Cheap personal loans from OMM

What You Should Know About OMM Unsecured Personal Loans.

Whether you need a personal loan to finance some home renovations, a car, a wedding, or other incidental living expenses, finding the right provider can be difficult. The interest rate is just one thing to look out for – repayment terms and flexibility are other important factors.

OurMoneyMarket, or OMM, is one of the best known personal loan providers in the Australian market. Find out what the brand has to offer below.

Who is OMM?

Founded in 2017, OurMoneyMarket, or OMM, is one of the newest and largest personal loan providers in Australia. Peer-to-peer essentially means that there are investors at the other end of your loan, i.e. you as the borrower pay nominal interest and investors also receive a return on their investment. OMM says this type of lending can offer more competitive rates and “better business 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 up to a maximum of $ 75,000. OMM offers personal loans for debt consolidation, home improvement, doctor / dental bills, education, weddings, vacations, cars, trailers, motorcycles and boats.

Here is a snapshot of OMM’s personal loans.

The interest rates are based on a $ 30,000 loan for five years. * Warning: This price comparison is for this example only and may not include all fees and charges. Different terms, fees or other loan amounts can lead to a different comparable interest rate. The prices are correct as of January 5, 2022. Show disclaimer.

See how OMM Personal Loans compare to some of the cheapest personal loans on the market.

The interest rates are based on a $ 30,000 loan for five years. * Warning: This price comparison is for this example only and may not include all fees and charges. Different terms, fees or other loan amounts can lead to a different comparable interest rate. The prices are correct as of January 5, 2022. Show disclaimer.

OMM offers tiered interest rates based on your creditworthiness and uses the credit reporting agency illion for its credit assessment process. The illion credit breakdown is as follows:

evaluation

Excellent

800-1000

Very good / great

700-799

Good

500-699

Average / sufficient

300-499

Below average / weak

1-299

There is usually no charge to check your creditworthiness. With our credit rating calculator you can get a rough idea of ​​your credit rating.

Why Choose OMM for Personal Loans?

OMM has several standout features of its personal loans that go beyond just competitive interest rates. Some features include:

  • Fast application: Fully digital and in five minutes, with a decision in less than a minute.

  • ‘Free offer’: A non-binding offer gives the borrower an indication of his interest rate without an application for a credit report appearing or affecting it.

  • No hidden fees: No maintenance fees, no exit fees, and no early repayment fees.

OMM Personal Loan Criteria

In addition, you must provide personal and financial information as well as bank statements for three months as part of your application.

OMM important people

  • Steve Lambert – Chairman

  • Adam Sutherland – Founder & CEO

  • Crystal Anderson – Co-Founder & COO / CFO

  • Bruce Sutherland – Co-Founder and Director

  • Chris Kok Wan Chun – Non-Executive Director

  • Roger Lee – CTO

frequently asked Questions

How long does it take for OMM to approve a personal loan?

Loan applications can take as little as five minutes, with approval in less than a minute. Since OMM is a peer-to-peer loan provider, your loan will then be placed on the investor marketplace where investors can choose whether to fund it. This can take up to a day.

What other loans does OMM offer?

OMM is a peer-to-peer personal loan provider offering unsecured loans with a fixed term from debt consolidation to vehicle purchase.


Photo by Avel Chuklanov on Unsplash

When selecting the above products, the entire market was not considered. Rather, a stripped-down part of the market was considered. Some vendors’ products may not be available in all states. In order to be considered, the product and price must be clearly published on the product provider’s website. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group is associated with the Firstmac Group. To learn how Savings Media Group handles potential conflicts of interest and how we are paid, please visit the website links at the bottom of this page.

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