Need a slightly larger loan? OK Money has an option for you
OK Money gives you the Medium Amount Loan, letting you borrow between $2,001 and $5,000 and repay it over a period between 16 days and 2 years. You have to provide some kind of security to apply for this loan, which can come in the form of an asset like a car, boat, or truck.
You can apply for an OK Money Medium Amount Loan if you have bad credit history and even if you’re unemployed. This loan comes with repayment flexibility and you can choose to pay the loan off earlier than scheduled without attracting any penalties.
How do OK Money Medium Amount Loans work?
OK Money gives you the option to apply for this loan online, over the phone or at one of their 18 stores in Queensland, New South Wales or the Northern Territory. You have to start the process by submitting your application along with all required supporting documents.
If you apply at an OK Money store you can get the cash straightway. If you apply over the phone or online, OK Money can transfer the approved funds into your nominated bank account electronically through an instant transfer or a next business day transfer. The time it takes for you to receive the funds depends on the time the approval comes through and also your banking institution.
The loans are usually secured against an asset, like a vehicle, and you have between 16 days and two years to repay the full amount.
Comparison of Payday Loans
Whilst we don't compare loans from OK Money directly, use the table below to see how they compare against other short term loans
The features of a Medium Amount Loan from OK Money
Knowing of the features this Medium Amount Loan comes with ahead of time should hold you in good stead, so here’s what you can expect if you take this loan.
- Use funds for different reasons. There is no stipulation of as to how you can use proceeds from this loan, and you can use this money for just about any worthwhile reason like paying medical bills, repairing your car, or getting through a temporary setback.
- Relaxed application norms. Many leading loan providers don’t entertain applications from people who have bad credit, but this is not the case with OK Money. You can look forward to applying for this loan if you have bad credit history as long as you have the ability to repay. Unemployed individuals who receive Government benefits can also apply.
- Variable loan terms. Depending on your budget and your ability to repay, you can choose a loan term between 16 days and 2 years.
- No early repayment penalty. If you come by some money and want to pay this loan off ahead to time, you can do so easily without worrying about paying early repayment penalties.
How much a Medium Amount Loan will cost you
OK Money gives you a clear indication of what you might end up paying in terms of fees and charges through the loan contract it offers after approval of your application. It’s in your best interest to go through these at the onset so you know just what to expect. The following should give you some indication:
- Application fee: $400
- Annual interest rate: 48% p.a.
- Direct debit dishonour fee: $30 (for every instance)
- Collection contact fee: $15 (for every instance an OK Money representative has to contact you because of a missed payment or an overdue loan)
How to apply for a Medium Amount Loan from OK Money
Applying for an OK Money Medium Amount Loan is easy, and you can do so online, in-store, or over the phone. To apply, first make sure you meet the following eligibility criteria:
- You are over 18 years old
- You are a permanent resident of Australia
- You have a regular source of income
To complete the application you have to part with different kinds of information, which includes the following:
- Personal details like your complete name, date of birth, marital status, and number of dependents
- Contact details like your residential address, email address, and phone number
- Your employer's’ name, address, and phone number
- Details about your income and expenses
- Details about all your existing liabilities like loans, credit cards, and overdrafts
Getting an OK Money Medium Amount Loan can be a good idea, given that you can repay it early, but since you can find this feature in a number of other loans, compare a few before applying.