Frequently asked questions
Moneyspot is an Australian Credit Licensee (No. 450305) and is regulated by ASIC. We are located in Sydney and our service is available Australia-wide.
From 12 June 2023, new government regulations have changed the eligibility criteria for customers seeking loans up to $2000. Your loan application will be declined if you apply for a loan of $2000 or less and more than 10% of your gross income is currently required to repay existing small amount credit contracts.
No, the new regulations only apply to loans of $2000 or less.
Our application process is completely online. It allows us to process your application faster and get money to you sooner. The information we ask for is designed to satisfy the regulatory obligations we have without overburdening you with detailed requirements. It’s fast, easy and convenient.
You apply online via our website at www.moneyspot.com.au. You can also access our service with any mobile device.
Our online service can receive loan applications 24/7 including weekends and ALL public holidays. However, our operating hours are between 8am to 8pm (AEST).
To apply you need to be 18 or over, an Australian resident, employed with a regular income, and able to provide valid identification, an Australian Driver's Licence or Medicare Card.
As part of the application we also ask for 90 days of bank statements from an Australian bank account, retrieved securely through a read-only connection.
Receiving Centrelink payments doesn't automatically rule you out. So long as you're employed and regular income is coming into your account, we'll consider your application. We can't guarantee approval.
If you receive Centrelink income you may be asked for an income and deductions statement from Services Australia.
During identify verification for new customers, we may carry out a credit check during the Application process. If we choose to run a credit check, a credit enquiry may appear on your credit file, and this may affect your credit score. However, this doesn’t mean that if you have had problems in the past we’ll automatically reject your Application. We’re more interested in your recent history and your current capacity to repay the loan.
Customers who have been previously ID verified are not subject to external credit enquiries. If you are a returning customer who has borrowed with us previously there is no impact to your credit score on any subsequent applications.
We need to do a few things: we need to verify who you are; we need to do some basic credit enquiries; and we need to check you can afford the loan you’re asking for. During the Application process, we will ask you to provide the following information:
- Your Driver’s Licence Number or your Medicare Card number.
- A valid mobile phone number that is capable of receiving an SMS.
- Your Banking details.
- If you receive Centrelink income, you may have to provide an income and deductions statement from Services Australia
Providing these details sends to us a categorized set of your bank statements from the last 90 days. This allows us to accurately assess your current financial situation and make an informed and fair decision.
No person can access your internet banking details. When you enter your banking credentials on our website they are immediately encrypted. The encrypted details are then passed to Credit Sense Australia Pty Ltd. They are stored in a highly secure data centre which has a single use, to generate a read-only data-feed which we will use to assess the affordability of the loan.
As an organisation, security of data and prevention of fraud are fundamental to us. We are committed to using practices to ensure that our services are provided within a secure environment. Your internet banking details are encrypted and held securely by our professional service providers. Our partner, Credit Sense Australia Pty Ltd, and us, are permitted read-only access to your current account, so will only ever be able to view your account. We do not have the ability to change any of your banking details or set up standing orders/direct debits. All data is securely handled in accordance with data protection laws and our privacy policy.
They will be used by us to make lending decisions about you and stored by us as long as necessary to assist us in managing your account. It will be also stored by Credit Sense Australia Pty Ltd.
We would recommend that you review the Terms and Conditions of your internet banking provider, before you decide to submit your banking credentials. We stress that security is of paramount importance, we would especially mention that:
- Your data is encrypted in transit.
- We do not have any functionality over your bank account
- We only have access to a read-only service.
Around 60% of our applications are processed within minutes. We sometimes need to undertake additional enquiries which require a manual assessment – this is usually completed in a few hours irrespective of the time of day.
Our costs are straight forward, and we charge flat fees. What you pay depends on which type of credit contract you take out, a Small Amount Credit Contract charges an establishment fee and a monthly fee with no interest, and a Medium Amount Credit Contract charges a flat establishment fee plus interest.
The full fee schedule for both, with a worked example of each, is on our costs page.
If you have any questions about our fees, please do not hesitate to contact us.
Importantly, contact us as soon as you realise you may have difficulty repaying us on time. There are additional charges as outlined above that may be payable on outstanding balances.
We will schedule your repayments to be debited on the days your income is credited to your bank account. Direct debits take two business days to process on our systems. If a debit needs to be rescheduled, we will need to be notified before 4pm (AEST) the business day prior.
Yes you can! There are no penalty fees or charges for making early payments. Card payments will be received instantly, however, bank transfers will take 1-2 business days to be received.
Yes you can. We allow additional borrowing for customers with a good repayment history with us. We sometimes allow concurrent loans or credit extensions through existing debt refinancing, depending on how many loans you have had with us. You will be subject to an application assessment whenever additional funds are requested, however existing customers typically have shorter application processes and are normally eligible for larger loans.
Your privacy and security is important to us. We employ the same standards as banks and other online payment companies to ensure that your financial information is safe and secure.
All information is entered through a Secure Socket Layer (SSL), which means an encrypted connection is created between your system and ours so that any information passed between us is secure.
Please see our Privacy Policy.
Only information that is essential for us to do business, and Information that has been provided to us via the application by you.
No, we are an online service only.
We always appreciate feedback and seek to address customer concerns as soon as possible.
When complaints are made or disputes arise we will do our best to resolve the issue at the first point of contact.
When necessary, we will ask you to write to us setting out the details of your complaint. We will acknowledge receipt of your written complaints by return email setting out our Complaint Handling procedure and who to contact for further information. We may ask you for further information to help us address your complaint.
You can lodge a complaint by phone, email or in writing:
- Web form: moneyspot.com.au/complaints
- Email: customerservice@moneyspot.com.au
- Phone: 1300 048 156
Or write to us at: Complaints Officer, Moneyspot, PO Box 1006, Strawberry Hills NSW 2012.
We aim to resolve complaints within 3 working days. If it is likely to take any longer, we will keep you informed of progress. Some situations may require an investigation requiring more time. We will keep you informed of progress.
If we can not resolve the complaint to your satisfaction, then you have the right to lodge the dispute with an independent and external dispute resolution scheme.
MoneySpot Finance Pty Ltd is a member of the Australian Financial Complaints Authority Limited (AFCA) and you can lodge a dispute with them electronically through their website or by mail.
Australian Financial Complaints Authority Limited
- GPO Box 3, Melbourne VIC 3001
- Phone: 1800 931 678
- Fax: (03) 9613 6399
- Make a complaint to AFCA
We understand that personal financial circumstances can change. Borrowers having difficulty making repayments are encouraged to contact us directly as early as possible by providing us with notice online.
If you are unable to make an online notification, please contact our customer services team by calling 1300 048 156 or by email hardship@moneyspot.com.au.
You or a person authorised by you may provide us with notice. Where you appoint an agent (such as a financial counsellor) we will require written evidence of your authority to provide them with information about your loan and to disclose your personal information to them.
Where possible, we will provide you with some immediate relief for a limited period of time. During this period, we will review your circumstances before reaching a decision.
We may ask you to provide us with documentation to verify the change to your circumstances. We will only do so when we believe it is absolutely necessary.
We will advise you of our decision no later than 21 days if no further information is required.
If we provide you with immediate relief for a limited period of time, your existing repayments will resume once that period elapses.