Traditional lenders are slow, boring and stuffy. They haven’t innovated for decades. And why would they? Record profits, and no real alternatives for customers. That is until now.
MoneyPlace is changing the way Australians borrow by creating an online personal loans marketplace. Investors make money available in our marketplace, and we find credit-worthy borrowers to lend to. It’s simple, quick, all online, and doesn’t need a big bank.
Even though we’re all unique, banks can treat you like you’re, well, just anybody. You could have great credit, but they‘ll charge you the same interest rate as someone who’s habitually late paying their phone bill. So we decided to reward customers that have better credit, because they deserve it. With our comparison rates* starting from 7.75%, and the big banks charging an average rate of approximately 14% p.a., borrowers can save a lot of interest.
1. Apply online. Get your rate estimate in about 60 seconds, and finish your application in another 10 minutes.
2. Get approved. We’ll need 24–48 hours to assess your application. If we need to clarify any information, we’ll contact you.
3. Match you to investors. Our marketplace has millions of dollars ready to be matched to borrowers. We’re usually able to match your loan to investors within 24 hours.
4. Get your money. We’ll electronically transfer your money straight to your account overnight, so you can do what you need to.
^ Once you accept your loan agreement, it is immediately placed on our marketplace for funding. Loans are usually matched to investors within 24 hours, but at times it can take up to five business days, depending on the availability of suitable funds on our marketplace.
* This comparison rate is based on a $30,000 Personal Loan for a five year term. This rate is applicable for unsecured loans only.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.