Moneyspot is committed to providing you with a hassle-free solution to your short-term borrowing needs. Sometimes called personal loans, our loans are designed to help you over a difficult patch up to a 20 week period. We are 100% online, processing applications 24/7, regulated by ASIC and are members of the Australian Financial Complaints Authority service.
Example of a Small Amount Loan
Our small loans are $2000 or less with a minimum duration of 42 days and a maximum of 90 Days. Fees include an establishment fee of 20% of the loan amount and a monthly fee of 4% each month. We match your repayments to your pay cycle.
By way of example, a loan of $500 over a 3 month period would have an establishment fee of $100 and a monthly fee of $20 each month ie: total monthly fees of $60. The total repayable is therefore: $500+$100+$60=$660. Your monthly repayment amount is therefore $220 per month.
Example of a Medium Amount Loan
A medium amount loan is a loan over $2000 and a minimum duration of 42 days. Fees include a $400 establishment fee, an Annual Percentage Rate (APR) of 48%, and a Comparison Rate* of %.
By way of example, a loan of $3000 over a 3 month period would have an establishment fee of $400 and interest charges of $. The total repayable is therefore: $3000+$400+$=$. Your monthly repayment amount is therefore $1,.
* The comparison rate is based on a $2,500 loan over a term of 2 years with a $400 establishment fee and weekly repayments. MoneySpot does not offer loans for $2,500 over a term of 2 years.
Loan Repayments You Can Afford
Our responsible lending principles aim to provide you with a loan repayments that you can afford. You can also use our cash loan calculator above to work out your approximate repayments before you apply. You must be employed (we cannot help you if the majority of your income is from Centrelink), and you will need to download your bank statements via our online application form, so have your bank details on hand before you start.
We offer instalment or personal loans from $200 – $5,000. Repayments are withdrawn from your account via Direct Debit on the day that you are paid, either weekly, fortnightly, or on a specific date of the month. The application process is simple and can take a few minutes. During business hours we typically process, approve and send funds in less than 60 minutes. Depending on who you bank with, the money can be with you in minutes or hours – at worst overnight. The majority of our payments are received the same day.
Types of Fast Loans
Our business is regulated by ASIC and our loan products are classified as a Small Amount Credit Contracts (SACC) and Medium Amount Credit Contracts (MACCS). Our products are commonly referred to as personal loans, cash advances, and short-term loans.
Instalment loans are small unsecured loans extended for short periods to cover customers in the event of a temporary cash short fall. Our Instalment loans range from $200 – $5,000 repaid via direct debit in 6 equal weekly (or 3 fortnightly) instalments. Customers typically use these loans to pay for unexpected bills, repairs, or simply when they find they have been left short till next Instalment . The application process is fast, the money paid within the hour and usually received the same day, and although you must be employed for a Instalment loan, an absolutely clean credit history is not mandatory.
A Cash Advance loan describe loans that are typically less than $500 for ten weeks. They work the same as payday loans in that your repayments are direct debited from your account on payday, and the funds are usually available for withdrawal on the same day. Whilst your final assessment is done by a Moneyspot credit officer there is a high degree of automation in collecting your application information, gathering your bank statement data, and scheduling your direct debits. This makes for a speedy approval and aims to get the money in your hand faster.
Fast and hassle-free, emergency loans typically cover medical or vet expenses – unexpected matters that need to be dealt with high priority. Your repayments are made via direct debit on the same day that your receive your wages, subject to your previous lending history these loans can carry over a longer period (to keep each individual repayment lower) when the need arises. To apply for an emergency loan simply use our online application form, have your mobile and bank details to hand, and know the size of the repayments that you can comfortably afford.
Short Term Loan
The phrase short term loans is actually defined as a loan of under 15 days under the National Consumer protection Act. It is not possible to offer loans under 15 days in Australia, and hence all of our loans are 16 days or longer. Most commonly loans are structured over three months, and this is what customers usually mean when they talk about short term loans. We offer $200 – $5,000 loans from 42 days online, and structure the repayments to be withdrawn from your account via direct debit on the day that you are paid. The site web online application takes less than a few minutes.
Moneyspot personal loans are unsecured loans up to $5,000 available to cover near term expenses that will be larger than normal. Repayments are deducted from future income payments in manageable instalments to try to smooth the effect of this one-off event. To apply for a personal loan use the online application and be ready to download your bank statements so that your assessment can be carried out promptly. A personal loan at Moneyspot is usually for a larger amount than a payday loan and takes into account your previous repayment track record with us.
Quick Cash Loan
Moneyspot is one of Australia’s newest online providers of quick cash loans. To ensure the service we offer is world class, we scoured the globe to find the best possible systems to ensure you don’t wait a minute longer than you need to to get your money. To apply for a quick cash loan simply use our online application form, have your mobile and bank details to hand, and know the size of the repayments that you can afford. The process is fast, the money paid within the hour and usually received the same day, and although you must be employed, you don’t need a clean credit history.
Your credit history isn’t perfect You generally do the right thing and pay off your debts and sometimes that takes time. We won’t penalise you because you’ve had some bad luck and you’re credit file isn’t perfect. What we look for is a recent history of repayment and affordability.