MoneyPlace Car Loan Review
MoneyPlace is a digital online lender that offers competitive rates on unsecured personal loans and secured car loans, especially if you qualify as a strong profile customer. If your credit rating is impaired, be wary that rates can get relatively high quite quickly with MoneyPlace.
Best for
Competitive rates for unsecured personal loans, especially for very strong profile customers (e.g. property owner and excellent credit history)
Recently launched a secured car loan product, offering even more competitive rates for those purchasing vehicles
Extremely fast time to funding - with same day funding possible
No early exit fees - you can pay back the loan as quickly as you’d like without any additional charges
Draw backs
Digital bank statements for the most recent 90 days are almost always required regardless of the customer- these are very secure and fast to retrieve but is an additional step in the process
High interest rates for impaired credit customers - even if you have taken out a pay day in the last 12 months, your rate could be as high as 19.19%
Minimum credit file of 12 months or more is required for a MoneyPlace loan - this means if you have never had any credit before (e.g. credit cards, personal loans, even a phone bill) you may need to look to a different lender
MoneyPlace overview
Still a relatively new company, MoneyPlace was founded in September 2016 and offers unsecured and secured loans for a range of different purposes, including consolidating debt, home improvement loans and car loans. However, they can’t lend for any business purposes.
They were acquired by Liberty in 2018, which is an independent finance business with over twenty years of lending experience in the residential, commercial and consumer areas.
MoneyPlace offer great rates for strong profile customers, who typically have a great credit history and are property owners. However, if you’re credit impaired in any way, which includes any credit card and personal loan debt, your interest rate could be as high as 19.19%.
How to apply for a MoneyPlace loan
In order to be eligible for a loan with MoneyPlace, you’ll need to be over 18 years old and an Equifax credit score of at least 300. You’ll also need to have an income of at least $20,000, with less than half from government benefits. MoneyPlace only offers loan amounts between $5,000 and $80,000 and doesn’t allow for co-applicants.
See if you qualify for a MoneyPlace loan in minutes
7.87% (9.17% comp rate*) - 19.19%, depending on risk assessment
$5,000 to $80,000 (max borrow of $15,000 if any active payday loans)
3, 5 or 7 years
Secured & unsecured
300 (based on Equifax score)
$20,000 (no more than half from government benefits)
No
- Establishment fee: $0
- Monthly: $0
- Early termination charges: None
- Brokerage up to $1990
*Last updated 15/04/24
Big no-no's (automatic declines)
If you’ve had any unpaid defaults
If you’re not an Australian citizen or permanent resident
Driva tip: You need to have at least a 12 month old credit file to be eligible for MoneyPlace, so you’ll need to look to a different lender if you are a younger applicant or have recently moved to Australia
Other hot tips
As long as you’ve been employed full-time for at least 3 months, part-time for at least 6 months or casual for at least 12 months, you may be eligible for a loan with MoneyPlace