OK Money Business Loans

Rates and fees last updated on

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 , 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.

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

Rates last updated November 23rd, 2017
Table Image Min Loan Amount Max. Loan Amount Loan Term Application Fee Product Description
Prospa Business Loan Prospa Business Loan $5,000 $250,000 0.25 to 2 years $250 establishment fee Special offer: No repayments required until Monday 8 January 2018 for business loans that are settled between 20 November 2017 and 31 December 2017. Conditions apply. Go to site More
NAB QuickBiz Loan NAB QuickBiz Loan $5,000 $100,000 1 to 3 years $0 An unsecured business loan from $5,000 that can be processed in 1 business day. Go to site More
Spotcap Loans Spotcap Loans $10,000 $250,000 1 year $0 Take advantage of a fixed interest rate and no upfront fees on this business loan, available up to $250,000. Note: Business must have been operating for at least 18 months and have turnover over $200,000. Go to site More
Moula Business Loan Moula Business Loan $5,000 $250,000 0.5 to 1 years $0 Small business loans of up to $250,000 approved and funded within 24 hours. Transparent fees and rates. Note: Business must have been operating for at least 12 months and have monthly sales of at least $5,000. Go to site More
GetCapital Flexible Business Loan GetCapital Flexible Business Loan $5,000 $500,000 0.25 to 1 years 1.5% to 2.5% initial draw down fee A flexible business loan that allows you to earn Qantas rewards points. Note: Business must have been operating for at least 9 months and have monthly sales of at least $10,000. Go to site More
Sail Unsecured Business Loan Sail Unsecured Business Loan $5,000 $100,000 1 year 2.5% origination fee Take advantage of a convenient business loan available from $5,000. Bad credit applicants considered. Note: Business must have been operating for at least 6 months and have turnover over $50,000. Go to site More
RateSetter Business Loan RateSetter Business Loan $10,000 $150,000 0.5 to 5 years 0.5% Apply for up to $150,000 and choose between a secured or unsecured loan. Note: Business must have been operating for at least 2 years and have turnover over $250,000. Go to site More
businessloans.com.au Flexible Business Loan businessloans.com.au  Flexible Business Loan $5,000 $500,000 0.5 to 1 years 1.5% Initial draw down fee A 100% online business loan with amounts available from $5,000. Flexible eligibility criteria and transparent rates and fees. Go to site More

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: 5% of Principal amount
  • Monthly fee: 10% of Principal amount
  • 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.

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This page was last modified on 26 April 2016 at 2:09pm.

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