Get the Finder app 🥳

Track your credit score

Free

OK Money Business Loan

Last updated:  

Get a Business Loan of up to $25,000 and have one to three months to repay it.

Please note that OK Money is no longer in operation. The information on this page has been kept for the benefit of those who are interested and historical records only.

You can apply for an OK Money Business Loan as a business or a self-employed individual, provided you have an ABN, and you can use proceeds from this loan for just about any business-related purpose.

10%

Upfront Fee

$25,000

Max. Loan Amount

1 to 3 years

Loan Term

We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder .

Details

Product NameOK Money Business Loan
Min. Loan Amount$5,000
Max. Loan Amount$25,000
Loan SecuritySecured
Upfront Fee10%
Loan Term1 to 3 years
  • OK Money is no longer in operation. The information on this page has been kept for the benefit of those who are interested and historical records only.

The borrowing process for your business

You have to start by applying for this loan, which you can do by visiting any of OK Money's 18 stores spread across Queensland, New South Wales, and Northern Territory. You can also apply online or over the phone. Along with your application, you have to submit certain supporting documents like your business' financials as well as details of the security you wish to provide.

Once OK Money approves your loan and you accept the loan's contract, you can visit an OK Money store to collect the funds, or have OK Money transfer the funds electronically to your bank account.

You have to start making repayments soon after in accordance to the repayment terms until you pay the loan off entirely.

OK Money and the benefits of their Business Loan

OK Money Business Loans come with a number of features, and if you're planning to take this loan here's what you can expect.

  • Apply even if you're self-employed. While self-employed individuals tend to have trouble finding loans they can get, this is one loan they can apply for easily provided they have ABNs.
  • Use funds for a variety of purposes. You can use proceeds from an OK Money Business Loan for just about any business-related purpose including managing temporary cash flow problems, paying employees or suppliers, buying equipment or tools, or renovating existing spaces.
  • Flexible loan amounts. OK Money understands that businesses end up needing quick access to significant sums of money from time to time, so it offers business loans of up to $25,000.
  • Flexible loan terms. The standard loan term is between one and three months, but OK Money can make exceptions depending on your requirements and business objectives.
  • No early repayment penalty. While you have to keep making repayments as per your repayment schedule, you can choose to pay the loan off completely before the term expires without paying any penalty.

Fees and charges to consider

When OK Money approves your loan application it gives you a contract with the loan's terms and conditions, and this document also lists all applicable fees and charges. While you have to pay some of these fees, you can avoid certain others, and the following should give you an idea of what you would end up paying depending on how much you borrow.

  • Loan establishment fee: 10% of Principal amount
  • Monthly fee: $5
  • Direct debit dishonour fee: $30
  • Collection contact fee: $15 (you have to pay this every time an OK Money staff member contacts you to discuss missed payments or an overdue loan)

How to apply for a Business Loan from OK Money

Applying for an OK Money loan is easy, and you can apply online, over the phone or in-store. The following criteria need to be met in order for you to apply:

  • You have an Australian Business Number (ABN)
  • You can provide the required collateral

The application requires you to part with different types of information, which includes the following:

  • The name of your business, its address, and its phone number
  • Your business' ABN
  • Bank statements for the last 90 days
  • Business activity statements
  • Details of the collateral you wish to provide

The OK Money Business Loan can solve your problem of requiring money in a hurry, but since this is not the only loan of its kind, compare a few to establish which one suits you best.

Business lenders you can compare

Whilst we don't compare OK Money Business Loan directly, use the table below to see how they compare against other loans

Data indicated here is updated regularly
Name Product Min. Loan Amount Max. Loan Amount Loan Term Upfront Fee Filter Values
Valiant Finance Business Loan Broker
$5,000
$1,000,000
3 months to 5 years
$0 application fee
A Business Lending Specialist from Valiant Finance can give you access to competitive business loans from over 70 lenders. Loans between $5,000 and $1 million are available. Request a call – your loan can be funded in 1 business day.
Prospa Business Loan
$5,000
$300,000
3 months to 3 years
3% origination fee
Small business loans are available from $5,000 - $300,000 on terms of up to 3 years. At least six months trading history and a monthly turnover from $6,000 is necessary.
Max Funding Unsecured Business Loan
$2,000
$300,000
1 month to 1 year
$0 application fee
An unsecured business loan from $2,000 that offers convenient pre-approval and no early repayment fees.
OnDeck Business Loans
$10,000
$250,000
6 months to 2 years
3% of loan amount
Apply for up to $250,000 and receive your approved funds in one business day. Minimum annual turnover of $100,000 and 1 year of trading history required.
ANZ Secured Business Loan
$10,000
$10,000,000
Up to 15 years
$600
Benefit from a low rate when you secure this loan with property and/or business assets. Loans from $10,000 available.
Westpac Business Loan
$5,000
$1,000,000
1 to 30 years
$0 application fee
Purchase a new vehicle, equipment or support your cash flow with a business finance solution from Westpac.
loading

Compare up to 4 providers

Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

Logo for Pepper Money Unsecured Fixed Rate Personal Loan
Pepper Money Unsecured Fixed Rate Personal Loan

You'll receive a fixed rate between 6.95% p.a. and 17.95% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site