MoneyPlace Unsecured Personal Loan (Fixed)

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 2018. 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, 5 and 7 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. 

And to help you manage your repayments better, you'll be able to choose a monthly, weekly or fortnightly repayment schedule.

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.