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OK Money loan
Get an OK Money loan for personal or business use, and repay it early without paying any penalty.
Types
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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.
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.
Compare Other Payday Loans
Whilst we don't compare this loan directly, here are some other loans that are similar.
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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Ask an Expert
Need some quick help! Big contract offered! need to pay Visa cost, thn it’s repaid + more!
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
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
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
Hi I need a quick easy cash loan. Please I need help. I have severe tooth ache need a denture too.
Hi Paula,
Thanks for your inquiry
There are a number of options for you if you need fast and easy loans. Please click here to compare all your options and get fast approval online.
Hope this information helps
Cheers,
Arnold
Im a full time employee so can I apply for a loan?
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 check this page to compare your other personal loans options.
Cheers,
Anndy
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
Hello Michelle,
Thank you for your inquiry.
You can check this list of lenders who consider Centrelink support as a source of income. Please be informed that your approval and how much you’ll get on your loan application would depend on the lender you have applied with.
We have different tabs for Short-term credit lenders and the banks. It will be your discretion to choose whichever suits your preferences.
Hope this helps.
Cheers,
Jonathan
Hi im Reginald Tipiloura I really need loan to pay for my friends wedding
Hello Reginald,
Thank you for reaching out to us.
It is so thoughtful of you to help pay for your friend’s wedding.
As you are on the OK Money Loans page, you may also want to compare similar payday loans here, OR compare personal loans from a range of brands here.
The pages also features a comparison table which you can use to review details side by side.
From there, hopefully you would be able to make an informed decision on who you would opt for.
Cheers,
Gru
Hi I’m looking to borrow 3000 dollars over 3-5 years and I receive a pension, can you help?
Hello Kylee,
Thank you for your inquiry. You can check this page to see those lenders who may accept your pension as an income.
Please be reminded to review their requirements and the fine print, as this varies per lender. You may click “Go to Site” green button of your chosen loan to proceed with your application.
Hope this helps.
Cheers,
Jonathan
I need a loan, but no one will lend me money. Who can lend me money?
Hi Ronald,
Thanks for your inquiry.
If you are looking for payday loans, this page will be helpful to you. You may compare your options from there and you can make use of the payday loan interest rate calculator on this page which also shows more info about payday loans. Please click the name of your preferred lender to find out the details and the minimum eligibility of the lender. You may then click the green “Go to Site” button to submit your loan application online.
Hope this helps.
Cheers,
Rench
Will you be considered if you have steady employment and had entered a part 9 debt agreement June 2016?
Kind Regards
Jack
Hi Jack,
Thank you for your inquiry.
With OK Money, you can apply even if you have a bad credit history, although it would be best to get in touch with them directly to confirm if having a part 9 agreement will be considered. In the meantime, if you want to check your other options aside from OK Money, you may contact a lender featured on this page to discuss your eligibility for a loan.
Hope this helps.
Cheers,
May
i need cash by tomorrow what must i do now
Hi Theri,
Thanks for reaching out.
If you want to apply for a loan from OK Money and you think you are eligible, please head over to their website. In the meantime, you may also review the criteria and contact the lenders listed in the table above for your other options. You can click on the ‘Go to site’ button to head over to the lender’s official page.
Hope this helps.
Cheers,
May