What personal loans does OurMoneyMarket offer?
OurMoneyMarket currently offers unsecured personal loans with a fixed rate where you can borrow between $2,001 and $75,000 over a loan term of 1 to 7 years. The loans can be used for any legitimate purpose, including purchasing a car, or to fund home improvements, a wedding, holiday, an unexpected medical bill, education expenses and debt consolidation.
The interest rate you receive will depend on your credit history and financial circumstances, so if you’re a trustworthy borrower you’ll get to enjoy some competitive rates.
OurMoneyMarket’s fixed interest rates start from 6.75% p.a. (comparison rate: 6.96% p.a).
What features does an OurMoneyMarket personal loan offer?
- Flexible repayment schedule: You can make repayments on a weekly, fortnightly or monthly basis.
- Unsecured loan: You don’t have to offer up any security for the loan.
- Personalised interest rate: Borrowers will receive a personalised interest rate based on their credit history and financial situation. In short, the better your credit history is, the more competitive rate you will receive. On the other hand, if your credit history is poor you could be made to pay a higher interest rate.
- Quick online application: OurMoneyMarket has a fuss free online application process, you can apply 100% online and be approved in minutes.
- No ongoing fees: Borrowers will only be charged a one off establishment fee which gets added to your loan amount. There are no monthly fees, extra repayment fees, or early exit fees.
- Extra repayments: You can make extra repayments without being charged a fee for doing so.
What are the fees on OurMoneyMarket’s personal loans?
OurMoneyMarket charges a once off establishment fee which is between 1.5% - 6% of the loan amount. The amount of the establishment fee is determined on a loan to loan basis. This fee gets added onto your loan amount, which means it’s included in your scheduled loan repayments and the comparison rate.
There are no monthly fees, early exit fees or prepayment fees.
How to apply for an OurMoneyMarket personal loan
To applying for a personal loan with OurMoneyMarket, you need to satisfy the eligibility criteria:
- You must be at least 18 years old
- You’re an Australian resident
- Your after-tax income must be at least $25,0000 per annum
- You must have an acceptable credit history
- You’re not in financial hardship with another lender
- You have no undischarged bankruptcy listings on your credit file
If you’ve met the criteria, you can begin your application. You can then request a free quote online which will tell you what interest rate you’ll likely be charged - doing this will not impact your credit score.
Then just fill out a quick 5 minute form online. You will need to provide 3 months worth of bank statements.
Once you’ve applied, your application will be assessed and you’ll know the outcome in as little as 1 minute.
If you’re successful and your loan has been 100% funded, you will receive a loan offer and your funds will arrive in your account within one to three business days.