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 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 |
On top of personal loans, OMM also offers car loans. OMM will finance new or used vehicles up to seven years old. 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 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 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. 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. 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 Loan applications can take as little as five minutes, with approval in as little as a minute. OMM provides unsecured fixed-term loans for anything from debt consolidation to the purchase of a vehicle. Photo by Avel Chuklanov on UnsplashOMM Car Loans
OMM car loan benefits
OMM interest rates
Why choose OMM for personal loans?
OMM personal loan criteria
OMM Important People
Frequently Asked Questions
How long does OMM take to approve a personal loan?
What other loans does OMM provide?
Brooke Cooper
Aaron Bell
Jacob Cocciolone
