Ratings
MoneyPlace provides personal loans, auto loans, and other specialised loans such loans for weddings and vacations. It is a non-bank lender, which provides unsecured loans for which one can apply without having to provide information about an asset as security for the loan. Their loan process is extremely straightforward, entirely online, and customised to one’s particular situation.
| Lenders | Rate of Interest | Comparison Rate | Ratings | |
|---|---|---|---|---|
 MoneyPlace | 6.89% - 23.57% | 7.31% |
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Pros
Signup Fees.Customer Support.
Cons
Strict lending policies.High Property Value for First Home Buyers.Strict Age Restrictions.Home Loan for Self-Employed.MoneyPlace offers unsecured personal loans that can be used for a variety of purposes, including paying off debt, remodelling your house, and financing vacations. With loan amounts ranging from $5,000 to $50,000, loan terms of 3 to 5 years are available. Due to the loans' reasonable, fixed interest rates, borrowers can feel secure knowing that their monthly payments won't alter over time.
Flexible loan periods are one of the outstanding benefits of a personal loan from MoneyPlace. The loan can be customised to the demands and financial situation of the borrower by offering terms ranging from 3 to 5 years. Also, because the loans are unsecured, borrowers are not required to provide any security in order to get the money.
Making extra payments without incurring fees is just another fantastic benefit of a MoneyPlace personal loan. This makes it possible for borrowers to pay off their loans more quickly and save money on interest fees over the course of the loan.
For a MoneyPlace personal loan to be authorised, borrowers must be Australian citizens or be at least 18 years old. They must also have a reliable source of income. Also, candidates must fulfil MoneyPlace's credit standards and have excellent credit.
It is simple to apply for a personal loan through MoneyPlace online. In addition to other personal and financial information, the borrowers must provide their names, addresses, employment information, and income. The application procedure will also include a credit check from MoneyPlace.
When applying for a personal loan with MoneyPlace, borrowers must present the following documentation:
A loan calculator is available on MoneyPlace's website that enables borrowers to calculate their estimated loan repayments depending on the loan amount, loan length, and interest rate. This tool is helpful for potential borrowers who want to estimate their loan repayment amounts before submitting an application.
With support available via their website, phone, or email, MoneyPlace offers their borrowers great customer service. Also, they provide an extensive online Help Centre that offers solutions to frequently asked issues and manuals for handling personal loans.
MoneyPlace’s personal loan interest rates are based on a number of variables, including your credit score, your income level, and the loan amount. Although they might range from 5.45% to 14.99% annually, their interest rates are generally competitive.
The lowest and maximum loan amounts for personal loans on MoneyPlace are $5,000 and $75,000, respectively. Your creditworthiness, income, and other financial commitments are just a few of the variables that will determine how much of a loan you qualify for.
In MoneyPlace, personal loans have terms of three to seven years. Your financial objectives and ability to repay the loan might help you decide on the loan length.
You can figure out your personal loan payments using the loan calculator on MoneyPlace’s website. You must enter the loan amount, interest rate, and loan period in order to use the calculator. You can use the calculator to get an idea of your monthly repayment amounts.
If you have any questions or issues about your personal loan, MoneyPlace offers a dedicated customer care team who can help. Via phone, live chat, or email, you can get in touch with their customer support department. They are accessible Monday through Friday from 9 am to 5 pm AEST.
You can be assessed a late payment fee for your MoneyPlace personal loan if you skip a payment. Your credit score may be affected by the late payment cost, which can be up to $35. If you are having trouble paying your debts and won’t be able to do so on time, you must let MoneyPlace know right away. They can be able to provide you with some alternatives to deal with the circumstance.
On an individual basis, MoneyPlace evaluates candidates with poor credit or no credit history. To determine if applicants are creditworthy, they employ a credit rating system. You might still be qualified for a personal loan even if you have poor credit or no credit history if you can show that you have the means to pay back the loan. However, the interest rate on these loans can be greater than the average rate.
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