Need some funds to bridge the gap when you're expecting a settlement or payout?
You can apply for a Settlement Loan through OK Money for any amount between $2,001 and $5,000, provided you’re waiting for guaranteed funds through a pending settlement claim or a payout. The loan term depends on the date of the said payout or settlement will occur and is pre-determined before you sign the contract.
You can pay the loan off before the scheduled date and you don’t have to worry about paying an early repayment penalty in such a scenario. If you choose to apply, you can even expect OK Money staff to liaise with your solicitor in order to complete the required paperwork.
How do OK Money Settlement Loans work?
OK Money has its presence felt in three Australian states, through 18 stores, and you can visit any of these to apply for a settlement loan. You can apply for this loan only if you’re expecting guaranteed funds from some kind of a settlement or a payout, and to apply, you have to provide details of this. Applying for this loan also requires that your solicitor signs an irrevocable authority document.
Once you supply all the required information and paperwork, processing the application can take between 30 minutes and one hour depending on whether you’re a new or repeat customer. The process will take longer if you apply outside of OK Money’s business hours.
Upon approval of your application, you can collect cash from an OK Money store or look forward to an electronic transfer directly into your bank account.
Compare Other Payday Loans
Whilst we don't compare this loan directly, here are some other loans that are similar.
Benefits and features on offer from OK Money
- Use different types of claims and payouts as security. The security required to apply for this Settlement Loan can come in the form of insurance claims, the sale of assets, court settlements, compensation payouts, superannuation payouts, and deceased estate settlements.
- Use approved funds for different purposes. How you use the approved funds is entirely up to you. You can use proceeds from this loan to repair your car, go on a vacation, pay bills, or get married.
- Flexible criteria to apply. OK Money, unlike many mainstream lenders, provides loans to people who have poor credit history, and you can even apply if you’re unemployed as long as you receive some form of government benefit.
- Repay early without penalties. While the loan term is set ahead of time, you can choose to repay the loan before the term comes to an end as there are no early repayment penalties.
The costs of a Settlement Loan
When you take an OK Money loan you have to pay certain fees and charges as is the case with other loans. OK Money discloses these costs through the offer document, which you should review carefully before signing. If you don’t find the fees and charges acceptable, don’t sign the contract.
The following should give you an idea of what you would have to pay if you take this loan.
- Application fee: $400
- Annual interest rate: 48% p.a.
How to apply for a Settlement Loan from OK Money
You can apply for an OK Money settlement loan online, in-store, or over the phone. Make sure you can answer yes to the below to ensure your eligibility:
- You are an Australian citizen or a permanent Australian resident
- You are over 18 years of age
- You are expecting guaranteed funds through a settlement claim or a payout
To complete the application you have to ensure that your solicitor agrees to sign an irrevocable authority document. You also have to provide a host of information, which includes the following:
- Personal and contact details like your name, date of birth, marital status, number of dependents, residential status, residential address, email address, and phone number
- Employment-related information like your employment status and your employer’s name and contact details
- Income and expenditure details
- Details about all your existing debts
If you’re expecting money from a settlement claim or a payout but don’t want to wait that long, getting an OK Money Settlement Loan can help. Make sure you compare this product with other similar offerings to ensure its competitiveness and to make sure you're applying for the best option available for you.
I am currently awaiting settlement for a workers compensation claim and also I have a claim processing for Total Permanent Disablement and Superannuation. The problem is I need a short term loan to help with bills and living expenses until then, can you help?
Hi John,
You’ve come through to finder.com.au, a financial comparison service and not OK Money, but I can help you with your enquiry. This loan is designed for people needing to cover short-term expenses while waiting for a claim payout, so it is definitely an option for you to consider. You can head to the OK Money website to find out more information on the loan and to apply. OK Money also have branch locations so you can chat to someone in person, details of these locations are on its website.
Hope this has helped,
Elizabeth