Need something to see you through the short term? OK Money may have a solution for you
When you apply for a short term loan through OK Money you can borrow up to $2,000, and you don’t have to provide any kind of security or deposit to get this loan. The loan term for this type of loan varies between 12 and 52 weeks, and you can make weekly or fortnightly repayments.
You can apply for an OK Money short term loan if you have poor credit history, and even unemployed individuals can apply for this loan. If you end up repaying your loan ahead of time you don’t have to pay any early repayment penalties.
How do OK Money short term loans work?
You're able to apply for this loan online or in-store at one of OK Money's 18 branches, and once you're approved for your loan you pay it back in the short term. The short-term nature applies not only to the repayment terms but also to the turnaround time. New customers can expect the whole process to take about an hour while repeat customers can enjoy a shorter wait time of 30 minutes. If you apply during business hours, the process begins on the next business day.
Your approval depends on information you supply during the application, which includes personal details, financial and employment information, and the last 90 days worth of your bank statements. If, based on this information, you're approved by an OK Money representative, OK Money will transfer you the money via a direct credit into your nominated bank account. Repayments can be made via direct debit or in person at an OK Money store or Westpac branch. You can also repay your loan through a settlement or payroll deduction.
Other short terms loans you can apply for.
Whilst we don't compare this loan directly, here are some other loans that are similar.
What features does OK Money offer?
OK Money short term loans come with a number of features, and here’s what you should know at the onset:
- Low minimum amount. You can borrow as little as $200 through an OK Money short term loan, so you don’t have to borrow more than you really need. The maximum you can borrow through this loan is $2,000.
- Variable loan terms. These short term loans come with terms of 12 weeks to 52 weeks, giving you the ability to choose one as per your ability to make repayments. Longer loan terms, may result in lower repayments, but you’ll end up paying more in interest.
- No early repayment penalty. If you choose to repay the loan completely before the loan term ends, OK Money does not charge any early repayment penalties.
- Relaxed eligibility criteria. You can apply for this loan if you have poor credit, and even if you are discharged bankrupt or discharged from a Part IX Debt Agreement. Unemployed individuals can also apply provided they receive some form of government benefits.
Fees and charges
OK Money aims to keep its fee structure easy to understand, and you can expect to see the complete list of applicable fees and charges as part of the loan’s contract. Only after you sign the contract does it come into effect, so make sure you review this document carefully. The following should give you an idea of what you would end up paying throughout the course of the loan.
- Loan establishment fee: 20% of the loan amount
- Monthly fee: 4%
- Direct debit dishonour fee: $30
- Collection contact fee: $15 (charged each time an OK Money representative contacts you owing to an overdue loan or a missed payment)
How to apply for a short term loan from OK Money
You can apply online, you can apply over the phone, and you can visit any OK Money store to apply. Before you do, establish if you meet the following eligibility criteria:
- You’re over 18 years of age
- You’re a permanent Australian resident
- You receive income on a regular basis
In order to successfully complete your application you have to provide certain details, so keep the following close at hand.
- Identification documents to meet 100 points of personal identification requirements (Australian passport, driver’s license, proof of age card, birth certificate, citizenship certificate)
- Bank statements for the last 90 days
- Your employer’s name and contact details
- Details of your existing financial situation
An OK Money short term loan can address your immediate need for cash, but since you can find similar features in other loans, compare a few before deciding.