Frequently Asked Questions

Here are some answers to common queries raised with us.

Essentially, we do the searching so you don’t have to! When you apply with MyBorrowing we will find the best loan option to meet your needs. Once we’ve found it, we’ll put you directly in touch with the lender who can offer you the loan you’re looking for.

With MyBorrowing you can apply for short-term loans between $500 and $2,000, secured personal loans between $2,100 and $4,600, or loan term loans from $5,000 to $10,000 depending on your eligibility.

Loan terms can be anywhere between 6 to 36 months, depending on the type of loan and the lender’s specifications.

Once MyBorrowing has reviewed your application we will match you to a suitable lender. Then, you will have to wait for final approval of your application. If successful, the money will be transferred straight into your bank account subject to the lenders protocol.

The cost of your loan depends on the lender. We encourage all our lenders to be upfront with all fees and charges associated with their loans. Unless your lender says otherwise, you can expect to pay something similar to this:

$500 up to $2,000 Short term Loans

  • 20% of principal amount (establishment fee)
  • 4% of principal amount per month.
  • There is NO Interest charged on our loans between $500 and up to $2000
  • The easiest way to see how much your loan would cost is to go to our Loan Costs page.

$2,001 up to $4,600 Medium Personal Loans

  • $400 Establishment Fee
  • Interest at 48% per annum charged on a reducing balance basis.
  • APR is 48%, Comparisson rate is 67.41%
  • The easiest way to see how much your loan would cost is to go to our Loan Costs page.

$5,000 up to $10,000 Large Personal Loans

  • Interest at 48% per annum charged on a reducing balance basis.
  • APR is 21.24%, Comparisson rate is 48%

It’s important you make your repayments on time so you do not incur any extra charges from your lender. Forgetting to repay your loan could lead to defaults being added to your credit score, making it hard to apply for funding in future. When you loan is approved, speak with your lender about setting up a scheduled payment to ensure you meet repayments.

Our friendly team is here to help! If you have any questions, feel free to call us on 1800 825 805 or email us directly at

It’s important to pay back a personal loan on time so that you don’t incur extra costs or have any defaults added to your credit record! If a lender approves you for a loan, ask your lender to help you set up a direct debit schedule in line with your income – the amount you need to repay and when you receive your income are important here.

We understand your circumstances may change after taking out a loan. If you are experiencing financial hardship, you should contact your lender immediately, and they may be able to vary your contract.

If you stop making your repayments, you run the risk of having your default listed on your credit file which could have a severe effect on your credit history and stay there for up to 7 years. Your account could be passed on to an external debt collection agency if your circumstances suddenly change, contact your lender and explain your situation to them, they’re usually pretty understanding and will try to help where they can.

You can apply for our lender-finding service at any time. We’ll do our best to find you a lender that is ready to give you a go

Have a burning question?

Just get in touch! The friendly team at MyBorrowing are here to answer any questions you may have and help in any way we can.

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