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.

Update resultsUpdate
LenderCar LoanInterest Rate Comparison Rate* Monthly Repayment Interest Type Secured Type Early Exit Fee Ongoing Fee Upfront Fee Total Repayment Early Repayment Instant Approval Online Application TagsFeaturesLinkCompare
6.57% p.a.
7.19% p.a.
$614
Fixed
Unsecured
$150
$0
$250
$22,090
6.57% p.a.
7.19% p.a.
$614
Fixed
Unsecured
$150
$0
$250
$22,090
6.57% p.a.
7.19% p.a.
$614
Fixed
Unsecured
$150
$0
$250
$22,090
6.57% p.a.
7.19% p.a.
$614
Fixed
Unsecured
$150
$0
$250
$22,090
6.57% p.a.
7.19% p.a.
$614
Fixed
Unsecured
$150
$0
$250
$22,090
6.57% p.a.
7.19% p.a.
$614
Fixed
Unsecured
$150
$0
$250
$22,090
6.57% p.a.
7.19% p.a.
$614
Fixed
Unsecured
$150
$0
$250
$22,090
6.57% p.a.
7.19% p.a.
$614
Fixed
Unsecured
$150
$0
$250
$22,090
6.57% p.a.
7.19% p.a.
$614
Fixed
Unsecured
$150
$0
$250
$22,090
6.57% p.a.
7.19% p.a.
$614
Fixed
Unsecured
$150
$0
$250
$22,090
Important Information and Comparison Rate Warning

Rates correct as of . View disclaimer.

Important Information and Comparison Rate Warning

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 $5,000 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.

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:

  • Fast Application: Totally digital and takes five minutes, with a decision in under a minute.

  • '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.

  • No Hidden Fees: No account keeping fees, no exit fees and no early repayment fees.

OMM personal loan criteria

  • Be at least 18 years old

  • 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

  • Steve Lambert - Chairman

  • Adam Sutherland - Founder & CEO

  • Crystal Anderson - Co-Founder & COO/CFO

  • Bruce Sutherland - Co-Founder & Director

  • Chris Kok Wan Chun - Non-Executive Director

  • 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