OurMoneyMarket’s personal loans are best-suited to borrowers with good credit scores, as they will be rewarded with competitive interest rates. Additionally, borrowers do not have to worry about account keeping fees or prepayment fees, and are offered the assurance of a fixed interest rate that won’t fluctuate with the market, which will aid them in managing their finances and budgeting.
Pros
- No early exit fees
- No prepayment fees
- No account keeping fees
- Funds can be deposited as soon as the next day
Cons
- $25 dishonour fee if cannot process direct debit
- $35 late payment fee payable 5, 14, 21 and 30 days after the payment date
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Key Features
OurMoneyMarket, or OMM as it’s referred to, is an online only lender, offering a choice of secured or unsecured personal loans to Australian customers. These loans can then be used to fund cars, renovations, holidays and even a wedding.
The key features include:
- Loan amounts of $2,001 to $75,000
- Loan terms of one to seven years
- Fixed rate from 6.57% to 18.99% depending on credit history
- Comparison rate from 7.19% to 21.78% per annum
- Choice of weekly, fortnightly or monthly repayments
What is OurMoneyMarket?
Key to OurMoneyMarket’s stated philosophy is ensuring borrowers with good credit history are rewarded with better rates. It therefore currently rewards excellent borrowers with interest rates from 6.57% and a comparison rate from 7.19% per annum. The latter combines the interest rate, fees and charges, and is used by lenders to provide a more accurate picture of what you can expect to pay.
Regulated by the Australian Securities and Investments Commission (ASIC), the fintech provides personal loans through the OurMoneyMarket Investment Trust. The business is operated fully online using cloud-based technology. It was founded in 2017, and uses a low-cost operating model compared to many traditional banks, which it argues, enables it to pass on savings to its customers in the form of lower rates. Customers have scored the lender 4.4 out of five stars across 713 reviews on productreview.com.au. Positive reviews cited the smooth loans process, while a handful of negative reviews complained of poor customer service and difficulty getting in touch.
Will I Be Eligible For A Loan With OurMoneyMarket?
As typical of lenders in Australia, OurMoneyMarket requires borrowers to be at least 18 years of age, and an Australian citizen or permanent resident. They must be in active employment or receive a pension, although Centrelink may be used as a second income to supplement regular income. They must have no paid or unpaid defaults or active payday loans, must not have previously experienced, or be currently experiencing bankruptcy, or be party to a court judgement.
What Kind Of Loan Can I Get?
OurMoneyMarket offers personal loans to help consolidate debt and help fund:
- a holiday
- a wedding
- medical costs
- dental costs
- vet expenses
- education
- home improvements
- a car/motorbike/motorboat/caravan.
The lender also offers loans for home pool and spa installations, and what it terms ‘green loans’ to help cover your next sustainable project, such as the installation of solar panels, rainwater tanks, electric vehicle charging stations and other energy-efficient home modifications.
OurMoneyMarket offers fixed rate unsecured and secured loans, from $2,001 to $75,000, which can be repaid over a term of one to seven years. Secured loans require you provide an asset, such as your car, as security for the loan. If you don’t pay back the loan back on time, OurMoneyMarket could repossess it and sell it. Repayments can be made weekly, fortnightly or monthly.
How Do I Apply To Borrow Through OurMoneyMarket?
You can first use OurMoneyMarket’s quotation tool to find out what your repayments could be, based on the amount you wish to borrow, and the amount of time you need to pay it back.
Once you’ve ensured the estimated repayments are affordable, you can fill out the online application, which is the only way to apply for finance from this lender. OurMoneyMarket claims the application takes five minutes, while applicants can expect a decision in under a minute after completion. Funds can then be deposited into your account as early as the next day.
Is Borrowing Through OurMoneyMarket Right For Me?
You may want to consider OurMoneyMarket if you’re paying a high interest rate on debt that you already have, and wish to roll your debt into one consolidated loan, with less interest to pay. You can run a quote on the lender’s website to work out if you will in fact repay less with one of its consolidation loans, compared to what you currently repay on your debt, before deciding whether it’s worth applying.
A personal loan from this lender can also offer good value if you have a healthy credit score, and you are offered one of its lower interest rates. Additionally, there are minimal fees to pay, if you stick to making repayments in full and on time. Also, you are not financially penalised for paying off your loan early. Finally, it’s worth pointing out that the application process is completely online, and OurMoneyMarket claims to provide a decision in under a minute, and deposit funds as early as the day after applying, which helps if you want quick access to a loan. However, bear in mind that OurMoneyMarket operates online only, which may not suit everyone.
Alternatives to OMM
It cannot be overlooked that while OurMoneyMarket’s lowest interest rate is competitive, there are other lenders currently offering loans starting with lower interest rates. However, a loan’s interest rate is only one of a number of variables you would need to consider before deciding whether it’s right for your personal circumstances. Other considerations include the amount you can borrow, the loan term and any fees. There may be a one off establishment fee to take out the loan, a monthly account keeping fee, a charge for late repayments and more. You can find the full terms and conditions of a loan, and the fees charged, on the lender’s website, or should be able to request them. The same applies for other types of credit.
You may be able to take out a no-interest loan with another lender, if you want to borrow a smaller sum of money, such as $2,000. Equally a line of credit may be a more suitable choice if you need to borrow a large sum of money, without the restriction of a loan term, but you’ll likely need a super healthy credit rating to be accepted for this credit product. Key to finding the right form of credit for you, and a deal which could save you thousands in interest rates and fees, is to shop around. In any scenario, you’ll likely be able to get a free online quote on the lender’s website. However, on applying for the credit product, a lender will assess whether you can afford to repay it by running a credit check, which can negatively affect your credit rating if your application is not accepted, and you reapply for credit soon after. Equally, submitting multiple applications at the same time can also be damaging to your credit file.
If your application is accepted, make sure to make repayments in full and on time. Doing so can boost your credit score, while it could harm your credit file, and you could incur missed payment fees, if you fall behind. Also, ensure a lender doesn’t charge an exit early fee if you intend to pay off your debt early.
If you’re struggling with repayments, you can call the National Debt Helpline on 1800 007 007 for advice.
Frequently Asked Questions (FAQs)
Who founded OurMoneyMarket?
OurMoneyMarket was founded in 2017, by Steve Lambert, Adam Sutherland, Crystal Anderson and Bruce Sutherland, who all still play major roles within the company, which is based in Adelaide.
Is OurMoneyMarket safe?
OurMoneyMarket is a reputable lender, regulated by ASIC, which is responsible for enforcing laws to protect Australian consumers.
All reputable lenders should hold a credit licence number that you can find on its site. OurMoneyMarket’s is: 488228. You can verify a credit licence number by checking ASIC’s professional registers site.
How do I contact OurMoneyMarket?
You can contact OurMoneyMarket’s customer service team on: 1300 990 115, Monday to Friday, between 11am and 4pm CST. It closes for state-based and national public holidays.
Written enquiries can be sent to: info@ourmoneymarket.com or:
GPO Box 11046, Adelaide, SA, 5001.
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