Peer-to-peer lender DirectMoney is shaking up the personal loan scene, offering Aussies a low rate alternative to the big banks. It’s an online only provider, so if you’re comfortable borrowing money from the comfort of your lounge room, check out the details of a DirectMoney personal loan below.
Rates and fees verified as correct at 17 January, 2017. Other information correct at the time of writing.
|Product||Interest rate from||Comparison rate from*||Upfront fee|
Personal Loan (Fixed, Unsecured)
9.50% p.a.to 19.95% p.a.
10.82% p.a.to 20.91% p.a.based on $30,000
* The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are for the amounts and terms quoted, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans, and apply only to these examples. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may inﬂuence the cost of the loan.
† Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.
If you’re looking to borrow between $5,000 and $35,000 for that new car, boat or kitchen renovation, then a fixed rate, unsecured personal loan from DirectMoney may be just the ticket. With terms ranging from 3-5 years, this loan doesn’t require you to put up any assets as security. Your repayments must be made monthly, but you do have the option to make extra repayments if you like. Just be careful - there’s no redraw facility to put those extra funds back in your pocket! There’s also a pretty hefty application fee to consider upfront.
Extra repayments: Make additional free repayments on your DirectMoney loan to pay it off quicker and save on interest. And the best news? Unlike many fixed rate loans, there’s no early repayment penalty.
Fees: Although you won’t pay any ongoing fees on your DirectMoney loan, there is a pretty steep application fee to budget for. And watch out for the killer late payment fee!
The eligibility criteria for taking out a DirectMoney personal loan includes you being:
If you tick all those boxes, you’ll then need to supply your personal and financial details - including your contact details, how much you make and your spending commitments (such as other debt repayments or ongoing costs).