Omm Personal Loan Reviews | How to Apply for a Personal Loan With Omm

Omm Personal loan, Omm loan interest rate, Omm loans contact number, how to apply, eligibility criteria & requirements

A personal loan is very much required when something unexpected came up and we do not have enough savings in our bank account. But now you need not worry as we have several platforms from which you can get a personal loan easily and fast. Today in this post we will do Omm Personal Loan Reviews | How to Apply for a Personal Loan With Omm.

Loan App Name	Omm
Loan Amount	$2001 to $75000
Loan Tenure	3 years, 5 years, or 7 years
Interest Rate	5.45% p.a. to 20.99% p.a.
Establishment Fee	Minimum $250 depending on your total loan amount

After a detailed review of the Omm lender, you will be able to decide if you can use this platform to apply for a personal loan or not.

Let’s start exploring this lender…

What is Omm?

Omm stands for Our Money Market. It is an online loan provider which caters to the needs of money in the form of loans to Australians.

Omm loan application process is completely online that offers simple & fast personal loans. just relax at your home apply for a loan and get it.

It also has gotten awards in the field of personal loans and used car loans.

It has an Innovative and well-experienced team which are completely involved in making financial access to everyone in an easy way through its services and products.

Types of Loans Omm Offers

Our money market (Omm) offers various types of loans as mentioned below.

• Personal loans
• Debt Consolidation loans
• Car loans
• Home improvement loans
• Education loans

Though it offers various types of loans, a personal loan is very common as it can fulfill all the other loan requirements.

So we will focus on Omm’s personal loan in this analysis.

Omm Personal Loans

As the name suggests, the personal loan is personal which means you can use it for your personal requirement. you can use the loaned amount however you want.

Omm (our money market) Offers Unsecured Personal Loans which means You do not have to put up an asset as Collateral. The benefit of an unsecured loan is faster, simpler application and assessment, so you could get the money faster.

A personal loan may be used for any purpose such as Debt Consolidation, home improvements, buying a new or used car, or paying the fees for higher education.

Omm Personal Loan Features

• The loan application process is completely online.

• It provides both short term and long term loan.

• At Omm, the personal loans interest rates range from 5.45% p.a. to 20.99% p.a. (Comparison Rate: 6.07% p.a. to 23.83% p.a.).

• It offers Personalised interest rates based on your credit history/credit profile.

• Most loans are approved and money will be deposited to your bank account within 24 hours.

• Omm offer unsecured personal loan, from $2001 to $75000.

• At Omm you can repay unsecured loan in 3 years, 5 years or 7 year terms.

• Getting a loan quote won’t impact your credit score.

• You can pay out your loan early in full or make additional lump sum payments during the life of your loan with no extra fees or penalties.

Omm Personal Loan Eligibility & Requirements

To get a personal loan from Omm you need to fulfill the below requirements.

• Be 18 years or older.

• Be an Australian citizen, Permanent resident.

• You must have an acceptable credit history.

• Be full-time or permanent part-time employed.

• Centrelink can be used as a secondary income with regular income.

• Have a clear credit file with no defaults, judgments, or bankruptcies.

• You need to apply for a minimum of $2001 loan.

• You must not in hardship with another financial provider.

• There are no undischarged bankruptcy listings on your credit file.

• Your gross income is greater than or equal to $25000 per annum.

Documents that you may need to apply for a loan

• Your photo ID documents such as your Australian driver’s license and passport.

• Details of your current and previous (if applicable) employer.

• Details of your income, assets, expenses and liabilities.

• Previous tax returns if you are self-employed.

• last 3 months bank statements.

How to Apply for a Personal Loan with Omm?

• Visit Omm (our money market) official website click on the Borrow button on the home page.

• On the next page enter your Email address, create your password and click on the Next button.

• Once your account is created , choose your required loan amount, select the purpose of the loan and proceed.

• Next, Fill your Employment Information, including your Employment Status and submit the application.

• Once the application is submitted, you need to wait for Omm email or call if your loan amount gets approved.

• If your loan amount is approved, you need to enter your bank details and other additional information to get the loan amount to your bank account within 24 hours.

How Does a Omm Personal Loan Work?

• Get Quote: Get your interest rate quote in minutes from Omm website, without impacting your credit score.

• Apply: If you are happy with the interest rate quote, Complete the loan application process by sharing basic information about your income, employment, personal details, address etc.

• Lending Decision: Once the application process is completed, Omm will process your application and provide you a lending decision within 2 minutes.

• Sign Documents: If your selected loan amount is approved, review it and sign your loan agreements.

• Get Funds: After accepting & signing the loan agreements, you will receive cash to your linked bank account via Direct deposit within 24 hours.

Omm (OurMoneyMarket) Loan Interest Rates & Fees

• Interest Rate: At Omm, the personal loans interest rates range from 5.45% p.a. to 20.99% p.a. (Comparison Rate: 6.07% p.a. to 23.83% p.a.).

• Establishment Fee: You have to establishment fee of minimum $250 depend on your total loan amount. It is one time fee included in your loan amount.

• Direct Debit Dishonour Fee or Non Sufficient Funds: Ensure that there are enough funds in your account on the due date to avoid dishonour fees. if it is not maintained you have to pay Dishonour fee as $25 per dishonour.

• Loan Variation Fee: $35 will be charged if the loan variation is approved. you have to pay this if you need to vary the terms of your loan.

• Document Production Fee: Each time you need a hard copy of any document relating to your loan via post you have to pay $25.

Types of Charges or Fee	Rate or Payable Amount
Interest Rate	The personal loans interest rates range from 5.45% to 20.99% (Comparison Rate 6.07% p.a. to 23.83% p.a.).
Establishment Fee	The establishment fee of a minimum of $250 depends on your total loan amount. It is a one-time fee.
Direct Debit Dishonour Fee	$25 per Dishonour if Omm is unable to process the loan repayment on the due date from your account.
Late Repayment Fee	A late fee will be payable at 5, 14, 21 & 30 days after the payment date. The Late Repayment fee will be $35 per late payment
Loan Cancellation Fee	If you cancel your loan at any time after accepting a Loan Offer, but before the loan has been received in your nominated bank account you have to pay $150.
Loan Variation Fee	$35 will be charged if the loan variation is approved. you have to pay this if you need to vary the terms of your loan.
Document Production Fee	Each time you need a hard copy of any document relating to your loan via post you have to pay $25.

Omm (OurMoneyMarket) Car Loan

Omm offers New or used car loans that are simple and fast. If you have good or bad credit, you need not worry as Omm offers great rates with flexible loan options for a wide range of new or used motorized vehicles.

Features of Omm Car Loan

• It has a fixed interest rates from 5.35% p.a. (comparison rate: 5.65% p.a.).

• New or used vehicle loans for cars up to 7 years

• Loans from $2001 to $75000

• Unsecured and secured with 1 year to 7 years loan terms available.

• Weekly, fortnightly, or monthly repayments.

• Fixed-rate of interest, meaning your repayments are set from the day you accept the loan.

• No account keeping fees, no prepayment payment fees, and no early exit fees.

Omm Car Loan Application Process

• Get Quote: Get your interest rate quote in minutes from Omm website, without impacting your credit score.

• Apply: If you are happy with the interest rate quote, Complete the loan application process by sharing basic information about your income, employment, personal details, address etc.

• Lending Decision: Once the application process is completed, Omm will process your application and provide you a lending decision within 2 minutes.

• Sign Documents: If your selected loan amount is approved, review it and sign your loan agreements.

• Get Funds: After accepting & signing the loan agreements, you will receive cash to your linked bank account via Direct deposit within 24 hours.

How Omm (OurMoneyMarket) Loan Repayment Works?

It offers you repayment flexibility with the options of weekly, fortnightly, or monthly loan repayments. All scheduled loan repayments must be made via direct debit.

It means Your regular scheduled payments will be automatically withdrawn from your bank account when your payments are due so you need not worry about missing a payment.

Make sure to maintain a sufficient balance in your bank account on the due date to avoid Direct Debit Dishonour Fee or NSF (Non-Sufficient Funds).

Is Omm (OurMoneyMarket) Safe and Legit?

Omm takes customer personal information protection very seriously. It will never disclose your information to a third party without your permission.

It has awards and recognition from Canstar choice, Ratecity which makes Omm, customers favorite loan provider.

Omm (OurMoneymarket) Website is owned and operated by OurMoneyMarket Holdings Pty Ltd ABN 30 614 872 105 of Level 18, 50 Bridge Street, AMP Centre, Sydney NSW 2000.

It has a registered address. In case you have any concerns about your personal data you can directly visit the office.

Omm (OurMoneyMarket) Loans Pros & Cons

Pros	Cons
Transparency is good as all the fees are disclosed on the website.	High-interest rates may apply if the credit score is poor or bad.
The loan repayment term is quite flexible i.e 3 years, 5 years & 7 years.	A minimum establishment fee of $250 is included in your loan amount.
It offers both small and large amounts.	It only offers unsecured personal loans.
The Loan Amount is High.	It has other fees as well like Loan Variation Fee, Document Production Fee, Loan Cancellation Fee, etc.
It has a personalized interest rate.	Minimum of $2001, you must apply for a loan. not less than that.
No early repayment fee.	your gross income must be equal to or greater than $25000 Per annum.

Omm Personal Loans Reviews & Feedback

Productreview shows 212 reviews on its website with 189 reviews having a 5* rating. It also shows an overall rating of 4.6 out of 5 which is excellent.

It also has a good rating and feedback from RateCity & Canstar which we can see on its official website.

Omm (OurMoneyMarket) Contact Details

Omm Customer Support Contact Number = 1300 990 115

Omm Customer Support Email ID = info@ourmoneymarket.com

Omm working hours =

Monday to Friday = 9:00 am- 5:00 pm CST
Saturday = 9:00 am-12:00 pm CST
Closed for State-based and National Public Holidays

Omm Registered Address =

Level 1, 143-147 Hutt Street, Adelaide SA 5000

Level 8, 412 St Kilda Road,Melbourne VIC 3004

Conclusion

You have seen Omm Personal Loan Reviews | How to Apply for a Personal Loan With Omm in depth. I hope the review will enhance your knowledge about the Omm loan provider.

Omm (OurMoneymarket) is 100% an online lender, It can suit borrowers who want to use it as an alternative to the traditional form of banking.

It is very important to note the rate of interest you are getting as it offers personalized interest rates. it will vary from individual to individual due to differences in their credit history.

Also, It has various fees & charges associated with the loan. make sure to double-check all the charges with the loan provider before opting for a personal loan.

Read Also

• Harmoney Loan Reviews | How to Apply for a Personal Loan with Harmoney
• Safe Financial Reviews | How to Apply for a Personal Loan with Safe Financial
• Jacaranda Finance Loan Reviews | How to Get a Personal Loan with Jacaranda

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