OurMoneyMarket Personal Loan Review

Find out more about OurMoneyMarket personal loans to help you lock in the best deal for your needs.

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, updated on May 28th, 2024       

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OurMoneyMarket (or OMM) is an online lender with offices in Adelaide and Melbourne which specialises in personal loans, as well as finance for cars and other leisure vehicles.

When it comes to sourcing the right personal loan for your needs, it’s crucial to know about the different products available to you inside and out, which is why it’s so valuable to be able to compare a variety of offers with Savvy.

We’ve broken down the key elements of OurMoneyMarket’s personal loan offerings so you can make an educated choice on which is best for you. Start the process of comparing with us today.

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*Please note that Savvy does not represent OurMoneyMarket for their personal loan product.

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The features and benefits of OurMoneyMarket personal loans

Interest rates from 6.57% p.a. (7.19% p.a. comparison)

OMM offers their personal loans starting from highly competitive minimum rates, helping you secure the lowest interest deal on your personal loan.

Borrow up to $75,000

You’ll be able to take out a loan worth as much as $75,000 with OMM (depending on how much you can afford), making these loans suitable for needs big or small.

One- to seven-year terms

With the option to repay your loan over as little as one year or as long as seven, you can tailor your finance term to ensure your repayments are comfortable for you.

No monthly fees

You won’t be charged any ongoing fees on top of your regular loan interest, reducing the amount you’ll be required to pay per instalment across your term.

Unsecured personal loans

Don’t worry about putting up an asset, such as a car or another vehicle, as collateral for your loan, as OMM offers unsecured finance to make it more accessible to more people.

Choose your preferred payment frequency

On top of choosing your ideal loan term length, you can also decide whether to make your repayments on a weekly, fortnightly or monthly basis in line with your preferences.

The pros and cons of OurMoneyMarket personal loans

PROS

Low minimum and high maximum

OMM’s borrowing range is wide, with a minimum of just $2,001 up to a maximum of $75,000 meaning they’re highly versatile to help you access the funds you need.

No early repayment fees

If you find yourself in a position to be able to repay your loan ahead of schedule or wish to make added payments on top of your current ones, you can do so at no extra cost.

Get a decision in just one minute

OMM’s online process is very fast and convenient and can provide you with a decision on your application as soon as one minute after you send it off for assessment.

CONS

Percentage establishment fee

You’ll be charged an establishment fee based on a percentage of your loan amount (which is determined by your credit score) from 1.5% to 6% (minimum $250).

Less accessible to borrowers with poor credit

If you have a bad credit score or have otherwise struggled in the past, it may be more difficult for you to be approved for finance (although you still may be approved in this situation).

No secured personal loans

There aren’t any secured personal finance options available from OMM, meaning their car and other asset finance may not be your most affordable option.

More about OurMoneyMarket personal loans

How do I apply for a personal loan with OurMoneyMarket?

The personal loan application process with OMM is a quick and simple one, taking place 100% online from start to finish. The process you can follow to get your application approved is as follows:

  • Compare offers with Savvy and, once you’re settled on OMM as the best option for you, click through to their site from here to get started
  • Complete an obligation-free quote to receive an indication of what your interest rate and other fees may be and, if you’re happy with it, proceed with the application
  • Fill out their online application form, which will involve filling out your contact information, loan purpose, residential status, employment, income and expenses and supply photo ID
  • Receive an instant outcome within just one minute of submitting your application. If successful, OMM will review your application before offering formal loan approval
  • If approved, you’ll receive a loan offer to sign and return, after which your funds can hit your nominated account as soon as one business day thereafter

What are the eligibility criteria for OurMoneyMarket personal loans?

There are several key criteria to consider when applying for a personal loan through OMM. The important points to consider before you apply are:

  • You must be at least 18 years of age or older
  • You must be earning at least $25,000 per year (after tax)
  • You must have an acceptable credit history (as decided by OMM)
  • You mustn’t have any undischarged bankruptcies on your file or be in hardship with a different financier

Frequently asked questions about OurMoneyMarket personal loans

What will I be able to use my OurMoneyMarket personal loan for?

OMM’s personal loans are designed to be highly flexible and can be used for a variety of different purposes. Some of the key areas advertised on their site include the following:

  • Debt consolidation loans
  • Wedding loans
  • Holiday loans
  • Home improvement loans
  • Medical loans
  • Car loans
Can I apply for a personal loan with my partner with OurMoneyMarket?

Yes – in your OMM application, you’ll be asked whether one or two applicants are being listed on the form. Opting for a joint loan with your partner can help you manage your loan repayments more effectively and can often result in lower interest rates, as lenders will typically deem them as less of a risk given that there are two sets of incomes on the agreement.

Do I have to apply after I get a quote with OurMoneyMarket?

No – OMM’s quotes are obligation-free, meaning you won’t be required to follow through with the application if all you’re looking to do is get an indication of a potential rate.

Should I stretch out my loan repayments over a longer period?

There are distinct advantages and disadvantages to choosing a personal loan with a longer repayment term. The main benefit is that your monthly repayments will be cheaper, freeing up more space in your budget for other spending. However, the longer your personal loan runs, the more you’ll have to pay in interest. For example, while a $30,000 loan at 7.5% p.a. over five years would cost you just over $6,000 in interest, shortening it by just one year would save you over $1,250 in total.

Why is it important to compare personal loans with Savvy?

Comparing personal loans in Australia is a simple and effective way to help you cut down on the cost of your loan. By considering a greater number of options, rather than choosing the first one you see, you can pick out the one with the lowest rates and fees and overall best conditions with more confidence. We’re partnered with some of the top personal loan financiers in Australia to give you more options when it comes to your personal loan.

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