Do u cater to credit score below 650?
Hi, Windi. Short answer is yes, we do. There are a few different types of credit score: Equifax, Experian and Illion, and they're each a little different to each other. I can't be too specific, but I can say that we funded millions of dollars of loans for applicants with a credit score of under 650 last month. Hope that helps!
Hi, If I make additional repayments to my loan does that many I would pay less interest if say my loan is for 7 years for a 50,000 loan, and I make additional payments each month of $500-$1000?
Hi, Liam. The short answer is yes, absolutely. There's a repayment calculator on our website (Home > How it works > Repayment calculator) where you can experiment and see how much time and money much making extra repayments to your loan will save you. If you are able to make additional repayments, especially towards the start of your loan, it's a great thing to do. Hope that helps.
Hi, I'm looking for a loan to refinance my current loan of $26500 and I would like $3500 for large household items, $30000 total. What type of loan do I apply for, can I give multiple reasons in application for loan? Thank you
Apologies for missing this question, but in case anyone else can benefit from the answer: Having multiple loan purposes is not a problem. In this instance you should choose 'Debt consolidation', because you are primarily refinancing an existing debt. During the assessment process your Lending Specialist will clarify the purpose and amount with you. Just choose the primary loan purpose when submitting the form. Again, so for not answering this question when it was asked. Hope this helps.
1. You advertise no fee for early payout and advace paymets. If the approvall/opening balance is $48,810 at 7.65% for 5 years on 1sep2022 and I pay for equal payments of $12, 202.5 weekly (7th , 14th, 21st, 28th sep) tell me what will be my final payment on 28th sep. wil the final payment in 4 weeks be $12, 481 ? ( with only 1 month interest of $279.00) if not, please explain.
please figure it out and provide accurate answers here to the public for money place to be held account. i do not want to argue in the end about what wasnt told to me, or I didnt know.
2. also answer that why do banks advise against leders asking for bank acount login details and refuse to insure against any loss or theft if this system is a legitamit banking system. it it goverment aproved?
Hi, Tee. You're broadly correct about the interest and final payment, however the final payment at the end of the month would actually be only $168.80, because the four weekly payments would reduce your loan balance throughout the month, which reduces the interest you would be charged.
Interest is calculated daily, based on the actual loan balance that day (not just the value from the start of the month), and applied to the loan balance at the end of a month. In your example, after you made your fourth payment, your loan balance would be zero and you would accrue no further interest for the last 3 days of the month, after which, all that would remain is the $168.80 in interest that was accrued throughout the first four weeks.
And yes, there are no extra fees added on for closing out a loan early -- it's just the principal and the interest charged.
I can't speak to why banks do or don't advise anything, however can assure you that MoneyPlace operates in accordance with our Australian Credit Licence, and handle our customer data in accordance with he Privacy Act 1988 (Cth) and the Privacy (Credit Reporting) Act 2014.
Hope that helps. If you have any further questions, feel free to email them to feedback@moneyplace.com.au and we'll try to respond as quickly as possible.
Well done, thank you.
Was seeing what the interest rate for $5,000 paying it of weekly. It would be a personal loan to pay some little outstanding debts i have at the moment. or if it would be better to apply as debt consolidation loan
Hi Kelly. Weekly repayments for a $5,000 loan could be somewhere between approximately $24 and $36 per week, for a 5 year loan, depending on the interest rate. To find out how much your loan repayments will be, you just need to check your rate on the website at external link . It takes just a couple of minutes, is obligation-free and does not affect your credit score. Hope this helps.
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