What is moneyme.com.au?
Moneyme.com.au is an Australian online financial lender that provides various credit products, including personal loans, debt consolidation services, credit cards, and car finance. It operates digitally, aiming for fast applications and quick fund transfers.
Is moneyme.com.au a legitimate company?
Yes, moneyme.com.au is a legitimate company. It is owned by MoneyMe Financial Group Pty Ltd, a subsidiary of MoneyMe Ltd (ASX: MME), which is publicly listed on the Australian Securities Exchange. It is also regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Credit Licence.
Is moneyme.com.au ethically permissible in Islam?
No, moneyme.com.au is not ethically permissible in Islam. Its core business model relies on interest-based lending (“riba”), which is strictly prohibited in Islamic finance. This prohibition applies to personal loans, credit cards, and other similar financial products offered by the company, regardless of their convenience or the company’s social initiatives.
How fast can I get funds from moneyme.com.au?
Moneyme.com.au states that if your loan application is approved, you could receive funds in your bank account in as little as 60 minutes after approval.
What types of loans does moneyme.com.au offer?
Moneyme.com.au offers personal loans for various purposes (e.g., home renovation, wedding, medical expenses), debt consolidation loans, Freestyle credit cards, and Autopay car finance. How Does moneyme.com.au Work?
What is the comparison rate for moneyme.com.au loans?
The comparison rate for moneyme.com.au personal loans starts from 6.70% p.a. However, this rate is an example and the actual rate offered to you may vary based on your credit history and other factors.
Are there any fees associated with moneyme.com.au loans?
Yes, personal loans from moneyme.com.au typically include an establishment fee (which can be $0, $395, or $495 depending on the loan amount) and a $10 monthly fee.
Can I check my rate without impacting my credit score with moneyme.com.au?
Yes, moneyme.com.au allows you to check your rate and estimated repayments through their “Get a quote” feature without impacting your credit score. This usually involves a soft credit inquiry.
Does moneyme.com.au require paperwork for loan applications?
No, moneyme.com.au prides itself on a paperless application process. They leverage secure online access to your bank account for verification instead of requiring physical documents like bank statements or payslips.
Is my personal data safe with moneyme.com.au?
Moneyme.com.au states they use SSL encryption to keep your details safe and ensure that their access to your online banking is read-only. They also operate under Australian privacy laws. My Experience Browsing Moneyme.com.au
What is the MoneyMe app used for?
The MoneyMe app allows you to apply for loans, manage your account, monitor your loan progress, make extra repayments, and check your credit score for free.
Can I consolidate multiple debts with moneyme.com.au?
Yes, moneyme.com.au offers debt consolidation loans designed to combine multiple existing debts (like credit cards or other loans) into a single, potentially more manageable repayment. However, this is still an interest-based loan.
What factors affect eligibility for a moneyme.com.au loan?
Eligibility factors typically include being at least 18 years old, an Australian citizen or permanent resident, and your credit score, income, living expenses, and existing debt.
What happens if I miss a payment with moneyme.com.au?
Like all lenders, if you miss a payment with moneyme.com.au, late payment fees and other charges may apply as per your loan contract. It’s advisable to contact them immediately if you anticipate difficulties.
Does moneyme.com.au offer early repayment options?
Yes, moneyme.com.au states that there are no early repayment fees, allowing you to make extra repayments or pay out your personal loan in full ahead of schedule without penalty. Hornsbyelectric.com.au Review
How does moneyme.com.au verify my income and expenses?
Moneyme.com.au verifies income and expenses by requesting secure, read-only access to your online banking account. This allows them to review your transaction history and assess your financial situation without physical paperwork.
What is the maximum loan amount I can borrow from moneyme.com.au?
Moneyme.com.au offers personal loans up to $50,000, with the actual amount you can borrow depending on your financial situation and credit history.
How does moneyme.com.au compare to traditional banks for personal loans?
Moneyme.com.au generally offers a much faster and more streamlined online application and approval process compared to traditional banks, often with quicker funding times and less paperwork. However, both typically operate on an interest-based model.
Does moneyme.com.au offer a free credit score check?
Yes, you can check your credit score for free within the MoneyMe app.
What are some ethical alternatives to moneyme.com.au for financial needs?
Ethical alternatives include Sharia-compliant financial institutions like Islamic Finance Australia or Sustainable Housing for Australians (SHFA) for home finance. For general purchases, consider direct cash purchases via marketplaces like MyDeal or Gumtree Australia, and focus on rigorous budgeting and saving. hornsbyelectric.com.au FAQ
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