What you should know about OMM's personal and car loans.
Whether you need a personal loan to fund some home renovations, a car, a wedding or other life expenses that pop up, finding the right provider can be tough. The interest rate is just one thing you need to look at - loan terms and flexibility are other big factors, too.
OurMoneyMarket, or OMM, is one of the more prominent personal loan providers in the Aussie marketplace. Find out what the brand has to offer below.
Who is OMM?
Founded in 2017, OurMoneyMarket, or OMM, is one of Australia’s newest and largest personal loan providers with more than $300 million in loans on its books. OMM has more than half a billion dollars in loan facilities and sources wholesale funding from the likes of Bendigo Bank, Commonwealth Bank and others.
OMM Personal Loans
OMM offers unsecured fixed-rate personal loans that can be repaid weekly, fortnightly, or monthly over a period of one to seven years up to a maximum of $75,000. OMM provides personal loans for debt consolidation, home improvements, medical/dental bills, education, weddings, holidays, cars, caravans, motorcycles, and boats.
Here's a snapshot of OMM's personal loans.
Lender | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed | Unsecured | N/A | More details | ||||||||||
| FEATUREDAPPLY ONLINE | Low Rate Personal Loan Unsecured (Excellent Credit)
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Low Rate Personal Loan Unsecured (Excellent Credit)
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| Fixed | Unsecured | N/A | More details | ||||||||||
Low Rate Personal Loan Unsecured (Outstanding Credit)
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Low Rate Personal Loan Unsecured (Outstanding Credit)
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| Fixed | Unsecured | N/A | More details | ||||||||||
Low Rate Personal Loan Unsecured (Very Good Credit)
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Low Rate Personal Loan Unsecured (Very Good Credit)
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*Comparison rates based on a loan of $30,000 for a five-year loan term. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate, Rates correct as of May 25, 2022. View disclaimer.
See how OMM personal loans compare with some of the lowest rate personal loans on the market.
Lender | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed | Unsecured | N/A | More details | ||||||||||
| FEATUREDAPPLY ONLINE | Low Rate Personal Loan Unsecured (Excellent Credit)
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Low Rate Personal Loan Unsecured (Excellent Credit)
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| Fixed | Unsecured | N/A | More details | ||||||||||
| CHECK YOUR RATE IN 2 MINUTES | Unsecured Loan (Excellent Credit)
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Unsecured Loan (Excellent Credit)
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| Fixed | Unsecured | N/A | More details | ||||||||||
Low Rate Personal Loan (Excellent Credit) | |||||||||||||
| Fixed | Unsecured | N/A | More details | ||||||||||
Liberty Personal Loan (Very Good Credit History) | |||||||||||||
- No extra repayment or early exit fees
- No ongoing fees
- Up to $75,000 in loan amounts
- Funding approved within 24 hours
*Comparison rates based on a loan of $30,000 for a five-year loan term. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate, Rates correct as of May 25, 2022. View disclaimer.
OMM Car Loans
On top of personal loans, OMM also offers car loans. OMM will finance new or used vehicles up to seven years old.
- Loan terms vary from one to seven years, with anywhere from $2,001 to $75,000 able to be borrowed.
- Loans can either be secured or unsecured.
- Repayments can be made either weekly, fortnightly or monthly.
- Interest rates are fixed, meaning repayments won't fluctuate like they could with a variable rate.
OMM car loan benefits
OMM car loans benefit from having no account keeping fees, no prepayment fees and no early exit fees. On top of that, OMM caters towards a variety of borrowers' credit ratings, detailed further below.
OMM doesn't stop at car loans - automotive finance can be used for anything from cars to motorbikes to motorboats. Loan applicants can borrow up to $75,000, which gets you a lot of car, many more motorbikes, or a nice-sized boat.
The application process is 100% online, with conditional approval offered in minutes. It starts with getting a free quote, followed by a five minute application, and a decision can usually be delivered in one minute.
To see how OMM's car loans compare to others, refer to the table below.
Lender | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | New | 1 year | More details | ||||||||||
| FEATUREDNO ONGOING FEES | New - Prime Special
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New - Prime Special
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| Fixed | New, Used | 99 years | More details | ||||||||||
| FEATUREDAPPLY ONLINE | Car Loan
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Car Loan
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| Fixed | New | 2 years | More details | ||||||||||
| NO ONGOING FEES | New Car Loan
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New Car Loan
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| Fixed | New | 2 years | More details | ||||||||||
| QUICK APPLICATION PROCESS WITH NO FEES | New Vehicle Fast Loan Low Rate
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New Vehicle Fast Loan Low Rate
| |||||||||||||
| Variable | New | 1 year | More details | ||||||||||
| FEATUREDAPPLY ONLINE | |||||||||||||
Electric and Hybrid Car Loan | |||||||||||||
- Unlimited extra repayments
- Flexible repayment options
- Can apply online
- You could win a $1,000 fuel gift voucher. Open to customers who settle a car loan with loans.com.au. Terms and conditions apply.
*Comparison rates based on a loan of $30,000 for a five-year loan term. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of May 25, 2022. View disclaimer.
OMM interest rates
OMM offers tiered interest rates based on your credit score, using credit reporting bureau illion for its credit assessment process. Checking your credit score is generally free. You can use our credit score calculator to get a rough idea of what your credit score might be.
illion’s credit score breakdown is as follows:
|
Rating |
illion |
|---|---|
|
Excellent |
800-1000 |
|
Very good/Great |
700-799 |
|
Good |
500-699 |
|
Average/Fair |
300-499 |
|
Below average/weak |
1-299 |
Why choose OMM for personal loans?
OMM has several standout features on its personal loans beyond just competitive interest rates. Some features include:
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Fast Application: Totally digital and takes five minutes, with a decision in under a minute.
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'Free Quote': A no-obligation quote gives borrowers an indication of their interest rate, without an application showing up on or affecting a credit report.
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No Hidden Fees: No account keeping fees, no exit fees and no early repayment fees.
OMM personal loan criteria
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Be at least 18 years old
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Be an Australian citizen or permanent resident
You will also need to provide personal and financial information as part of your application as well as three months' worth of bank statements.
OMM Important People
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Steve Lambert - Chairman
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Adam Sutherland - Founder & CEO
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Crystal Anderson - Co-Founder & COO/CFO
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Bruce Sutherland - Co-Founder & Director
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Chris Kok Wan Chun - Non-Executive Director
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Roger Lee - CTO
Frequently Asked Questions
How long does OMM take to approve a personal loan?
Loan applications can take as little as five minutes, with approval in as little as a minute.
What other loans does OMM provide?
OMM provides unsecured fixed-term loans for anything from debt consolidation to the purchase of a vehicle.
Photo by Avel Chuklanov on Unsplash
