OK Money loan

OK Money offers a variety of loans and has served over 95,000 customers since it began operations. This business has 18 stores in Queensland, Northern Territory, and New South Wales, and while you can apply for an OK Money loan by visiting any of its stores, you can also apply online.

The different loans OK Money offers include Short Term Loans, Medium Amount Loans, Settlement Loans and Business Loans. The one that suits you best will depend on your particular needs, and you can apply for one even if you’re unemployed or have bad credit history.

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

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Name	Product	Maximum Loan Amount	Term of Loan	Turnaround time	Costs	Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans		$2,000	9-12 weeks	30 minutes - conditions apply	20% of loan amount + 4% of loan amount each month	$396	A small loan up to $2,000 that you repay over 9-12 weeks. Loans approved and funded in as little as 30 minutes. Centrelink must not be your primary income	Go to site More Info	Compare	loading Fetching your data...
Wallet Wizard Smart Loan (Up to 2K)		$2,000	Up to 2 years	3 hours - conditions apply	47.8%	$316.70	Apply for up to $2,000 and be able to access your approved loan as a convenient line of credit.	Go to site More Info	Compare	loading Fetching your data...
Nimble Short Term Loan		$2,000	62 days to 1 year	1 hour - conditions apply	20% of loan amount + 4% of loan amount each month	$396	A loan up to $2,000 with terms up to 62 days to 1 year. Centrelink cannot be your primary source of income.	Go to site More Info	Compare	loading Fetching your data...
Credit24 Short Term Loan		$2,000	6-12 months	Same day - conditions apply	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.	Go to site More Info	Compare	loading Fetching your data...
Fair Go Finance Small Loan		$2,000	3-12 months	1 business day	Establishment fee from 10% of loan amount + monthly fee from 2%	$354	A small loan between $500 and $2,000 that can be funded in 24 hours.	Go to site More Info	Compare	loading Fetching your data...
Cash Converters Personal Loan		$2,000	up to 12 months	Within 48 hours	20% establishment fee + 4% monthly fee	$396	Cash Converters offers this loan from $400 that gives you up to 12 months to repay.	Go to site More Info	Compare	loading Fetching your data...

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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.

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.

Elizabeth Barry

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Elizabeth Barry is Finder's global fintech editor. She has written about finance for over five years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at The Lizzies. Elizabeth has found writing about innovations in financial services to be her passion (which has surprised no one more than herself).