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OK Money Medium Term Loan
Borrow from $2,100 up to $4,600 with terms up to 24 months. High fees and charges apply.
- Please note that OK Money is no longer in operation. The information on this page has been kept for the benefit of those who are interested and historical records only.
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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Details
| Product Name | OK Money Medium Term Loan |
|---|---|
| Minimum loan amount | $2,100 |
| Maximum loan amount | $4,600 |
| Arrears Fee | $30 |
| Loan term | 24 Months |
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.
Are you struggling financially?
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.
⚠️ Warning about Borrowing
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:
- For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
- Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
- If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94
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.
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
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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 up to 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.[/single_call_shortcode]
