Finty
MoneyMe

MoneyMe Personal Loan

UnsecuredVariable rate

Unsecured variable-rate personal loan from $5,000 to $70,000 over 3 to 7 years, applied for directly with MoneyMe. Rates are personalised to your Equifax OneScore credit band, residential status and customer type. Suitable for a range of purposes including debt consolidation.

Written byDavid Boyd

6.24%

interest rate a year, from

6.95%

comparison rate, from

Establishment fee
$395
Monthly fee
$10
Borrow
$5,000 to $70,000

What it would cost

At the lowest published rate of 6.24%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$621
Total repayments
$22,342
Interest and monthly fees
$2,342

Loan details

Rates

Interest rate (a year)
6.24%–26.35%
Comparison rate (a year)
6.95%–27.74%
Rate type
Variable
Security
Unsecured

Limits and fees

Loan amount
$5,000 to $70,000
Loan term
3 years to 7 years
Establishment fee
$395
Monthly fee
$10

How it compares

Against the other unsecured personal loans we compare. Typical means the middle half of them.

Comparison rate

6.95%

From 6.95%. A typical loan starts at 10.56%.

Cost of $20,000 over 5 years

$4,329

Interest and fees at its starting rate. Typical is $5,455.

Setup fee

$395

A typical setup fee is $213.

Monthly fee

$10

A typical monthly fee is $10.

Most you can borrow

$70,000

Typically you can borrow up to $50,000.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • A lower starting rate. Its comparison rate starts at 6.95%, below the typical 10.56%, and the comparison rate counts the standard fees too, so it's a fair guide to a lower overall cost.
  • No security needed. Your car or home isn't at risk if things go wrong, though missed repayments still hurt your credit report.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 6.24% to 26.35%, and only some people get the starting rate.
  • A higher setup fee. $395, above the typical $213. It's usually added to the loan, so you pay interest on it too.
  • A $10 monthly fee. That adds $600 over 5 years, as well as the interest.
  • A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.

Similar loans

Unsecured loans from other lenders that start at a similar comparison rate.