Types of loans

MoneySpot offers two products, both entirely online: a small amount loan for a short gap, and a medium amount loan for a larger expense repaid over a longer term.

What a MoneySpot loan costs

Small Amount Credit Contract

Loan amounts: $2,000 or less
Minimum term: 63 days
Interest: 0%
Establishment fee: 20% of the amount borrowed
Monthly fee: 4% of the amount borrowed
Failed payment fee: $35

Representative Example: $500 over 3 months

Loan amount: $500.00
Establishment fee (20%): $100.00
Monthly fee (4% × 3 months): $60.00
Total repayable: $660.00

3 monthly repayments of

$220.00

Medium Amount Credit Contract

Loan amounts: $2,050 to $5,000*
Minimum term: 63 days
Max Interest p.a.: 48% p.a.
Establishment fee: $400
Failed payment fee: $35
Other account fees: $0

*Loans of $5,000 are available to returning customers with a good repayment history.

Representative Example: $2,500 over 3 months

Loan amount: $2,500.00
Establishment fee: $400.00
Interest charges (48% p.a.): $235.30
Total repayable: $3,135.30

3 monthly repayments of

$1,045.10

*The comparison rate is 65.5% p.a., calculated on a $2,500 loan over 2 years.

Note: this comparison and term is prescribed to be used as an example under Australian law (National Consumer Credit Protection Regulations 2010 (Cth) Reg 97). MoneySpot does not offer loans over a 2-year term.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. (Reg 99(4))

Also known as

Our small amount credit contracts and medium amount credit contracts can be referred to in various ways. To help identify which contract suits you best, we have provided some common names below and which contract each one maps to.

Situations

What people use these loans for

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