Money Place personal loan repayment calculator

Thinking about taking out a personal loan with Money Place? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Money Place personal loans compare with other options.

I'd like to borrow

$

Loan term

Credit Score ()

Your estimated repayment

at interest rate 10.00 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • Lower rate for customers with good credit history
  • No security needed for the loan
  • No ongoing fees
  • Higher rate for customers with below-average credit history
  • No redraw facility
  • No branch access

Money Place personal loans rates

Product
Advertised Rate
Comparison Rate*
Repayment
Upfront Fee
Features
Go to site
Company

7.65%

Fixed up to 10.49%

7.65%

$603

based on $30,000 loan amount for 5 years

$0

Redraw facility
Extra repayments
Fully drawn advance
Secured
Money Place
More details

10.99%

Fixed up to 13%

12.09%

$652

based on $30,000 loan amount for 5 years

3%

of loan amount

Redraw facility
Extra repayments
Fully drawn advance
Secured
Money Place
More details

14.00%

Fixed up to 17.3%

14.68%

$698

based on $30,000 loan amount for 5 years

4.5%

of loan amount

Redraw facility
Extra repayments
Fully drawn advance
Secured
Money Place
More details

18.00%

Fixed up to 21%

18.79%

$762

based on $30,000 loan amount for 5 years

5%

of loan amount

Redraw facility
Extra repayments
Fully drawn advance
Secured
Money Place
More details

Features of a MoneyPlace personal loan

MoneyPlace offers borrowers access to an unsecured personal loan, which can be used for a wide variety of uses. An unsecured personal loan from MoneyPlace can be used to pay for a car, holiday, medical bills, debt consolidation, home improvement and weddings.

MoneyPlace offers personalised interest rates, which means borrowers get different interest rates, depending on their credit history, credit score, employment status, cash flow and loan amount.

MoneyPlace personal loans are available for loan terms of three to five years, and borrowers can borrow between $5,000 to $45,000. MoneyPlace personal loans have no ongoing fees, however borrowers will need to pay an application fee.

MoneyPlace personal loans can be used for a range of different purposes including:

  • Debt consolidation
  • Renovations
  • Holidays
  • Medical bills
  • Weddings
  • Motorcycles

MoneyPlace personal loans – customer service

MoneyPlace doesn’t have any branches, but you can apply for a personal loan with MoneyPlace online. You can also talk to them via email or over the phone:

  • Online enquiry
  • Email
  • Phone, Monday to Friday, 9:00am – 5:00pm (AEST)

Who is eligible for a MoneyPlace personal loan?

To be eligible for a MoneyPlace personal loan you’ll need to meet the following criteria:

  • Be 18 years or over
  • Be an Australian citizen or permanent resident
  • Have a minimum income of at least $20,000 per year
  • Have no outstanding defaults, court judgements, writs or bankruptcies listed on your credit file
  • Have proof of income and employment

How to apply for a MoneyPlace personal loan?

To apply for a MoneyPlace personal loan, borrowers can apply online through the website. The application process takes around 10 minutes to complete and involves the following steps:

  • Get a free online quote and calculate your interest rate estimate – with no impact on your credit score
  • Apply for a personal loan
  • MoneyPlace will take 24–48 hours to assess your application and will be in contact if any additional information is needed
  • Once approved, you’ll be matched with a lender within 24 hours
  • Accept an investor’s bid and the funds will arrive overnight

At the time of application, you’ll need to provide the following documentation:

  • Proof of identity
  • Proof of income and employment
  • Details of any other financial commitments

MoneyPlace personal loans review

MoneyPlace aim to offer an alternative to traditional banks by leveraging a peer-to-peer marketplace of investors who are willing to loan funds to borrowers seeking personal loans.

All MoneyPlace personal loans are unsecured, which means borrowers don’t need to provide security. MoneyPlace personal loans are available for terms of three to five years, and borrowers can borrow between $5,000 to $45,000. It’s worth noting that the maximum loan amount will change depending on a number of factors, including your credit history.

MoneyPlace offers personalised interest rates, which means different borrowers get offered different interest rates, depending on their credit history, credit score, employment status, cash flow and loan amount.

MoneyPlace personal loans have no hidden costs and don’t come with any ongoing fees, account-keeping fees or early repayment fees. Borrowers pay a one-off establishment fee, which is added to the loan amount.

Depending on your credit history, this personal loan may not offer the most competitive interest rates. Before applying for a MoneyPlace personal loan, always do your research and compare your personal loan options to make sure you’re getting a loan that suits your budget, needs and lifestyle.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. They have higher interest rates than regular personal loans and are also harder to access.

Can unemployed single parents get personal loans?

It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments. If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan offers – consider contacting the lender before applying. >

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans – they also get loaned less money. Each lender has its own policies, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan – however, the process is easier and faster than taking out a mortgage.

Loan sizes usually range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

Can you refinance a $5000 personal loan?

Many personal loans, much like home loans, can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

Can I get a self-employed personal loan with bad credit?

It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full time employment, so several self-employed personal loans require borrowers to have excellent credit.

If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.

Can I get guaranteed approval for a bad credit personal loan?

Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application. 

It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit, because there’s a higher likelihood that the personal loan will be repaid. 

So a borrower with good credit is more likely to have a loan approved and to get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.

How long does it take to get a student personal loan?

Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or even the same day, in some cases.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent, without worrying about ending up out of pocket if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

What are the pros and cons of bad credit personal loans?

In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts in such a way that it makes it easier for them to repay those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate.

However, this strategy can backfire if the borrower spends the extra money instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.

Can I get a $2000 loan on Centrelink?

If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.

Some lenders will offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.

How much can I borrow with a personal loan?

It’s unusual for a lender to make a personal loan above $100,000, although there is no formal limit. As with all lending products, each lender sets its own policies, while each borrower is assessed on a case-by-case basis.

How can I get a $3000 loan approved?

Personal loans and medium amount loans from responsible lenders don’t have guaranteed approval, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.

Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income (Centrelink payments may not count – so you should check with the lender prior to making an application).

What are the pros and cons of debt consolidation?

In some instances, debt consolidation can help borrowers reduce their repayments or simplify them. For example, someone might take out a $7,000 personal loan at an interest rate of 8 per cent so they can repay a (different) $4,000 personal loan at 10 per cent and a $3,000 credit card loan at 15 per cent.

However, debt consolidation can backfire if the borrower spends the extra money instead of using it to repay the new loan.