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Whether you’re looking to buy a new washer and dryer set to replace your energy inefficient electrical appliances or your decade-old fridge just died on you, appliance purchase is often an expensive affair that you need a personal loan or line of credit to make it affordable. Fortunately, MoneyMe offers a flexible financing option called Freestyle virtual credit card that comes with lower interest rates and cash advance that allows you to send money to your bank or anyone’s account.

Compared to traditional payday loans like Beforepay and MyPayNow, FreeStyle Virtual Credit Card provides more flexibility because you can use your line of credit when you need it and how much you need it, provided that it is within your approved credit limit. This flexibility also means that you only pay interest on the amount of money you tap rather than the entire approved limit. For example, you get approved for $20,000 but only use $500. You’ll only be paying for the interest charges against $500. This also means that you won’t be paying any interest until you use your line of reusable credit.

Freestyle’s flexibility also extends to where you can use this line of credit. Unlike loans that are geared towards specific use–for example, mortgage loan is to finance property alone, business loan is only for business-related purposes, and student loan is only reserved for education-related expenses–this line of credit can be used anywhere. You can access funds for home repairs, furniture and appliance purchase, travel costs, restaurant bills, moving expenses, grocery and other daily needs, and pretty much any emergency expenses that may arise.

If you want to open your FreeStyle Virtual Credit Card account, you need to be 18 years and older, employed, and an Australian resident. You also need to fill out our credit application form, where you need to enter personal and bank details and employment information. Provided that you apply during business hours, you’ll get a decision within minutes of application. Once approved, you can immediately access a line of credit with a predetermined credit limit.

At MoneyMe, when we say quick loans, we really mean a quick and efficient application and approval process. In fact, we eliminate all the paperworks (you don’t need to send physical documents like payslip and bank statements), face-to-face interaction, and even phone interviews. Everything is done online for your convenience.

Can I finance an appliance purchase with a less-than-ideal credit score?

As a proponent of responsible lending, at MoneyMe, we only approve small personal loans and online credit card if we think that you can realistically afford them. Thus, there will be occasions when we need to decline loans and lines of credit due to the applicants’ not-so-great credit history, bankruptcy, and debt agreement. However, they can always apply later when they are in a better financial position.

Occasionally, we also set a credit limit or loan amount lower than the borrowers’ request. Again, we conduct an objective assessment to ensure that you can comfortably meet the repayments. Once you have established a good payment history with us, you can request to increase your maximum limit or apply again for a bigger loan.

In general, it is harder to get a loan without a good credit history. However, a less than optimal credit score does not automatically exclude you from applying for our personal loans and Freestyle Virtual Credit Card. At MoneyMe, we also look at your individual circumstances.

If you have a less than optimal credit score, you can increase your chance of getting approved when you have been in your job for at least six months (and you’re out of your employment probation period). Also, reducing debt obligations and creating good payment history can improve your chance of getting approved.

Is there a limit to how much I can borrow?

Your Freestyle Credit Card will come with a credit limit, which is the maximum amount of credit you can tap. As of this writing, it is between $1,000 and $20,000; this great variation boils down to personal circumstances and the creditworthiness of the borrowers.

If you have been approved for our line of credit, but the credit limit is lower than what you have requested or wanted, you can adjust the set limit according to your desired amount. We will then evaluate your request and decide based on your financing standing and payment history with us.

With a higher credit limit, you can buy more home appliances of high-quality brands from brick-and-mortar stores and do online shopping.

Again, we set the credit limit based on what we think is your comfortable level with repayments. This means that you may need to establish a good payment history with us before we increase your credit limit. A good payment history can also lower your interest rate and allow you to access bigger personal loans.

Meanwhile, we set up your repayments and direct debit schedule that are aligned with your pay cycle. We also send you auto-reminders to prevent missed payments and penalties. Once your loan is paid back in full, the direct debits from your account will stop.

Should you need to change a payment and it’s within your loan term, contact us at least one business day before the scheduled payment date, and we will change it for free. Make sure that you communicate with us immediately for any changes so you can avoid dishonour fees.