures

Monthly repayment figures are estimates that exclude fees. These estimates are based on the advertised rates for the specified term and loan amount. Actual repayments will depend on your circumstances and interest rate changes.

Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you.

Related Brands

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