Personal Loans Approved Online | MyOzMoney

Apply online for personal loans of up to $50,000. Everything we do is online, making it faster and easier for customers while keeping our costs low. A personal loan application with MyOzMoney takes just a few minutes to complete and, once approved, we transfer your new funds immediately. Depending on who you’re banking with, this could mean that you get the money you need the same day that you’re approved. When we say fast cash loans, we really mean it.

Lightning-fast and easy

As a tech-savvy Australian money lender, we don’t have expensive offices to maintain or steep overheads: we do everything online and focus on what really matters. We’re interested in offering our customers reliable, friendly and fair finance products that don’t sting you for paying out your credit balance early and with repayments and schedules that work with you, rather than against you. All of our charges are available for you to review online and are provided in easy-to-understand fees and repayment schedules.

We’re about clear, easy finance and fast loans. Just because we exist solely online doesn’t mean we aren’t a business full of human beings, too. If you have any questions or you’re not sure about something, you are very much free to contact us through phone, email or via LiveChat on our website. We’ll happily take you through all of our personal loan products in detail and help you understand all costs associated with your new finance.

How much can you borrow with a personal loan?

MyOzMoney offers a global credit limit of up to $50,000 for online loans. Although $50,000 is the maximum allowable limit for any individual customer, you may also apply for short-term loans for as low as $5,000 if you just need a little extra. As a responsible money lender with an Australian Credit Licence, we’re committed to ensuring that we offer flexible and affordable credit to customers so they’re only getting an amount that they can comfortably repay.

Our quick and easy online application process will ask you for details like your current salary and your expenses – i.e. mortgage repayments or rent, other debts you may have and general living expenses. You’ll be asked for the same information whether you’re applying for a small loan or a larger cash loan with us. We use this information and your bank statements from the last 90 days to come up with a fast and accurate loan assessment. Once you have been approved and you have accepted our terms and conditions, you’ll receive your funds on the same day. Easy, right?

What do you need to apply for a personal loan?

Because we specialise in low doc loan applications, you don’t need to supply reams of paperwork for our quick cash loans. Instead, we ask for secure access to your online banking platform. This access is limited to a read-only function and no one from the MyOzMoney team receives your actual login details. Instead, a PDF format snapshot of your bank statements from the last 90 days is received and we use this to verify your application details and conduct an accurate risk-based assessment.

You will also be asked for some standard forms of identification like your passport, driver’s licence, and your Medicare card number. This is to verify your identity only—all of your details are securely stored with us. For more information, you can review our security policy online.

To be eligible for any of our credit products, the applicant must be at least 18 years of age at the time of the application, currently employed and a permanent resident of Australia. Don’t sweat if your credit history isn’t as good as you’d like it to be. A person’s credit file is just one part of their overall story. Every application that we receive is carefully assessed before we make a decision.

Can you increase my personal loan amount?

If you are a current MyOzMoney customer, then you will have your own personal loans dashboard in the Members Area of our website. If you would like to increase or decrease your personal loan limit, then you can click on ‘Account Details’ and head to the ‘My Credit Limit’ tab. There you’ll find an increase/decrease button. Click on it and follow the instructions.

How does taking a personal loan affect your credit?

Your credit file is a snapshot of your current and past credit history. Taking out a new quick loan doesn’t necessarily ‘affect’ your credit file as much as puts a new entry into it. Your credit behaviour is the thing that either positively or negatively affects your credit. For example, prompt repayment on any credit products you have been offered means that your credit rating will be a good one. Poor credit history will mean that your credit rating is not so good. Regardless of how fantastic your credit history is, however, if you are currently heavily in debt already then, a new personal loan could mean that you have reached the maximum allowable credit for your current salary and financial circumstances.

Comprehensive Credit Reporting (CCR) is a recent change in the way credit information is captured and reported. Your credit file now includes your last 24-month repayment history so if you miss a payment here and there, don’t worry. Your credit report will show a more complete picture of your financial health.

Ready to apply for a personal loan from MyOzMoney? Get started now and apply in just 5 minutes. Approvals are fast and interest rates are competitive with low fees when you choose MyOzMoney.