Low rate personal loans by OMM

What you need to know about unsecured personal loans from WMO.

Whether you need a personal loan to finance home renovations, a car, a wedding, or other life expenses that arise, it can be difficult to find the right provider. The interest rate is only one thing you need to consider – loan terms and flexibility are other important factors as well.

OurMoneyMarket, or OMM, is one of the largest 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 Australia’s newest and largest peer-to-peer personal loan providers. Peer-to-peer basically means that there are investors on the other end of your loan, so as the borrower you pay a nominal interest rate, and investors also receive a return on their investment. WMO says this type of loan can offer more competitive rates and a “better deal for everyone”.

OMM personal loans

OMM offers fixed rate unsecured personal loans that can be repaid weekly, bi-monthly 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 renovations, medical / dental bills, education, weddings, vacations, cars, trailers, motorcycles and boats.

Here is an overview of WMO personal loans.

Rates based on a $ 30,000 loan for a five-year term. * Disclaimer: This comparison rate is only true for this example and may not include all fees and charges. Different terms, fees, or other loan amounts may result in a different comparison rate. Rates are correct as of January 5, 2022. See disclaimer.

See how OMM personal loans stack up against some of the lowest rate personal loans on the market.

Rates based on a $ 30,000 loan for a five-year term. * Disclaimer: This comparison rate is only true for this example and may not include all fees and charges. Different terms, fees, or other loan amounts may result in a different comparison rate. Rates are correct as of January 5, 2022. See disclaimer.

OMM offers staggered interest rates based on your credit score, using the illion credit bureau for its credit assessment process. The breakdown of the illion credit score is as follows:

Evaluation

Excellent

800-1000

Very well very well

700-799

Good

500-699

Average / Fair

300-499

Below average / low

1-299

Usually, checking your credit score is free. You can use our credit score calculator to get a rough idea of ​​what your credit score might be.

Why choose OMM for personal loans?

OMM has several outstanding features on its personal loans beyond the competitive interest rates. Some features include:

  • Quick application: Completely digital and takes five minutes, with a decision in under a minute.

  • “Free estimate”: A no-obligation quote gives borrowers an indication of their interest rate, without a request appearing or affecting a credit report.

  • No hidden costs: No account maintenance fees, no exit fees and no prepayment fees.

OMM personal loan criteria

You will also need to provide personal and financial information as part of your application as well as three months of bank statements.

OMM Important people

  • Steve Lambert – President

  • Adam Sutherland – Founder and 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 as little as a minute. As OMM is a peer-to-peer loan provider, your loan will then be placed in the investor market where investors can choose to fund it. It can take as little as a day.

What other loans does WMO offer?

OMM is a peer-to-peer personal loan provider, offering unsecured fixed-term loans for everything from debt consolidation to purchasing a vehicle.


Photo by Avel Chuklanov on Unsplash

The entire market was not taken into account in the selection of the above products. On the contrary, a small part of the market has been envisaged. Products from some vendors may not be available in all states. To be considered, the product and the price must be clearly published on the website of the supplier of the product. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au and Performance Drive are part of the Savings Media group. In the interest of full disclosure, the Savings Media Group is associated with the Firstmac Group. To learn more about how Savings Media Group handles potential conflicts of interest, as well as how we are paid, please visit the website links at the bottom of this page.

Source link

About Sharon Joseph

Check Also

Six Premier League players Sheffield Wednesday, Rotherham United and Doncaster Rovers could be loaned out

In recent seasons Premier League and Championship loans have become more common as League One …