Latest Personal Loan Reviews
Personal Loan Repayment Calculator
Before applying for a personal loan, it is a good idea to use our calculator widget above. It will give you a good indication of your weekly repayments, based on the amount you wish to borrow. It will also allow you to see how long the loan will last, or the term of the loan. Personal loans with Money3 are generally over a 2-year period, when borrowing under $6,000, however in some cases the loan may be over 3 years, depending on your affordability. Personal loans over $6,000 are generally over a 3-year term.
If you are interested in a secured vehicle loan with Money3, click on the 'Car Loans' tab above, when using the calculator. As the loan will be secured, usually against a vehicle, the loan rate is generally lower than a similar loan without security with Money3. Also, while our personal loans range from $2,000 up to $30,000, our vehicle finance can go up to $75,0001, depending on the affordability of the loans.
1. Subject to verification, suitability and affordability
Interest Rates
Fixed vs Variable Interest Rates
Personal loans from Money3 come with a fixed interest rate, meaning your repayments stay the same throughout the loan term. This provides certainty in budgeting and protects you from interest rate increases. Unlike variable rates, which can change based on market conditions, fixed rates offer stability and predictability, ensuring you know exactly what to pay each month.
APRs and Comparison Rates
The Annual Percentage Rate (APR) represents the cost of your loan, including the interest rate and most fees, expressed as a yearly percentage. This helps you understand the true cost of borrowing.
The Comparison Rate goes a step further by factoring in additional costs, such as application and monthly fees, to provide a clearer picture of the total loan cost. It’s an essential tool for comparing different loans, as a lower comparison rate often indicates a more cost-effective option.
How it Works
1. Use the Calculator
Start by using the Personal Loan Calculator above, to estimate your repayments. Adjust the loan amount and term to see what works best for your budget.
2. Check You Are Eligible
Before applying, ensure you meet our basic eligibility criteria:
- You’re over 18 years old
- You earn at least $480 per week (including Centrelink, if applicable)
- You’re an Australian citizen or permanent resident
- Your income is paid into a personal bank account
3. Apply Online
Complete a quick online application with your details, including income, employment, and expenses. Our team will assess your application, typically within 24 to 48 hours if all details are provided.
4. Optionally Offer Security
If you’re applying for a secured personal loan, you’ll need to offer an eligible asset, such as your car or caravan, to use as security.
5. Sign Your Loan Agreement
Once approved, Money3 will send you a secure link to review your loan terms, repayments, and agreement details. After carefully reviewing, you can sign the agreement online.
Once signed, the loan amount will be transferred directly to your bank account, ready for you to use.
Personal Loan Costs FAQs
A loan calculator is a tool which allows you to estimate what your repayments would be, based on the amount of money you wish to borrow.
The personal loan widget above can give you a good estimate what your repayments would be2, based on the amount you wish to borrow. Simply select your repayment frequency, for example, select weekly if you are paid weekly and monthly if you are paid monthly. Next move the loan slider left or right to choose a loan amount. The calculator will then display an estimate of what your repayments would be for the amount borrowed.
See the Example Loan Costs Chart below to get an indication of the costs for your loan with Money3.
In most cases, personal loans can be used in the same way as cash loans. Your loan in either case, will be paid into your bank account, up to $30,000. Cash loans can be used for numerous purposes from paying emergency bills, medical expenses, travel or holiday costs and a lot more.
However, we do not offer short term loans or payday loans, which are often referred to as fast cash loans.
In many cases, yes you could get loans for bad credit1. Your credit history is just one factor that may be considered when reviewing your application with us. At Money3, we will give you a fair go!
Use the calculator widget above and check out the example repayments, to ensure the loan are affordable to you, along with your other financial commitments. If all looks good, make an application with us today.
A secured personal loan is backed by an asset, such as a vehicle, which may allow you to access a higher loan amount or a lower interest rate compared to an unsecured loan. This could make repayments more manageable and improve your chances of approval, especially if you have a limited credit history.
No, Money3 does not charge early repayment fees on personal loans. You can pay off your loan sooner without any penalties, helping you save on interest costs.
1. Subject to verification, suitability and affordability
The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for the product. Information such as interest rates quoted, and default figures used in the assumptions are subject to change.
Example Personal Loans Costs Chart
| Borrow | Costs | Repay |
|---|---|---|
| $5,000 | $2,110 | $7,110 |
| 24 months at 16.95% APR & 37.39% Comparison Rate | ||
| $7,500 | $5,043 | $12,543 |
| 36 months at 16.95% APR & 37.39% Comparison Rate | ||
| $10,000 | $6,427 | $16,247 |
| 36 months at 16.95% APR & 35.44% Comparison Rate | ||
EXAMPLE: A platinum unsecured personal loan of $5,000 for 24 months has fees and charges totalling $2,109.60 and a total repayment of $7,109.60. The Minimum loan term is 12 months and the Maximum term 24 months. The term will be 24 months if you repay monthly, 52 fortnights or 104 weeks. The Maximum APR is 16.95%. The Comparison Rate, based on a loan of $5,000 over two years, is 37.39%.
EXAMPLE: A platinum secured personal loan of $25,000 for 60 months has fees and charges totalling $14,850.43 and a total repayment of $39,850.43. The Minimum loan term is 24 months and the Maximum term 60 months. The term will be 60 months if you repay monthly, 130 fortnights or 260 weeks. The Maximum APR is 13.95%. The Comparison Rate, based on a loan of $25,000 over five years, is 20.38%.
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.
Please Note: Advertised costs and repayments have been rounded up to the nearest dollar amount, so costs may be slightly cheaper in most cases. Australian Credit Licence 389067.
Other Calculators to Explore
Car Loan Calculator
Use our car loan calculator to explore your loan options - up to $75,000. Even on benefits or with bad credit, we could help.
Vehicle Finance Calculator
Use our vehicle finance calculator to see how much you could afford to borrow. When considering all kinds of vehicles from motorbikes to boats
Caravan Loan Calculator
Find out how much you could afford to borrow by using our caravan loan calculator. All kinds of campers and RV's considered from camper trailers to caravans.
1. Subject to verification, suitability and affordability
Ready to Get Started?
Personal Loans
We could help with home renovations, holidays, travel, emergencies, medical bills, car repairs and lots more. Loans available up to $30,000.
Loans with Bad Credit
Even with bad credit, Money3 will give you a fair go. Bad credit loans available up to $30,000.
Loans on Centrelink *
Your Centrelink payments could be seen as income with Money3. Loans on Centrelink available up to $12,000.
1. Subject to verification, suitability and affordability
* Money3 is not affiliated with, or endorsed by, Services Australia, but does provide personal loan and vehicle finance options which are available to recipients of benefit payments
