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.
*Please note that Savvy does not represent OurMoneyMarket for their personal loan product.
The features and benefits of OurMoneyMarket personal loans
OMM offers their personal loans starting from highly competitive minimum rates, helping you secure the lowest interest deal on your personal loan.
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.
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.
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.
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.
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
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.
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
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