MONEYME Freestyle Virtual Credit Account

How does a line of credit from MONEYME work?

MONEYME's line of credit, or Freestyle Virtual Credit Account, is available for $1,000 - $10,000 to eligible applicants and comes in the form of a revolving line of credit which is accessible instantly from your smartphone. This means that borrowers can pay for purchases directly from their accessible funds both in-store via Apple Pay and Google Pay or online using their virtual card details, anywhere MasterCard is accepted. You can also transfer funds directly to your bank account. Transferring funds to your personal account can take as little as 1 hour for the major banks, and up to 1 business day for smaller banks. In addition to this, you'll soon be able to transfer funds directly to other people.

MONEYME's line of credit also comes with up to 55 days interest free on purchases made with your virtual card, which is a bit like a regular credit card but it's accessible straight from your phone.

MONEYME prides itself on providing some of the fastest forms of finance around. Applications are quick and straightforward, and if you're approved, you can access your funds instantly.

Features of a line of credit from MONEYME

There are a number of features on offer with this loan product:

• Credit limit. Depending on your credit history, you can get access to a maximum credit limit of $1,000 to $10,000.
• Quick application. Borrowers can apply online in just 3-5 minutes.
• Quick approval. MONEYME's advanced technology means that eligible applicants can be approved instantly.
• Virtual card. Shop instantly in-store via Apple Pay or Google Pay on mobile as well as online using virtual card details, anywhere MasterCard is accepted.
• Quick access to funds. Once approved, borrowers can access funds straight from their mobile device in a matter of seconds. Please note that transferring funds to your account can take from seconds up to 1 business day, depending on your bank.
• Interest-free terms. Get up to 55 days interest free on purchases made using your virtual credit account.
• Revolving line of credit. As long as you repay your principal on your withdrawn credit, you can access this amount again.
• Transfer money. You can transfer money from your line of credit. Minimum withdrawals are $100. There is no limit to the number of withdrawals you can make up to your credit limit.
• Repayments. Your minimum repayment term will be set out for you in your loan contract. Minimum repayments cannot be reduced or extended.
• No fees for additional repayments. If you want to make additional repayments or pay off your loan early, there's no penalty for doing so.
• Easy communication. MONEYME is available to contact online or by phone 7 days a week. Anyone struggling to make a repayment should contact the provider as soon as possible.
• Member's area. Access all of your account information via the MONEYME member's area.

How much does it cost?

There are a number of fees and costs involved in MONEYME's line of credit loan:

• Interest rate. An interest rate of between 18.74% p.a. and 23.74% p.a. will be applied to any outstanding balances. The rate that you will be allocated is based on your personal risk assessment and on the amount you borrow.
• Monthly account keeping fee. An account keeping fee of $5 applies each month for remaining balances over $20.
• Annual fee. Between $0 and $49 based on your credit limit and risk profile.
• Overdue account fee. If your account is not up to date by the end of the month, you will incur a fee of $15.

How to apply

If you're ready to apply for a MONEYME line of credit, simply click "Go to site" to visit the lender's website and fill out its online application form. Before applying, please ensure that you meet the basic eligibility criteria. Applicants must be:

• An Australian citizen/permanent resident
• 18 years or over
• Employed

Applicants must also provide:

• Bank details
• A valid mobile phone number and email address

Before applying for a personal line of credit, it's always a good idea to compare your line of credit options. Comparing them helps ensure that you get the best possible deal for your circumstances.

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