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Needy Money

Needy Money Loans

Needy Money offers a range of personal and commercial loans. Costs vary depending on the type of loan you apply for.

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Elizabeth Barry
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  • Needy Money have rebranded to nmoni. nmoni no longer offer short term loans. The information on this page has been kept for the benefit of those who are interested and historical records only.

Needy Money offers a range of loans, from short-term loans to commercial borrowing. They also provide loans for applicants with good and bad credit histories. The loans are entirely online and cash is transferred through an electronic bank transfer, or a cheque can be collected personally over the counter. Depending on the loan, you can as little as $100 up to $100,000, and while terms can range from 16 days to 5 years. The cost will vary based on the type of loan, your assets and repayment ability. For short-term loans up to $2,000, the maximum they can charge is a monthly fee of 4% and an establishment fee of 20%.

Are you struggling financially?


If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support.

⚠️ Warning about Borrowing

payday-warningDo you really need a loan today?*

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:

  • For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
  • Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
  • If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94

The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.

Data updated regularly
Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Needy Money Medium Loan
Needy Money Medium Loan
$5,000
1 to 2 year(s)
1 hour - conditions apply*
Based on your credit history, employment and residential stability.
Apply for up to $5,000 and have up to 2 years to repay.
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The type of loans Needy Money provide

  • Unsecured loans

    This loan type can be used for short-term financial emergencies or unexpected expenses. Loans from $100 to $5,000 are available in this category and repayment schedules can vary from 16 days to 1 year(s).

  • Personal loans

    Customers can access loans from $5,001 to $100,000. This loan can be used for any expense, from a new car to home renovation or an overseas holiday. Repayment can be made weekly, fortnightly or monthly according to your pay cycle. The total repayment time varies from 1 year to 5 years.

  • Bridging loans

    These loans can be useful for those changing residence. During the time in which a person's current home is waiting for a settlement, a bridging loan can be obtained to secure the new property and "bridge" the gap. A possible advantage of a bridging loan from Needy Money is that customers are not restricted to using the cash for buying another property. Borrowers can use this money for any purpose they want.

  • Commercial loans

    These loans are available to buy new equipment or add resources or staff in a person's business. The repayment schedule is aligned with the cash flow of the business to make repayments more affordable.

  • Cheque cashing

    This facility provides instant cash for cheques and eliminates the extra three days of waiting time normally required for a cheque to clear. Customers need to bring requisite ID. Cheques accepted by Needy Money are government cheques, tax refund, bank cheque, wage cheque, insurance cheque and more.

What are the risks of payday loans?

  • Unaffordable repayments. Payday loans are an expensive way to borrow money and should only be used as a last resort. Check the size of each repayment and ensure you will be able to pay it on time. Unaffordable repayments can lead to late fees that will only make things worse.
  • High rates and fees. Rates and fees on payday loans are high but there are rules in place so be sure to check your lender is not charging you more than ASIC allows. Also, look at what you would be charged if you are late on a payment or if you default on the loan altogether.
  • Unreputable lenders. All Australian lenders should be accredited by ASIC. Check for a credit licence on the ASIC Register and ensure that the lender is easily contactable.
  • Impact on credit score. Every loan application shows up on credit reports. While lenders might not consider credit history, applying for lots of loans within a short period can have a negative impact on your credit score in the future.

Needy Money on offer

  • Wide range of products

    Needy Money's loans are available from a small sum of $100 to higher loans up to $100,000. This wide range can provide cover for almost every expense that a borrower might come across. Customers can take a loan to tide over small financial shortfalls, for emergency medical expenses, car expenses, home repairs, or even holidays.

  • Flexible repayment schedule

    The repayment schedule has been tailored according to the needs of the borrowers. Customers can pay weekly, fortnightly or monthly depending on their pay cycle. The available term is from 365 days to 2 years.

  • Processing time

    The processing time for these loans is less than one hour, which allows for fast cash availability. For customers who are hard pressed for cash, this might be useful.

  • Bad credit applicants considered

    Needy Money welcomes customers with all credit scores. They look at each applicants current financial situation and their ability to repay. This allows those with adverse credit histories to apply.

How much will it cost to borrow from Needy Money?

The overall cost for the loan varies according to customer’s assets and repayment ability. However all lenders, including Needy Money, have to abide by total interest cap. Lenders can charge a maximum of 4% monthly fees and a 20% establishment fee on loans under $2,000.

Are Needy Money loans safe?

Needy Money is registered with an Australian Credit Licence Number and display their contact details on their website. The interest cap and fee cap which are stated by the government limits the overall cost of the loans from Needy Money. However, customers should still evaluate their financial situation prudently and only apply for loans that are absolutely essential.

How to apply for a payday loan from Needy Money

Needy Money has a quick application processing system. If this loan suits your requirement, you can apply online, but make sure you meet the eligibility criteria:
  • Age. You must be at least 18 years of age.
  • Citizen. You need to be an Australian citizen or be a permanent resident of Australia.
  • Income. Your primary source of income cannot be from Centrelink.
  • If you are bankrupt or under a Part 9 Debt Agreement, you cannot have entered into this in the previous 12 months.

When you apply, you'll have to submit certain details regarding your finances and personal information. Have the following handy if you're looking to apply:

  • Personal details like your name, contact information, how many dependants you have and your residential status
  • Your address, the length of time you've resided there and how much your rent/mortgage repayments are
  • Your banking details
  • Financial details including your income, loan repayments, expenses and assets

Frequently asked questions

How long will it take me to receive my loan?

After the online application is made, Needy Money will assess the application and applicants will be contacted within 60 minutes about the outcome. If approved, a contract is sent to the borrower via email. Once the contract is accepted Needy Money can provide the loans through electronic transfer or cheque. Customers can also use the option of getting cash over the counter.

How long will my repayment schedule be?

Needy Money provides a flexible schedule whereby customers can choose a shorter duration for small loans and a longer term repayment, up to two years, for larger loans.

Will my application be refused if I have bad credit score?

No, customers are not refused loans solely on the basis of their credit score. Needy Money accepts applicants with good and bad credit scores and loans according to the repayment ability of the applicant.

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35 Responses

    Default Gravatar
    BrettJanuary 4, 2019

    I have a couple of loans that I had no choice. My partner and sister were diagnosed with cancer within a week of each other. The interest I am paying is not good. I need to borrow money to pay out the other loans so I can save on interest.

    Reply
      Avatarfinder Customer Care
      JoshuaJanuary 7, 2019Staff

      Hi Brett,

      Thanks for getting in touch with finder. I’m sorry to hear about your partner and sister getting sick. I know how difficult this could be for you.

      I’m not completely familiar with your financial situation. Thus, I can’t provide a personalised advice. However, there are a few things you need to remember when borrowing money. Your options would depend on your ability to make repayments as well as meeting their eligibility requirements.

      Moreover, if you are struggling financially, it would be a good idea to call the free financial counselling service on 1800 007 007. They should be able to provide advice on the best thing you should do.

      Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

      Reply
    Default Gravatar
    GarryApril 18, 2017

    Information is incorrect.
    You cannot apply with Needy money if your a bankrupt or on a debtors petition.

    Reply
      Avatarfinder Customer Care
      MayApril 18, 2017Staff

      Hi Garry,

      Thanks for your comment.

      Actually, Needy Money accepts applicants who are bad credit or bankrupt customers, but you would still need to meet their eligibility criteria.

      You can contact Needy Money if you want to discuss your options. Alternatively, if you like to check other lenders, please check the personal bankruptcy loans featured on our website.

      Cheers,
      May

      Reply
    Default Gravatar
    Susan.January 16, 2017

    Hi I seen on a post you sometimes lend money for bankrupt people I work and get 800 a week would I be,eligible

    Reply
      Avatarfinder Customer Care
      MayJanuary 17, 2017Staff

      Hi Susan,

      Thanks for your question.

      Needy Money accepts applicants who have good and bad credit ratings. If you like to borrow from them, you may contact them first before you submit any application.

      Meantime, if you want to check your options, you can explore the bankrupt loans found on our website. Open that link and go to the section, “What kind of bankrupt loans are available?” You should then learn more about what options you might have.

      Please review the criteria and discuss your eligibility and loan options with a lender listed on that page.

      Hope this helps.

      Cheers,
      May

      Reply
    Default Gravatar
    GenobiaDecember 16, 2016

    I need some cash now my bankruptcy was discharge about 4 0 5 months ago

    Reply
      Avatarfinder Customer Care
      DeeDecember 16, 2016Staff

      Hi Genobia,

      Thanks for your question.

      If you are a discharged bankrupt, you can check bankrupt loans for lenders who may consider you for a loan. Just select the name of the lender to be redirected to our page where you can check the eligibility and requirements to apply.

      Cheers,
      Anndy

      Reply
    Default Gravatar
    danielOctober 24, 2016

    Just so you know for future reference, needy money told me that you have to have full time employment, they DO NOT do unemployed people.

    Reply
      Avatarfinder Customer Care
      ElizabethOctober 24, 2016Staff

      Hi Daniel,

      Thanks for the info! We’ll update our pages so they are correct.

      Elizabeth

      Reply
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