OK Money Short Term Loan
Find out more about OK Money's small amount unsecured short term finance
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.
Maximum loan amount
12 to 52 weeks
Term of loan
|Product Name||OK Money Short Term Loan|
|Minimum loan amount||$200|
|Maximum loan amount||$2,000|
|Initial Maximium Loan Amount||$2,000|
|Loan term||12 to 52 weeks|
|Turnaround time||1 hour - conditions apply*|
|Costs||20% of principal amount (establishment fee) + 4% of principal amount|
|Requirements||You must be 18+ and have a course of income available.|
|Available to Centrelink Borrowers?||Yes|
- 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.
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. Find out more here: https://www.finder.com.au/coronavirus-financial-help
⚠️ 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.
How do OK Money Short Term Loan work?
Prospective loan customers are able to apply for this loan online or in-store at one of OK Money's 18 branches. OK Money's loans are short-term loans, which means that they have to be repaid quickly - this might mean the repayments can be high. The turnaround time on these loans is also short - new customers can expect the whole process to take about an hour to apply, while repeat customers can submit an application in just 30 minutes. If a customer applies during business hours, OK Money will not process the loan until the following business day.
Whether or not an applicant is approved will depend on information that the applicant supplies during the application, which will include their personal details, financial and employment information, and the last 90 days of their bank statements. If, based on this information, someone is approved by an OK Money representative, OK Money will transfer the money via a direct credit into the successful applicant's nominated bank account. Repayments can be made via direct debit or in person at an OK Money store or Westpac branch. Customers can also repay their loan through a settlement or payroll deduction.
Other short terms loans to compare:
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 Loan come with a number of features, including:
- Low minimum amount. Customers can borrow as little as $200 through an OK Money Short Term Loan with this loan. The maximum applicants can borrow is $2,000.
- Variable loan terms. These short term loans come with terms of 12 to 52 weeks, giving customers the ability to choose as per their ability to make repayments. Prospective applicants should be aware that short loan terms mean higher repayments, and while longer loan terms may result in lower repayments, they will end up paying more in interest over the life of the loan.
- No early repayment penalty. If someone chooses to repay their loan completely before the loan term ends, OK Money does not charge any early repayment penalties.
- Relaxed eligibility criteria. Customers can apply for this loan if they have poor credit, and even if they 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 customers can expect to see the complete list of applicable fees and charges as part of the loan’s contract. Only after someone signs the contract does it come into effect, so applicants should make sure that they review this document carefully before signing on the dotted line. The following should give an idea of what someone would expect to pay 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 someone owing to an overdue loan or a missed payment)
How to apply for a short term loan from OK Money
Customers can apply online or over the phone, or they can visit any OK Money store to apply. Before someone submits an application, it is important to establish that they meet the following eligibility criteria:
- Are over 18 years of age
- Are a permanent Australian resident
- Receive an income on a regular basis
In order to successfully complete an application, prospective applicants have to provide certain details. Applicants will be required to submit the following documentation:
- 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
- Their employer’s name and contact details
- Details of their existing financial situation
An OK Money Short Term Loan provides short term loans with quick turnaround times. However, there are a number of lenders offering similar products on the market, so it is always a good idea to compare options thoroughly before applying.