Applying for a Personal Loan
Q. What does Money Matcher do?
A. We’re a lender-finding service that aims to make applying for personal loans easier. Applying with Money Matcher takes just a few minutes and is designed to be a stress-free process.
Q. Who can apply for a personal loan?
A. There are just a few basic requirements that must be met before we can start trying to find you a loan. You must:
- Be 18 years old or older
- Have been paid a regular income into a personal bank account for the last 90 days minimum
- Be an Aussie resident, or have permanent residency
- Be able to give us a direct contact number and email address
Q. Can I still apply if I receive Centrelink payments?
A. Yes, you can still apply if you receive Centrelink benefits! Receiving Government benefits shouldn’t get in the way of you getting the quick cash loan you need. Apply now whether you are receiving government benefits, or have received a Centrelink cash advance in the past.
Q. How does the application process work?
A. Once you have submitted your application and you meet our basic criteria, we can start looking for a lender for you. Any lender that we may find for you should do a full suitability assessment to figure out the most suitable outcome for your application, based on your individual needs and circumstances.
Q. What documents do you need from me?
A. Since we only handle the initial application we only need you to submit your bank statements. You might need to supply your loan provider with copies of bank statements, pay slips bills, for example. They’ll be looking to confirm both your identity and your personal circumstances. The requirements may differ from lender to lender so, whilst you could get these sorts of documents ready while you’re waiting, you may want to check with the lender you’re paired with to see exactly what they need.
Q. Are you going to call my boss or colleagues?
A. Your lender will likely do a quick employment check, but not to worry. These lenders employ well-trained operators who would never disclose any personal information about you or your application to your employer.
Q. How do I apply?
A. We are 100% online. All application must be submitted via our mobile-friendly website. Please don’t call or email us unless it’s an emergency, you need to lay a complaint or you’ve had a change in circumstances.
Q. When can I apply?
A. Applications can be submitted any time via our website.
If you apply outside of business hours, you may be contacted the next business day.
Fees and payments
Q. What do personal loans cost?
A. We encourage lenders to be open about the fees and costs associated with their loans. Make sure you always double check your contract before signing if you are approved for a loan.
Here’s a quick example of what you might expect to pay:
Small Amount Credit Contract (loans from $300 to $2000), costs are:
- Establishment fee: 20% of loan principal.
- Flat monthly fee: 4% of loan principal.
- Direct debit dishonor fee if you miss a repayment
A medium amount secured loan, $2,001 – $4,600:
The costs of a medium amount secured loan are a little different:
- An establishment fee of $400
- An interest rate of 48%* per annum. Keep in mind that the more you pay off your loan, the less interest you will be charged. This is called reducing interest.
- A direct debit dishonour fee if you miss a repayment
*Comparison rate of 67.41% per annum. This comparison rate is based on a medium amount secured loan and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate.
A large amount secured loan, $5000:
The costs of a large amount credit contract are again a little different. You can expect something like the following:
- An interest rate of 21.24%* per annum. Keep in mind that the more you pay off your loan, the less interest you will be charged. This is called reducing interest.
*The maximum comparison rate for interest is 48% per annum. This comparison rate is based on a large amount secured loan and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate
Q. How do I pay my loan back?
A. It’s important to pay back a personal loan on time so that you don’t incur extra costs or have any defaults added to your credit record! If a lender approves you for a loan, ask your lender to help you set up a direct debit schedule in line with your income – the amount you need to repay and when you receive your income are important here.
Q. What happens if my payments bounce?
A. If you don’t make a repayment, a fee may be added to the balance of your loan. Make sure these fees are outlined in your contract and that you know exactly what these fees are at the outset. If you think there’s a chance that you’ll miss a repayment, or if you’re going to be paid late at all during your repayment period, make sure you let your lender know so you can try to come to an understanding.
Q. What happens if I stop making my repayments?
A. If you stop making your repayments, you run the risk of having your default listed on your credit file which, as you know, could have a severe effect on your credit history and stay there for up to 7 years. Your account could be passed on to an external debt collection agency – a final step for lenders. If your circumstances suddenly change, contact your lender and explain your situation to them, they’re usually pretty understanding and will try to help where they can.
Q. What if I am bankrupt?
A. If you are in a current or undischarged bankruptcy, we will not automatically count you out. Apply using the form above and let’s find out if you’re eligible.
If you are currently in a Part 9 Debt Agreement you are not eligible for a Small Amount Credit Contract (loan from $300 to $2,000). You could be eligible for a Secured Medium Amount Credit Contract or a Large Amount Credit Contract which involves you putting up some form of security like a car, boat, motorbike or caravan. These loans range from $2,001 to $5,000.
Q. What happens if I have a complaint?
A. We’re not happy if you’re not happy. If our services have been less than satisfactory, please let us know. You can contact us using the form on our contact page.
We will get in touch with you quickly to reach an agreement that works for both of us. If you are still not satisfied with the outcome you can contact the Credit Ombudsmen Service Limited for an independent review.
You can contact the Credit Ombudsmen Service on 1800 138 422 or visit www.cio.com.au for more information.
Q. What do I need to do as the borrower?
A. If we are able to find you a lender and they approve you, you’ll just need to make sure that you have sufficient funds in your account on direct debit dates so that you can make your repayments. These dates will be set up in line with your pay and outlined in your loan contract.
If there will be insufficient funds in your account, get in touch with your lender quickly so you can avoid further fees and charges.