OurMoneyMarket Green Personal Loan review
- Interest Rate (p.a.)
- 5.95% to 18.99%
- Comparison rate (p.a.)
- 5.95% to 21.78%
- Min Loan Amount
- $5,000
Summary
A competitive green loan with rates in the top 5% of our database.With a high Finder Score of 8.5, the OurMoneyMarket Green Loan is a competitive option. Its standout feature is a minimum interest rate that places it in the top 5% of personal loans in our database.
The loan also has no application or ongoing fees. However, a key drawback is the lack of penalty-free extra repayments, a feature commonly available with other lenders which may not suit all borrowers.
Pros
-
Competitive interest rates
-
No application fee or ongoing fees
Cons
-
Late payment fee of $35
Details
Product details
| Product Name | OurMoneyMarket Green Loan |
| Interest Rate (p.a.) | 5.95% to 18.99% |
| Comparison rate (p.a.) | 5.95% to 21.78% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $75,000 |
| Loan Security | Unsecured |
How does OurMoneyMarket Green Loan compare?
- Competitive low-end interest rates. With a minimum rate of 5.95%, this loan sits in the top 5% of our database for low interest rates.
- No application fee. Unlike many lenders, OurMoneyMarket does not charge an upfront fee to apply.
- No ongoing monthly fees. This loan has no monthly account-keeping fees which can reduce the overall cost compared to other loans.
- No penalty-free extra repayments. Unlike most personal loans, you cannot make additional repayments on this loan to pay it off sooner without incurring a penalty.
How does the OurMoneyMarket green personal loan work?
An OurMoneyMarket green personal loan lets you borrow between $5,000 and $75,000. Rates start at just 5.95% p.a. (comparison rate 5.95% p.a.). Borrowers receive personalised interest rates based on their credit score and financial circumstances.These loans have no monthly, early repayment or exit fees. Interest rates are fixed and won't change during the life of the loan. You can get a loan term of between 1 and 10 years.
Eligibility criteria
To be eligible for this loan, you must:- Be at least 18 years or older
- Be an Australian citizen or permanent resident
- Be actively employed or receiving a pension
- Be receiving a regular income
- Not be in financial hardship with another lender
- Not be a current or prior bankrupt or party to a court judgement
How to apply
Apply for the OurMoneyMarket green personal loan online by filling out the application form. It's useful to have the following documents on hand:- Personal identification - such as a driver's license.
- Bank details, including 3 months of bank statements.
- Details regarding any other debt you may have.
Features of this loan
- Secured or unsecured. Either option will be offered based on your credit assessment.
- Personalised rates. You will receive a competitive interest rate based on your credit history. The better your credit history, the lower the rate you're likely to receive.
- Quick online application. You can apply online and be approved for a loan within minutes.
- $0 fees. You won't pay an establishment fee or any ongoing fees.
- Flexible payment schedule. You can make repayments on a weekly, fortnightly or monthly basis.
- No exit or early repayment fees. You can pay this loan off early without penalty.
How much does the OurMoneyMarket green personal loan cost?
You will pay these fees
| Cost | Amount |
|---|---|
| Interest rate | Fixed from 5.95% p.a. to 18.99% p.a. |
| Comparison rate | Fixed from 5.95% p.a. to 21.78% p.a. |
| Establishment fee | $0 |
| Ongoing fees | $0 |
You might pay these fees
| Cost | Amount |
|---|---|
| Loan variation fee | $35 |
| Document production fee | $25 |
| Loan cancelation fee | $150 |
| Late/overdue fees | $35 per payment |
| Direct debit dishonour fee | $25 per dishonour |
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