How WeMoney helped K. get a car loan after his bank said no

K.'s story at a glance

• Member: K., in his mid-40s, married with kids, works full-time in a supermarket distribution centre as a trainer and forklift driver
• Before WeMoney: two mortgages, his home and an investment property, had stretched his serviceability enough that his own bank declined him a car loan
• What he did: applied for an unsecured personal loan through WeMoney rather than putting the car up as security
• How WeMoney helped: matched him with SocietyOne, a lender he'd never heard of, after his bank said no
• His experience: approved for $40,000 at about $160 a week, lower than the roughly $200 he expected, with the funds landing fast once he signed
• After: a seven-seater the family fits in, lower stress, and a second, smaller loan through WeMoney later for a family trip
• Not perfect: he wants the budgeting side of the app to be clearer, and feels it leans too hard into selling more products

Before WeMoney

K. is in his mid-40s, married, and works full-time in a supermarket distribution centre, training other staff and driving a forklift as an order selector. He spent 15 years in a similar role at a previous employer, until that site was automated and he was made redundant.

He used the redundancy payout to help support his wife's family through a difficult stretch, and to buy an investment property on top of the family home.

"I figured this was a good chance for me to grow my wealth a little bit, get a little bit more financially stable in the future when my children might need some financial assistance. I didn't get much myself, so I wanted to change that for my kids."

Two mortgages made things tight. In the early years, the rental income on the investment property didn't cover its mortgage, so he was topping it up himself, and that stretched what the family had to work with.

By the time his oldest daughter was old enough for her licence, he was ready to hand her his current car and needed a seven-seater for the rest of the family. He went to his own bank first.

"We approached the bank first and it was a no, due to my stretched serviceability. It was quite annoying. So we'll be looking at either selling one or both of our properties."

He is relaxed about debt in general.

"I've got no issue with debt whatsoever. Debt is tax free, so I use it to my advantage wherever possible."

How he found us

K. came across WeMoney through a reel on social media. He can't remember much about the ad beyond a debt consolidation angle and a loan amount roughly in the range he was after. He downloaded the app to apply, having never had it before, and applied through a couple of other providers at the same time.

"I heard about you guys through social media and tried a couple of other places at the same time. You were far superior in terms of your efficiency and the ease of the process, a lot less stressful. So I told the other companies I wasn't interested and stuck with you."

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How WeMoney helped

K. applied for an unsecured personal loan rather than financing the car itself, because he didn't want the car put up as security. WeMoney matched him with SocietyOne, a lender he'd never heard of before, out of a couple of options he was offered.

He was approved for $40,000, at repayments of about $160 a week.

"I was surprised they were so small. They're about $160 a week and I was expecting more around the $200 mark, so I was pleased with that. I always like to select the maximum term, to do the lower repayments."

SocietyOne remained responsible for the credit decision, the loan contract and the funds being paid out. WeMoney's role was to show K. the lenders he'd matched with and let him compare them before he went ahead. Once he signed, the money landed quickly.

"The turnaround between signing the forms and the money in the account was super fast. It was great service."

What could be better

K. is upfront that the app hasn't given him everything he wanted, particularly on budgeting.

"All I really want from a budgeting app, to be honest, is just to be able to see it really simply broken down right in front of me. Even something as simple as a pie chart, just to see exactly where the money's going."

He'd also like less emphasis on being offered more products once he's already got what he came for.

"I understand the company's need to push more products, but it can be overwhelming, especially when you've already received what you need. All I want to see is how I can be better moving forward."

That feedback has gone to WeMoney's product team.

After WeMoney

K. got his seven-seater, and sums up the whole process in one line.

"Low stress, would recommend."

Asked whether consolidating with WeMoney changed his financial situation, he doesn't hesitate.

"Definitely lowered stress. And with the funds lent, it's made life easier."

He later went back to WeMoney for a second, smaller loan to cover a family trip away, after a stretch of supporting his mother-in-law financially following his father-in-law's death overseas.

"I did use it for another small loan to travel away with, a short-term thing. We've had to support her mother financially, a little bit, from time to time, which is no problem. It just left us a little bit short in terms of having enough money for me to feel comfortable. Repayments are about $40 a week, and I've got the plan of paying it out, as long as the exit fees aren't too exorbitant, once the tax return comes through in a month or so."

Asked to compare WeMoney with a major bank, he lands on trust.

"If someone's willing to give you a go, like WeMoney did for me, I feel more respectful of them. They gave me a chance to lend money when the bank didn't. They helped me out when I needed help, when the bank didn't."

He'd recommend WeMoney to friends and family without hesitation.

A serviceability decline from one lender is not the whole market

A decline because your mortgage or other loans have stretched your serviceability reflects one lender's calculation of your income against your existing debts, not every lender's. Connecting your accounts in WeMoney can show your loans and repayments together, and you can then review options you may be eligible for and compare the rate, term, fees, repayment and total amount repayable before deciding whether to continue.

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K.'s figures, approval and experience are his individual experience. Choosing a longer loan term can lower the periodic repayment, but it does not automatically mean a lower total cost, and usually means more interest paid over the life of the loan. Eligibility and outcomes vary by member and lender, and his story is not a promise that another person will be approved or receive the same result.

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