MoneyPlace

MoneyPlace is a peer-to-peer lending platform that originally opened its doors in November 2015.

As a newcomer to the market, they brought with them a unique risk grading system where investors could lend money to borrowers with low-risk profiles for a lower return and to high-risk borrowers for a much higher return.

Changing the way Australians borrow money

From CEO and Founder of MoneyPlace, Stuart Stoyan and their Head of Compliance Steven O’Connell to Melanie Nguyen leading their Client Services division – MoneyPlace is an Australian start-up with a powerful and determined team.

According to their website and media reports, they had a difficult time getting approval for their peer-to-peer lending business model but were determined to see it through and eventually got their approval from the ASIC.

Their main goal was to ensure that they initiated and facilitated change in Australia’s lending industry by bringing in the world’s best P2P practices and they certainly succeeded.

Personal loans with a difference

Unlike when you take out a personal cash loan with a bank, MoneyPlace will actually evaluate you as an individual and offer you a rate based on your personal risk assessment profile.

If you have a history of non-payment you may end up being assigned an “F” – meaning you’re the highest-risk borrower that the company is prepared to lend to.

At MoneyPlace you can get a P2P loan in the range of $5,000 and $35,000 with low-interest rates that start from just 8.99%!

It is, however, important to note that the rate you will be offered and, eventually receive, depends entirely on your personal risk profile which will be determined by MoneyPlace prior to listing the loan on their platform.

Choose your loan amount and loan term

Since MoneyPlace is a lending platform that deals with personal loans for individuals and couples only – not business loans, you cannot apply for a loan as a business entity.

Their loans are meant for individuals only and the uses for the money are unlimited.

Taking the big banks out of the equation

The big banks have very high operational costs and more often than not, overseas investors waiting to get their share of a massive pie.

MoneyPlace has conveniently done the work to take these banks out of the equation and bring borrowers low-interest rates and investors higher-than-average returns.