Whether you need a personal loan to fund some home renovations, a car, a wedding or other life expenses, finding the right lender 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. Here's what to know about its range of personal loans.
| Lender | Car Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Interest Type | Secured Type | Early Exit Fee | Ongoing Fee | Upfront Fee | Total Repayment | Early Repayment | Instant Approval | Online Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 |
What is OMM?
Founded in 2017, OurMoneyMarket, or OMM, is one of Australia's newest and largest peer-to-peer personal loan providers. Peer-to-peer means that the funding for the loans comes from investors - the interest paid by the borrower is the return, although obviously OMM also take a cut.
OMM says that this type of lending can deliver more competitive rates, and a "better deal for all".
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 to a maximum of $75,000. These loans can be used for debt consolidation, home improvements, medical/dental bills, education, weddings and holidays.
OMM Car Loans
OMM also offers secured loans that can go towards a range of new or used vehicles. Cars, motorbikes and boats are all usually eligible, no matter how old.
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Loan terms vary from one to seven years
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The minimum loan size is $5,000, up to $100,000.
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Loans can either be secured or unsecured.
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Repayments can be made either weekly, fortnightly or monthly.
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Interest rates are fixed, meaning repayments won't fluctuate like they could with a variable rate.
On top of that, there are no account keeping fees, no prepayment fees and no early exit fees.
OMM interest rates
OMM offers tiered interest rates based on your credit score, using credit reporting bureau illion for its credit assessment process. illion's credit score breakdown is as follows:
| Rating | Illion |
|---|---|
| Excellent | 800-1000 |
| Great | 700-799 |
| Good | 500-699 |
| Room for improvement | 300-499 |
| Low | 1-299 |
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.
Are OMM personal loans worth it?
There are a few other things to take into account if you're considering a loan with OMM
OMM personal loan criteria
To apply for a loan with OMM you'll need to:
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Be at least 18 years old
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Be an Australian citizen or permanent resident
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Be employed or receiving a pension. Centrelink as a secondary income is allowed
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Have no defaults or active payday loans
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Not have been bankrupt, or party to a court judgement
To be eligible for an unsecured loan, you'll also:
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Need an after tax income greater than or equal to $25,000 p.a
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Have an acceptable credit history with OMM's credit bureau of choice
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Not be in hardship with another financial provider
You will also need to provide personal and financial information as part of your application as well as three months' worth of bank statements.
Application process
OMM offers a fast application process. This is totally digital and supposed to take just five minutes - with a subsequent decision in under sixty seconds. There is also a no-obligation quote available that gives borrowers an indication of their rate without an application that could impact their credit score.
Fees
OMM does not charge account keeping, exit or early repayment fees. However, there is a one off establishment fee, calculated as a percentage of the loan amount. This can be anything from 1.5% to 6%, $250 at minimum.
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. As OMM is a peer-to-peer loan provider, your loan will then be placed on the investor marketplace where investors can choose to fund it. This can take as little as a day.
What other loans does OMM provide?
OMM is a peer-to-peer personal loan provider, providing unsecured fixed-term loans for anything from debt consolidation to the purchase of a vehicle.
First published on January 2022
Photo by Avel Chuklanov on Unsplash
Harry O'Sullivan
Brooke Cooper
Denise Raward
