MoneyPlace personal loans

MoneyPlace
MoneyPlace's overall rating for personal loans

(as rated by the Mozo community)

10.0 / 10

based on 1 reviews

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.

Has this P2P provider sparked your interest? Get to know its personal loan offerings below or you can compare with our personal loan comparison tools.

MoneyPlace offers the following personal loans

Rates and fees verified as correct at 23 January, 2019. Other information correct at the time of writing.

Product Interest rate from Comparison rate from* Upfront fee

7.65% p.a.to 21.00% p.a.

7.65% p.a.to 23.5% p.a.based on $30,000
over 5 years

$0

*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 calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost 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.

MoneyPlace FAQs

What personal loans do MoneyPlace offer?

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:

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.

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