How WeMoney helped Bailey swap weekly repayments for one he could plan around

Bailey's story at a glance

• Member: Bailey, 22 (NSW), an assistant restaurant manager who has worked at the same store since he was 14
• Before WeMoney: two loans with his bank plus a buy now pay later balance, taking somewhere between $300 and $400 a week between them
• What he consolidated: both loans and the buy now pay later balance, into one loan through a lender matched in WeMoney
• How WeMoney helped: showed him what he was spending against what he earned, then let him compare matched lenders on rate and repayment frequency
• His experience: he compared it to his last loan and called it about ten times easier, all done over the phone
• After: one fortnightly repayment instead of money leaving weekly, which he estimates is worth at least $500 a month to him

Before WeMoney

Bailey is 22 and has worked at the same McDonald's since he was 14, now as product quality manager and assistant restaurant manager at a store that just passed a million dollars in monthly sales. Between shifts and admin, he does not have much spare time.

He had two loans running with his bank, one of them for a car, and an Afterpay balance that had grown while he and his girlfriend were setting up their first place together.

"It seemed easier to manage if I just put it on Afterpay. Didn't have to spend so much in that week."

The problem was less the total than the rhythm. Repayments were coming out weekly, so there was never a week where money sat still, and the amount moved around depending on what had gone on buy now pay later. All up he was looking at roughly $300 to $400 a week. Then his car needed fixing.

How he found us

He saw a WeMoney ad on social media, once or twice, about consolidation loans. He already knew what a consolidation loan was, so it was not the concept that stopped him. He looked into it properly the second time it came past.

What he used the app for first was the plain picture: what was coming in each month, what was going out, and what was actually left to spend.

"It was tracking what I could spend and then where I could spend it."

[[app-sm]]

How WeMoney helped

Bailey's hesitation was not that he was afraid of a loan. It was whether consolidating was the right call or just another thing to organise.

"More of if it was worth it than the hassle."

Reading through the options is what settled it. He compared the matched lenders and chose Jacaranda, on two things: the rate was better than what he was on and better than the other options he was shown, and the repayment was fortnightly rather than weekly, which meant he could hold money across a week instead of watching it leave every one.

The approval came through while he was in Brisbane visiting his girlfriend's family, out at lunch. He stepped outside for the call and came back grinning.

"She was like, why are you smiling? And I was like, I got the loan."

The old balances were paid out directly. Bailey did not have to move the money himself; the confirmations simply arrived.

"I got an email from them saying it's all paid off and I was like, oh sweet, I don't actually have to do anything now."

The lender remained responsible for the credit decision, the contract and the payout. WeMoney's role was to show him the matched options and let him compare rate and repayment before he continued.

After WeMoney

Bailey now has one repayment, around $100 a week equivalent or $500 to $600 a month, against the $300 to $400 a week he had been paying across the old debts. Part of that difference is that his old weekly total moved with whatever had gone on buy now pay later while he was furnishing a house, so it was never a fixed number. His own summary of the change is at least $500 a month.

The bigger difference is that a month now has a shape.

"It was a lot easier to go through the movements of the month instead of being stressed about what had to be paid."

He still uses buy now pay later occasionally, though less than he did. He is also honest that he does not open the app much now: he used it to get his budgeting set up, and once the rhythm was established he did not need to check it as often.

Comparing it to the car loan he had arranged the traditional way, he did not hesitate.

"Super simple. It was incredibly simple. Like ten times easier."

Look at the repayment and the timing

If several repayments are leaving on different days and none of them line up with your pay, connecting your accounts in WeMoney can show them together. You can then review consolidation options you may be eligible for and compare the repayment, frequency, rate, term, fees and total amount repayable against what you are paying now.

[[calculator-sm]]

Bailey's figures, timing and experience are his own. A lower or less frequent repayment does not automatically mean a lower total cost. Eligibility and outcomes vary by member and lender.

[[signup-sm]]