MoneyPlace Unsecured Personal Loan (Fixed)

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

MoneyPlace Unsecured Personal Loan (Fixed) Review

Rates and fees information correct as at 18 December 2017.

Review published: 10 March 2016

What's hot:

  • Fixed rates starting from 7.65% (7.65% comparison rate)

  • $0 upfront and ongoing fees

  • Extra repayments facility

  • Mozo Experts Choice Award 2017

What's not:

  • Low rates only available to creditworthy borrowers

Mozo snapshot:

Sick of paying sky high interest rates? Well if you're a creditworthy borrower, taking out a personal loan with a peer to peer lender like MoneyPlace could be just for you. It was awarded a Mozo Experts Choice Award (Excellent Credit category) in 2017. Rates start from a super low 7.65% (7.65% comparison rate), there are $0 upfront or ongoing fees and the loan also comes with flexible features like an extra repayments facility, so you can pay out your loan early if you come into extra cash. 

Key features:

With MoneyPlace's Unsecured Personal Loan, the interest rate you receive will depend on your credit report, with those with excellent credit ratings receiving the best rate of 7.65% and no upfront or ongoing fees. And because the rate is fixed for the life of the loan, you'll be protected against any rate rises. 

As the loan is unsecured, you don't have to put up an asset as security and you can choose a loan amount from $5,000 to $45,000 and a term between 3 and 5 years. 

On top of its low cost offering, you'll also have the opportunity to make additional payments on your loan thanks to the extra repayments facility. But keep in mind, after you've made those extra repayments you won't be able to access them, as there is no redraw facility is available. Unlike many fixed rate loans that come with a break cost fee if you pay out the loan early, with MoneyPlace's Unsecured Personal Loan you're free from the bite of exit fees. 

One thing to keep in mind, is this loan only comes with the option of monthly repayments, which might not suit a borrower who gets paid on a weekly or fortnightly basis. And if you get behind on your repayments a $15 late payment fee applies. 

Who it's good for:

MoneyPlace's Unsecured Personal Loan is perfect for a borrower looking for a low cost loan alternative to the big banks in Australia. 

Any catches?

The competitive low rate of 7.65% (7.65% comparison rate) and $0 application and ongoing fees is only available to creditworthy borrowers. So if your credit report is in the red, you'll be looking at a higher rate and may also be charged upfront and ongoing fees. 

The Mozo community has not yet rated MoneyPlace for this personal loan.

Rates

  • Fixed

  • 7.65% p.a.to 21.00% p.a. fixed

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

Fees

  • $0.00

  • $0.00

  • $15.00

  • $0.00

  • $0.00

Other financial bits

  • $5,000.00

  • $45,000.00

  • 3 Years

  • 5 Years

  • Unsecured

Features

  • Monthly

  • yes

  • no

  • Interest rate and establishment fee vary according to an individuals credit history. Rates and fees shown are for an Excellent Credit borrower.

  • none

*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.

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