- Company
- Money3 Loans Pty Ltd (Solvar Limited, ASX:SVR)
- Licence
- ACL 389067
- Type
- Specialist non-conforming consumer lender
- Founded
- 2000
- Headquarters
- Melbourne
- Products
- Secured vehicle finance to $75,000 (credit-impaired), Personal loans to $30,000, Motorbike, caravan and boat finance
Money3 is a specialist Australian consumer lender, operating since 2000 and owned by ASX-listed Solvar Limited. The core business is vehicle finance up to $75,000 (cars, motorbikes, caravans, boats) and personal loans up to $30,000 for borrowers mainstream lenders decline: past defaults, thin files, casual income, and applicants receiving Centrelink payments subject to income rules. Assessment leans on bank statement conduct rather than the credit score alone, and pricing reflects the risk segment rather than competing with prime lenders.
The headline rate and the comparison rate are different animals here
Money3 advertises a maximum interest rate of 12.95 per cent, which sounds moderate for the segment. The number that matters is the comparison rate on their own worked examples, which runs from the mid-teens on longer terms to above 30 per cent on short-term loans once establishment and account-keeping fees are spread across the repayments. That gap is not deception, it is arithmetic: fixed fees weigh heaviest on small, short loans. All figures are indicative and move with the file, so verify the current comparison rate with the lender before signing anything.
The practical rule: on a small personal loan over a short term, the fees can cost more than the interest. Ask for the total amount repayable in dollars, compare it against the amount borrowed, and decide whether the difference buys something you genuinely need now.
The ASIC case, what it found and what it did not
In September 2025 the Federal Court found Money3 breached responsible lending obligations on five loans written between 2019 and 2021 to borrowers largely reliant on Centrelink payments, by failing to properly verify living expenses from bank statement data it already held. In April 2026 the court ordered a $1.55 million penalty. It is equally true that the court rejected most of ASIC's broader case: it did not find the loans unsuitable, and it dismissed allegations about arbitrary expense benchmarks. Solvar says underwriting and hardship practices have been rebuilt since the period in question.
For a borrower in 2026 the takeaway is not "avoid", it is "verify the loan fits your own budget rather than relying on the lender's assessment to catch a stretch". The court case turned on verification of expenses; do that work honestly on your own numbers before signing, because a loan you cannot comfortably service harms you long before any regulator notices.
Borrow now or repair the file first
The same decision framework we apply to every non-conforming lender applies here. If the car keeps your job, the expensive loan that gets you to work beats no car at any price: take it, pay perfectly, and refinance at a mainstream rate in 18 to 24 months, checking the early payout treatment before you sign so the exit is not penalised away. If the purchase is discretionary, six to twelve months of paying down arrears and fixing credit file errors can move you into a cheaper pricing tier and save thousands over the term. The honest question is what specifically changes if you wait six months.
The honest pros and cons
- Genuine appetite for credit-impaired files and Centrelink-supported income the banks decline on policy
- Long operating history (since 2000) under an ASX-listed parent, with AFCA membership
- Bank-statement-led assessment means a documented recovery story influences the outcome
- Clean repayment history here is a workable credit rehabilitation path with a refinance exit
- Comparison rates on short terms can exceed 30 per cent once fees are included, far above the headline rate
- Federal Court found responsible lending breaches on legacy loans, with a $1.55 million penalty in 2026
- Establishment and account-keeping fees weigh heavily on small loans
- Cheaper only than not waiting; a repaired file gets materially better pricing elsewhere
Frequently asked questions
Is Money3 legitimate?
Yes. Money3 has operated since 2000, holds Australian Credit Licence 389067, is owned by ASX-listed Solvar Limited, and is an AFCA member. It is a regulated specialist lender, not a payday operation, though its risk segment means pricing sits well above mainstream lending.
What interest rates does Money3 charge?
The advertised maximum rate is 12.95 per cent, but comparison rates on Money3's own examples range from roughly 15 per cent on long terms to above 30 per cent on short ones once establishment and account fees are included. Rates are indicative and set per file; verify the current comparison rate and total amount repayable with the lender before committing.
Does Money3 accept Centrelink income?
Yes, for most payment types, subject to minimum income rules and the payment not being certain allowances as the sole income source. Expect the assessment to work from your bank statements. The responsible question is whether the repayments genuinely fit the budget, not just whether approval is possible.
What happened between ASIC and Money3?
The Federal Court found in September 2025 that Money3 failed to properly verify living expenses on five loans written to Centrelink-reliant borrowers between 2019 and 2021, and ordered a $1.55 million penalty in April 2026. The court rejected most of ASIC's wider allegations, including that the loans were unsuitable. The company says it has since rebuilt its underwriting and hardship practices.
Should I apply to Money3 directly or use a broker?
For credit-impaired files, a broker who works the non-conforming segment can quote Money3 alongside Finance One, Liberty, Plenti's tiered pricing and similar competitors, and place the file where the combination of rate, fees and approval odds is best, with one strategy instead of scattered hard enquiries. That comparison discipline matters most in exactly this segment.