How WeMoney helped Helen refinance a 17% loan and combine two repayments

Helen's story at a glance

• Member: Helen, 50 (VIC), a single mum of two young adults who works full time and rents
• Before WeMoney: a personal loan of about $28,000 at 17%, a credit card balance and Afterpay instalments she was managing separately
• What she consolidated: one personal loan and one credit card into a new loan of about $36,000. She cleared and closed Afterpay herself
• How WeMoney helped: showed the debts together and presented a matched lender at a rate Helen remembers as almost 10 percentage points lower
• Her experience: the application felt basic and quick, and she says signing completed the main process
• Next: contributing more to super, investing small amounts and working towards owning a home

Before WeMoney

Helen was five years on from a separation that had left her rebuilding on one income. She worked full time, rented a home she liked and had two young-adult children. Years of part-time work while raising them had also left her with less super than she wanted.

Debt was something she avoided looking at closely. Her personal loan was about $28,000 at 17% interest, according to her recollection, and she also had a credit card balance. Afterpay had started during her first Christmas on her own and then continued taking several instalments from each fortnight.

"I would just sort of sweep [it] under the carpet."

She remembers paying $400 a fortnight towards the personal loan and around $170 a month on the card.

How she found us

At a work conference, Helen heard a speaker talk about taking control of money, checking interest rates and using a free budgeting app. WeMoney was one of the apps mentioned. Helen downloaded it for the budgeting and paused when asked to connect her bank accounts.

She checked WeMoney through Google and read the reviews before continuing. Once satisfied, she connected her accounts and could see the loan, credit card and other commitments together.

How WeMoney helped

About a week after joining, Helen saw a refinance option in WeMoney. The matched lender was offering a rate she remembers as almost 10 percentage points lower than the 17% rate on her existing loan.

"I would have never... gone to that [lender] if it wasn't for WeMoney."

Helen chose to refinance the personal loan and include the credit card balance in a new loan of about $36,000. WeMoney's role was to show the matched option and estimated repayment. The lender remained responsible for the credit decision, contract and settlement.

Helen found the application straightforward. "It was very basic. In fact... I signed the thing and it was done." After settlement, she would have preferred clearer information about statements and extra repayments. When she later emailed the lender, she received a quick response with the details she needed.

After WeMoney

The personal loan and credit card became one repayment.

Helen dealt with Afterpay separately. She paid the remaining instalments and closed the account herself. The credit card balance was cleared through the refinance, although she was still deciding whether to close the card completely.

Three months later, she had started putting small amounts into shares and was thinking about extra super contributions. Her longer-term goal is to own a home.

"I did it and I'm doing it... I'm really proud of that."

Compare more than the repayment

Connecting your accounts in WeMoney can show your loans, cards and repayments together. You can then review refinance or consolidation options you may be eligible for and compare the rate, term, fees, repayment and total amount repayable with your existing debts.

Helen's rates, timing and repayment change are her individual experience. Outcomes vary by member and lender, and her story is not a promise that another person will receive the same result.

See what one repayment could look like for you

Try the free debt consolidation calculator to compare your current repayments with one consolidated loan. To see your debts together first, download WeMoney for iOS or Android.