LOL Money

First-account app for school leavers with a payday countdown and a micro-credit slider capped at $400, quoting the fee in dollars and the repayment date before approval.

About

LOL Money was started in 2023 in a Leederville share-house by a former Year 12 maths teacher who kept marking the same sum: a school leaver's first pay packet minus a text-message loan. Its customers are sixteen to twenty-one, holding a first apprenticeship, hospitality roster or uni offer. The account opens from a phone in a few minutes, and the micro-credit tops out at four hundred dollars, repays within six weeks, and shows its fee in dollars before the tap. There are no rollovers and no second loan until the first is cleared. The voice is group chat: lowercase, one joke per screen, and never a joke about the fee. The mark is a laughing speech bubble, eyes squeezed shut above a gold coin grin, because that was the face the class made at the whiteboard sum.

Details

Industry

banking, non-bank-lending

Sector

Youth account and micro-credit

Product

LOL Money

Legal entity

LOL Money Pty Ltd

ABN

65545734398