OK Money Medium Amount Loan

Need a slightly larger loan? OK Money has an option for you

OK Money gives you the Medium Amount Loan, letting you borrow between $2,100 and $5,000 and repay it over a period between 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 thr z ough 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

Rates last updated January 21st, 2019
Name Product Max. Loan Amount Term of Loan Turnaround Time Costs Fortnightly Repayment $1,500 Product Description
Sunshine Short Term Loans
9-15 weeks
30 minutes - conditions apply
20% of loan amount + 4% of loan amount each month
A small loan up to $2,000 that you repay over 9-15 weeks. Loans approved and funded in as little as 30 minutes. Centrelink must not be your primary income
Wallet Wizard Smart Loan (Up to 2K)
Up to 2 years
3 hours - conditions apply
Apply for up to $2,000 and be able to access your approved loan as a convenient line of credit.
Nimble Short Term Loan
62 days to 1 year
1 hour - conditions apply
20% of loan amount + 4% of loan amount each month
A loan up to $2,000 with terms up to 62 days to 1 year. Centrelink cannot be your primary source of income.
Credit24 Short Term Loan
6-12 months
Same day - conditions apply
20% of loan amount establishment fee + 4% of loan amount monthly.
Credit24 offers this loan up to $2,000 and gives you 12 months to repay.
Fair Go Finance Small Loan
3-12 months
1 business day
Establishment fee from 10% of loan amount + monthly fee from 2%
A small loan between $500 and $2,000 that can be funded in 24 hours.
Capfin Short Term Loan
6 to 12 months
20% of loan amount + 4% of loan amount each month
A short-term loan from $500 that you can have up to 12 months to repay. All credit histories considered.

Compare up to 4 providers

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 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.

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