Get a Business Loan of up to $25,000 and have one to three months to repay it.
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.
The maximum you can borrow through this loan is $25,000, and you have to provide some kind of security to obtain this loan. While the normal loan term is one to three months, OK Money can make exceptions based on individual cases.
You get a clear indication of all applicable fees and charges at the very onset, and you don’t have to pay any early repayment penalty if you pay the loan off ahead of time.
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 LoanOK 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:
- 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