Looking for a personal loan? Ask for these five features 

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Personal Finance

Team MONEYME|09 May 2024| 2-minute read

Not all personal loans are created equal. While some lenders might offer an attractive interest rate, others might spruik their outstanding customer service. 

With so many personal loans on the market, it can be difficult to know which lender to choose.  

Putting together criteria according to your priorities – be they transparency when it comes to fees or an easy application process – can help. 

Here are five features to look for.  

Transparency on fees 

When deciding to take out a personal loan, it’s vital to know about all fees from the get-go.  

That way, you can calculate them into the total amount you’ll pay. Plus, you’ll understand the financial consequences of missing repayment deadlines.  

Some lenders tuck away fees in the fine print. However, at MONEYME, we believe in transparency, so we present them to you up-front. Check out our fees here. 

Also, we don’t charge early exit fees: if you repay your loan before the set period, we won’t punish you for it.  

Straightforward application process 

Sometimes, applying for a personal loan requires complex paperwork.  

You might be asked to demonstrate anything that could affect your ability to repay, including income and expenses, assets and liabilities, and employment status.  

MONEYME’s application process is 100% digitised. Every step – from application to approval – takes place online in just a few minutes. You don’t have to spend time chasing down hard copies. 

Speedy turnaround  

Whether you apply for a loan to start a business or plan a wedding, you don’t want to spend days (or weeks!) waiting for the outcome. Unfortunately, that’s what happens with some lenders.  

But waiting isn’t necessary. 

If you apply for a MONEYME loan, your application can be turned around – and funds transferred to your account – in as little as 60 minutes, thanks to our advanced automation technology.  

Flexible repayment plans 

Taking out a loan might mean re-jigging your budget – and flexibility is key to getting it right. Sometimes, it might suit to make higher repayments over a shorter period to reduce the interest costs, while, at others, making lower repayments over a longer period is more appropriate. 

Flexible repayment plans are central to MONEYME’s personal loans. Choose from a variety of loan periods – to ensure you continue to meet your financial responsibilities while making repayments. Try out our loan calculator to test out what loan period works best for your financial situation and goals. 

Outstanding customer service 

Whether you need to ask a question or tweak your repayment plan, there’s nothing more frustrating than spending ages on hold listening to terrible music or having to talk to a robot and getting nowhere.  

You shouldn’t settle for less than human customer service – and it should be helpful, kind and efficient. 

That’s what we offer at MONEYME. Contact us via phone and we’ll answer in an average of 8 seconds, email us and count on a speedy reply, or chat to us live in real time.  

Finding the right personal loan for you 

With this handy checklist at your fingertips, you’re one step closer to finding the personal loan that’s ideal for your goals, lifestyle and budget.