4.4/10

Based on 5 MoneyPlace product reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.

MoneyPlace personal loans

If you’re looking for an alternative to taking out a personal loan with a traditional lender, then a peer to peer provider like Melbourne start up MoneyPlace could be a good choice, which connects investors directly with borrowers.

MoneyPlace is a fully licenced peer to peer lender and also has a five year, $60 million strategic relationship with Auswide Bank which kicked off at the end of 2015. Without the costs of branches and bank managers and because it’s run completely online, MoneyPlace is able to offer low cost loans to customers with a good credit rating.

This lender has just recently taken home two 2024 Mozo Experts Choice Awards for both their Secured and Unsecured Personal Loans. 

MoneyPlace offers the following personal loans

Rates and fees verified as correct at 23 July 2024. Other information correct at the time of writing. Advertiser disclosure.
Product Interest rate from Comparison rate from Upfront fee  
New Car Loan (Fixed)

6.52% p.a.to 17.99% p.a.

6.95% p.a.to 20.77% p.a.based on $30,000
over 5 years

On Application

Secured Personal Loan (Fixed)

6.52% p.a.to 19.19% p.a.

6.95% p.a.to 20.77% p.a.based on $30,000
over 5 years

On Application

Unsecured Personal Loan (Fixed)

7.24% p.a.to 19.99% p.a.

7.24% p.a.to 21.49% p.a.based on $30,000
over 5 years

On Application

Used Car Loan (Fixed)

6.66% p.a.to 19.19% p.a.

7.06% p.a.to 20.77% p.a.based on $30,000
over 5 years

On Application

MoneyPlace Personal Loans Overview

Unsecured personal loan: It’s pretty easy to choose which personal loan you’ll go for, as MoneyPlace only has one, its Unsecured Personal Loan (fixed), which unlike a secured loan doesn’t require you to put up an asset as collateral. Loan terms are available from $5,000 to $35,000 repaid over a period of 3 to 5 years and because your rate is fixed, the monthly repayments will remain consistent over the life of the loan. On top of this, you can make extra repayments free of charge and also pay out the loan early without the cost of a break cost fee. But you’ll need to ensure you don’t need that cash later on, as no redraw facility is available. If you’re a creditworthy borrower you’ll get a competitive low rate, pay no upfront fee or ongoing fees either. However keep in mind, if your credit rating isn’t in the green, your rate may be higher and fees could apply.

MoneyPlace personal loan features at a glance

  • Fixed interest rate: When your rate is locked in for the life of the loan, you’ll know two thing for sure - your repayments will never change and you’ll be protected against any future rate rises down the track.
  • Extra repayments facility: MoneyPlace gives you the option of getting ahead on your repayments thanks to the fee free extra repayments facility. And the best part is if you pay off your loan early, no exit fees apply.
  • Monthly repayments: One thing to keep in mind, is the MoneyPlace Unsecured Personal Loan only comes with the option of monthly repayments, which might not be ideal for those that get paid on a weekly or fortnightly basis.
  • Tier based interest rates and fees: The Unsecured Personal Loan from MoneyPlace is perfect for the borrowers out there with a good credit rating, as you’ll be exempt from paying any upfront or ongoing fees and enjoy a super low rate. But by the same token, if your credit report isn’t in such good shape, you’ll be up for higher charges.

How do you apply for a MoneyPlace personal loan?

The first stage of taking out a loan with MoneyPlace is getting an interest rate estimate, by providing the following details:

  • The reason for the loan i.e debt consolidation, new car or home improvement
  • Your desired loan amount and term
  • Personal details such as your full name and date of birth
  • Contact details including your email, postal address and phone number
  • Driver’s licence number

If you’re happy with the rate estimate given to you by this peer to peer lender then you can complete your application online, where you will be required to provide more information including your income, assets and expenses.

How are MoneyPlace personal loans rated?

Mozo users have rated MoneyPlace personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of personal-loans
MoneyPlace personal loans customer reviews
Overall
4.4/10
Price
5.4/10
Features
5.8/10
Customer service
4.6/10
Convenience
5.2/10
Trust
3.6/10
Based on 5 MoneyPlace product reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

Recent MoneyPlace personal loan reviews

MoneyPlace Unsecured Personal Loan (Fixed)
Overall 1/10
Get ready to be treated like a criminal

I have a Money Place loan I settled using the payment details they provided me. This was settled as part of a mortgage topup and the settlement was done by the mortgagee solicitors. Two weeks later I get another debit from my account. I have spent 2 hours in phone calls trying to confirm if Money Place have the funds in a trust or holding account as its not applied to my loan. I have called them 4 times and spent over 2 hours on hold and in calls only to be advised on my most recent call that I have to prove to them the loan was paid. All they needed to do was take 5mins to check their trust account and confirm the funds are there or not but instead its up to me to run around and prove something that could have been resolved on the first call. I wouldn't recommend using them if you are looking for a great product and excellent customer service.

Read full review

I have a Money Place loan I settled using the payment details they provided me. This was settled as part of a mortgage topup and the settlement was done by the mortgagee solicitors. Two weeks later I get another debit from my account. I have spent 2 hours in phone calls trying to confirm if Money Place have the funds in a trust or holding account as its not applied to my loan. I have called them 4 times and spent over 2 hours on hold and in calls only to be advised on my most recent call that I have to prove to them the loan was paid. All they needed to do was take 5mins to check their trust account and confirm the funds are there or not but instead its up to me to run around and prove something that could have been resolved on the first call. I wouldn't recommend using them if you are looking for a great product and excellent customer service.

Price
7/10
Features
6/10
Customer service
1/10
Convenience
4/10
Trust
1/10
Less
Barend, Western Australia, reviewed over 2 years ago
MoneyPlace Personal Loan
Overall 1/10
Watch out!

Disgusted at the way I was treated by MoneyPlace during the pandemic when I missed a couple of payments after years of never missing a payment! Was going through a legitimately difficult time and provided evidence of my low income but they refused to be lenient at the time and instead bombarded me with text messages and emails from ecoll. Despicable really. Will never recommend to anyone. They are nice at first then become ruthless, plus the very high interest is robbery of the poor.

Read full review

Disgusted at the way I was treated by MoneyPlace during the pandemic when I missed a couple of payments after years of never missing a payment! Was going through a legitimately difficult time and provided evidence of my low income but they refused to be lenient at the time and instead bombarded me with text messages and emails from ecoll. Despicable really. Will never recommend to anyone. They are nice at first then become ruthless, plus the very high interest is robbery of the poor.

Price
2/10
Features
2/10
Customer service
2/10
Convenience
4/10
Trust
2/10
Less
Alex, New South Wales, reviewed almost 4 years ago
MoneyPlace Unsecured Personal Loan (Fixed)
Overall 0/10
Beware of this company

MoneyPlace wanted me to deposit money in their account to approve a personal loan.

Read full review

MoneyPlace wanted me to deposit money in their account to approve a personal loan.

Price
0/10
Customer service
0/10
Convenience
0/10
Trust
0/10
Less
Cheryle, Western Australia, reviewed about 4 years ago
MoneyPlace Unsecured Personal Loan (Fixed)
Overall 10/10
Flexible towards my personal needs.

Have been very flexible with all my loan needs. Have been very happy with the service that I have received.

Read full review

Have been very flexible with all my loan needs. Have been very happy with the service that I have received.

Price
8/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
James, Victoria, reviewed about 4 years ago
See all personal loan reviews
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.
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.

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