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OK Money’s Medium Term loan offers borrowing amounts from $2,100 up to $4,600 with terms up to 2 years. This loan requires security, 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 is expensive and has high fees and charges. The application fee is $400, while the interest rate is 48% p.a. Payday loans are not a long-term financial solution and can lead to further debt. You should only apply for a payday loan in case of an emergency.
$4,600
Maximum loan amount
24 Months
Term of loan
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Product Name | OK Money Medium Term Loan |
---|---|
Minimum loan amount | $2,100 |
Maximum loan amount | $4,600 |
Arrears Fee | $30 |
Loan term | 24 Months |
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.
If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support.
Do you really need a loan today?*
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
Whilst we don't compare loans from OK Money directly, use the table below to see how they compare against other short term loans
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.
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:
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:
To complete the application you have to part with different kinds of information, which includes the following:
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.[/single_call_shortcode]