OK Money

OK Money Loans

OK Money provides a wide variety of personal loans, and business loans of up to $25,000. Interest rates depend on type of loan.

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  • 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.

With OK Money, you can apply for a loan in any one of its 18 stores nation-wide or online. It offers a variety of loans including Short Term Loans, Medium Amount Loans, Settlement Loans and Business Loans. You can apply even if you're employed or have a bad credit history. Interest rates depend on the type of loan you apply for. There is no early repayment penalty, but there is a dishonour fee of $30 per missed payment and a collection contact fee of $15.

Compare Other Payday Loans

Whilst we don't compare this loan directly, here are some other loans that are similar.

Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans
$2,000
9-14 weeks
30 minutes - conditions apply
$35
20% of loan amount + 4% of loan amount each month
$396
A small loan up to $2,000 that you repay over 9-14 weeks. Loans approved and funded in as little as 30 minutes. Centrelink must not be your primary income
Jacaranda Finance Personal Loan
$10,000
9 to 24 months
Under 1 hour - conditions apply
$35
$0 - $1,000 depending on credit
Borrow up to $10,000 and get access to your funds in as little as 1 hour.
Nimble Short Term Loan
$2,000
62 days to 9 months
1 hour - conditions apply
$15
20% of loan amount + 4% of loan amount each month
$372
A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.
Fair Go Finance Small Loan
$2,000
3 to 12 months
24 to 48 hours
$35
0% Establishment Fee + monthly fee 4%
$354
A small loan between $500 and $2,000 that can be funded in 24 hours.
Credit24 Short Term Loan
$2,000
6-12 months
Same day - conditions apply
$10
20% of loan amount establishment fee + 4% of loan amount monthly.
$396
Credit24 offers this loan up to $2,000 and gives you 12 months to repay. Centrelink borrowers are considered as long as Centrelink payments are not more than 50% of income.
Credit24 Medium Term Loan (Good Credit)
$5,000
12 to 24 months
Same day
$10
$400 establishment fee + 48% p.a. interest
A small loan with long terms: Apply for up to $5,000 and have up to 2 years to repay.
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What type of finance is provided by OK Money?

OK Money provides loans to suit different requirements and given below are details of its offerings:

  • Short Term Loans. You can borrow up to $2,000 through an OK Money unsecured Short Term Loan, and the loan term can extend up to 52 weeks. Since you repay this loan in a short term you’ll end up paying less fees when compared to a loan with a longer term.
  • Medium Amount Loans. These secured loans require borrowers to provide some kind of security, which can come in the form of an asset like a car, boat, or truck. You can borrow between $2,100 and $4,600 through an OK Money secured Medium Amount Loan, and the loan term varies from 16 days to 2 years.
  • Settlement Loans. OK Money provides settlement loans to people awaiting funds from pending settlements and payouts. The loan term and loan amount vary as per individual circumstances, and pending settlements and payouts can come from the sale of assets, insurance claims, court settlements, deceased estate settlements, superannuation payouts and compensation payouts.
  • Business Loans. Businesses and self-employed individuals with ABNs can apply for an OK Money secured Business Loan, and you can borrow up to $25,000 through this loan. While the loan term is generally in between 1 and 3 months, OK Money is flexible on this front.

OK Money and the features they offer

  • Variable loan amount. Depending on how much money you need and whether you can provide some kind of security you can borrow up to $2,100 through an OK Money Personal Loan. With a business loan you can borrow up to $25,000.
  • Apply with bad credit. While a significant number of large lenders shy away from lending to people with bad credit history, this is not the case with OK Money – you can apply for an OK Money loan even if you have bad credit. Bear in mind, though, that you will need to have the ability to repay.
  • No early repayment penalty. You can pay your OK Money loan back ahead of time without worrying about paying early payment penalties.
  • Multiple repayment methods. While a number of short term loan providers require that you sign up for direct debits when you take a loan, OK Money gives you more freedom when it comes to making repayments. You can make repayments via direct debit and payroll deduction, you can make cash payments at OK Money stores and Westpac Bank branches, and you can repay the loan through a settlement.

How much will it cost you to borrow from OK Money?

OK Money aims to keep its fee structure simple and easy to understand, and the fees you have to pay depend on the loan you take. While you have to pay some of these fees, you can avoid some others.

Short Term Loans

  • Establishment fee: 20% of loan amount
  • Monthly fee: 4%
  • Direct debit dishonour fee: $30
  • Collection contact fee: $15

Medium Amount Loans

  • Establishment fee: $400
  • Annual interest rate: 48% p.a.
  • Direct debit dishonour fee: $30
  • Collection contact fee: $15

Business Loans

  • Establishment: 10% of Principal amount
  • Monthly fee: 5% of Principal amount
  • Direct debit dishonour fee: $30
  • Collection contact fee: $15

Is it safe to borrow from OK Money?

OK Money operates with an Australian Credit License and practises responsible lending. With over 15 years of experience, OK Money boasts an increasing number of repeat customers, and much of OK Money’s existing staff has worked with them for over five years.

OK Money gives you a clear indication of the fees and charges you might have to pay during the course of the loan. It aims to build long-term relationships with their customers by providing high levels of personalised customer service.

How to apply for a loan from OK Money

You can apply for an OK Money loan online, over the phone, or in-store. The following criteria will need to be met in order for you to be eligible:

  • You are over 18 years of age
  • You are a permanent resident of Australia
  • You have a steady source of income (this can be from Centrelink)

Completing the application requires that you provide a host of information, which includes the following.

  • Personal details like your name, date of birth and marital status
  • Your residential status, residential address, phone number, and email address
  • Your employment status and your employer’s name and contact details (if you are employed)
  • Details about your income
  • Details about all your existing debts

Getting a secured or unsecured OK Money loan can be a good idea, given that it does not attract any early payment fees, but since you can find this feature in other loans, make sure you compare a few before submitting an application.

Frequently asked questions

Can I apply for an OK Money loan if I’m unemployed?

You can apply for an OK Money Short Term Loan if you’re unemployed, provided you receive income through Government benefits.

Can I apply if I live in a remote community?

Yes, you're able to apply online and over the phone.

How long does it take to get an OK Money loan?

If you apply outside business hours, you'll have to wait for the next business day for the process to begin. For new customers, the process takes around an hour, and for existing customers the process takes around 30 minutes.

Do I have to visit an OK Money store to sign application forms?

No, you don’t. OK Money sends the required documents to you via email, which you can sign using a secure e-signing process on your PC, tablet, or smartphone.

Does OK Money only provide loans?

OK Money also provides a cheque cashing service, through which you can expect instant cash for a third-party cheque. For this, you have to visit an OK Money store.

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82 Responses

    Default Gravatar
    DavidNovember 9, 2018

    Need some quick help! Big contract offered! need to pay Visa cost, thn it’s repaid + more!

      Avatarfinder Customer Care
      JohnNovember 20, 2018Staff

      Hi David,

      Thank you for reaching out to finder.

      If you are looking to apply with OK Money loan, You can apply online, over the phone, or in-store. The following criteria will need to be met in order for you to be eligible:

      You are over 18 years of age
      You are a permanent resident of Australia
      You have a steady source of income (this can be from Centrelink)

      You may also check on other lenders that are featured on the table to see what suits you. Hope this helps!

      Cheers,
      Reggie

    Default Gravatar
    AlexOctober 10, 2018

    what if my income goes into someone else’s account an I still eligible for a loan to my account if I’m full time and paid well

      Avatarfinder Customer Care
      JoshuaOctober 15, 2018Staff

      Hi Alex,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      You may still want to give it a try. OK Money Loan approves clients who have a stable source of income and have the ability to show the details of their income. If you are able to meet the requirements of the lender, then you would be approved.

      What you can do is review the criteria, details of the loan product, and its conditions, then contact the lender directly to discuss your loan options and eligibility.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

    Default Gravatar
    PaulaNovember 24, 2017

    Hi I need a quick easy cash loan. Please I need help. I have severe tooth ache need a denture too.

      Default Gravatar
      ArnoldNovember 25, 2017

      Hi Paula,

      Thanks for your inquiry.

      There are a number of options for you if you need fast and easy loans. You may refer to the pages below to compare your options.

      Cash Loans
      Instant cash loans
      Quick loans

      These pages have a comparison table you can use to see which lender suits you. You can click the name of the lender or the “More info” link to be redirected to our review page and learn more about the lender’s loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Hope this information helps

      Cheers,
      Arnold

    Default Gravatar
    Bonita.thompsonNovember 20, 2017

    Im a full time employee so can I apply for a loan?

      Avatarfinder Customer Care
      DeeNovember 21, 2017Staff

      Hi Bonita,

      Thanks for your question.

      With OK Money, you may apply for a loan as long as you meet the other eligibility criteria which include your age (must be at least 18 years old) and residency (must be a resident of Australia).

      You may also compare your other personal loans options using our comparison table.

      Please click the name of the lender or the “More info” link to be redirected to our review page and learn more about the lender’s loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Cheers,
      Anndy

    Default Gravatar
    MichelleOctober 17, 2017

    Hi I’m in need of a $10,000 loan. Is it possible for me to get that much being on Centrelink payments but actively looking for work? Can you please give me a list of institutions that may allow it?
    Thanks and Cheers,
    Michelle

      Default Gravatar
      JonathanOctober 17, 2017

      Hello Michelle,

      Thank you for your inquiry.

      You may be eligible for a loan if you receive Centrelink payments as part or even all of your income. These loans would generally come from short-term lenders, banks, and credit unions. Government and community financial assistance schemes are also available. You compare and check out your loan options if you receive Centrelink. You should be able to check which lenders do by checking the table found on the page.

      You can click the name of the lender to be redirected to our review page and learn more about the lender’s loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button if available and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Hope this helps.

      Cheers,
      Jonathan

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