Need funds to cover home improvement, debt consolidation, car purchases, or medical expenses? MoneyPlace offers fixed-rate personal loans for those purposes. It also provides financing for vacations, weddings, educational training, and renewable energy installations. 

What personal loans are available at MoneyPlace?

Customers of MoneyPlace can borrow $5,000 to $80,000 offered through a peer-to-peer lending (P2P) model. In peer-to-peer lending, funds originate from the money investors funnelled through the platform. As the name suggests, it connects ‘peers’ (in this case, the borrowers) to their ‘peers’ (aka the investors) and vice versa. 

How to secure lower interest rates at MoneyPlace

MoneyPlace primarily offers unsecured loans, which means borrowers are not required to provide collateral as security. But as with most loans of this kind, MoneyPlace’s offerings may be accompanied by higher interest rates. However, customers have the option to add a vehicle as security to access a lower rate, a higher lending limit, or both – making the loan secured. 

Further, borrowers with strong profiles – which in MoneyPlace standards means having a great credit history and being property owners – have a greater chance to secure more favourable rates. 

Ultimately, each customer is offered a personalised interest rate based on their creditworthiness. This allows individuals with high credit scores to lock in a loan with a lower rate. This also means that even those with lower credit scores might still be eligible for a personal loan, although the interest rate could be higher to offset the increased credit risk. 

Applicants can get an initial rate estimate from MoneyPlace without impacting their credit score.  To do this, the lender uses a ‘soft credit pull’ – different from a ‘full credit enquiry’ which is conducted once the application is submitted – during the preliminary process to briefly review the would-be borrowers’ credit history. 

What are the features of MoneyPlace personal loans?

Key features of MoneyPlace personal loans include varying loan terms, flexible repayment schedules, and an extra repayment facility. 

Loans offered by MoneyPlace are payable within three, five, and seven years. Repayments can be made weekly, fortnightly, and monthly, with an option for customers to change the frequency that suits their payday. 

Borrowers are allowed to make fee-free extra repayments through MoneyPlace’s platform, pending the lender’s approval. Do note however that any extra payments deposited to the facility cannot be redrawn. Customers are also allowed to pay their loan earlier than the scheduled end without incurring any exit fees. 

What are the fees charged to the customers?

As mentioned, MoneyPlace doesn’t charge fees for making extra repayments and ending the loan early. The digital lender also waives monthly service or administration charges. 

It’s a different story when it comes to application fees, however. MoneyPlace charges a non-refundable establishment fee for every loan application. And like its interest rates, the amount is personalised based on the applicant’s profile. 

• At the time of publication, fees for unsecured loans range from 0% to 5.5% of the loan amount, capped at $975. 

• For secured loans, the fee starts at $310 and can go as high as $1,035, depending on the customer’s risk band. 

The lender also imposes late payment fees. 

How to get approved for a personal loan at MoneyPlace

During the preliminary step, MoneyPlace requires applicants to provide the following details:

• Desired loan amount and term

• Purpose of the loan

• Personal details and address

• Employment status and financial details

• Driver’s licence number

MoneyPlace personal loans are exclusively available to Australian citizens or permanent residents aged 18 and above. The lender may ask would-be borrowers to present a primary photographic ID (e.g. passport, driver’s licence, etc.) to verify their identity. Recent rates or utility bills may also be required to establish their address. 

To increase loan approval chances, applicants must earn an income of at least $20,000 per year. Employed individuals may need to present recent payslips, while self-employed or sole traders must provide tax returns from the previous financial years as well as notice of assessment from the Australian Tax Office. 

How long is the approval time for MoneyPlace personal loan applications?

Like most lenders, the turnaround time at MoneyPlace can vary depending on the loan application and how quickly the applicant can provide the required information and documents. 

According to MoneyPlace, the initial rate estimate only takes two minutes, while the application can be done in 10 minutes. The lender also claims funds can be received the next business day once the application is approved.