MoneyBuddy

MoneyBuddy: online personal loans for Australian residents

MoneyBuddy is a personal lending platform operating in Australia under the legal name GT Industries (AUST) Pty Ltd, with Australian credit licence number 567039 and ASIC regulation. The company presents itself as a 100% Australian-owned lender with a local team, and offers small loans between $500 and $5,000 AUD through a fully online application process.

Loan products

MoneyBuddy's catalogue includes various types of short-term and specific-purpose loans:

• Small Loans: quick cash from $500 to $2,000 AUD.
• Fast Cash Loans: same-day funds.
• Emergency Loans: urgent same-day funds.
• Bad Credit Loans.
• Payday Loans: funds before payday.
• Instant Cash Loans: approval in 60 seconds.
• Holiday Loans.
• Medical Loans and Dental Loans.
• Home Improvement Loans.
• Education Loans.
• Payday Loans - Public Holidays.

Loan structure: Buddy Boost and Buddy Plus

The company structures its offer into two main products with different terms:

• Buddy Boost: amounts from $500 to $2,000 AUD, terms from 5 weeks to 6 months, with a 20% establishment fee and 4% monthly. The published example for a $1,000 loan over 4 months shows a $200 establishment fee, total monthly fees of $160, a total repayable of $1,360 and a weekly repayment of $80.01.
• Buddy Plus: amounts from $2,000 to $5,000 AUD, terms from 9 weeks to 2 years, with a $400 establishment fee and interest of 47.80% p.a. (comparison rate 63.29% p.a.). The published example for a $2,500 loan over 6 months shows a $400 establishment fee, total interest of $377.29, a total repayable of $3,277.29 and a weekly repayment of $125.87.

The comparison rate is based on an unsecured $2,500 AUD loan repaid weekly over 6 months. The company warns that this rate applies only to the examples provided and may not reflect all fees and charges; actual rates may vary depending on the loan amount, term and the applicant's circumstances. The examples assume repayments are made on time in line with the contract and additional charges may apply for late or delayed payments.

Application and funding process

The process consists of three steps: online application in under 5 minutes with no paperwork, real-time decision through an automated assessment system, and transfer of funds directly to the applicant's bank account, often the same day. The company states that there is no need to visit a branch and that the entire process can be completed from home. If the application is made within standard business hours, funds may arrive the same day; in some cases, depending on the bank or additional verifications, they may take until the next business day.

Requirements and eligibility criteria

To apply for a loan, the applicant must be at least 18 years old and have a steady income, whether from full-time or part-time employment, government benefits or pensions. If income comes solely from benefits or pensions, the application may still be considered but will be subject to additional checks. MoneyBuddy applies responsible lending practices: it only approves loans if it considers that the applicant will be able to manage repayments comfortably and does not proceed if the debt could cause unnecessary financial stress.

Company values and approach

The company presents itself as a lender that prioritises transparency, fairness and speed. It states that all fees are disclosed upfront, with no hidden charges, and that it assesses each application on its merits, beyond the credit score. It also highlights that its team is 100% Australian and that the online application is designed to be simple and paperless.

Information resources

MoneyBuddy's website includes a blog with financial guides and tips. Published articles include topics such as what is considered a good credit score in Australia, how to build an emergency fund and the impact of buy now, pay later (BNPL) services such as Afterpay on credit history.

Location and contact

Phone: 1800 462 691 · Email: contact@yourmoneybuddy.com.au