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OurTips-P2P-Investing-OurMoneymarket 5 Reasons You Get Declined After Clicking Apply For Personal Loan

Have you clicked “Apply for Personal Loan”, completed the whole form, provided the necessary information, only to be rejected and never really been sure why. Below is a list of the most common reasons why you’ll get rejected for a personal loan.

#1 Credit Enquiries

If you’re not sure what a credit score is take a quick read of our previous post “5 Simple Ways to Improve Your Credit Score”. A low credit score can have a big impact on your chances of getting a personal loan and one of the biggest causes for a low credit score are the number of recent credit enquires you’ve made. Too many credit enquiries in a short period of time will have a negative effect on your credit score as it gives a perception of financial desperation. While it can be tempting to shop around for the best deal, or quick money, make sure you’re careful not to rack up credit enquiries. Having multiple applications on the go, then picking what you perceive to be the best one might seem like a good idea but ultimately, it’s going to lower your credit score and can have serious implications on your ability to access credit in the future. Instead, do your research before applying and then when you’ve found the lender that suits your needs proceed with the application.

#2 Income Type

Income is another common reason so many people are knocked back in credit applications. Income can be a complex beast as it can come from a number of different sources. Before applying for credit always ensure the income you receive is income that can be verified. That is to say you need the relevant documents to make sure you can prove that it is your income and that it is taxable income. Furthermore, even though you may earn income, is it a type that is acceptable to lender you are applying with? There are types of income (e.g. centrelink benefits) that some lenders will not accept, so be careful if a large part or all of your income comes from social security benefits, foreign income or investments. Ask the lender before you apply if your source of income is acceptable. If not, then you have saved your file against another credit enquiry.

#3 Employment Type

The type of employment you have can also have an impact on your chances of getting a loan. Lenders generally consider permanent full time or permanent part time borrowers safer to lend to than say casual, contractors or self-employed borrowers. This is due to the fact they receive a set minimum number of hours and are also guaranteed annual and sick leave. A casual customer on the other hand will have hours that can fluctuate and if they need a holiday or the day off due to sickness they unfortunately don’t get paid!

Furthermore, some online personal loan lenders will require you to be in your employment for a certain period of time before it can be accepted. It is always a good idea to check if there is a minimum period of employment required for your loan to be accepted. In particular casual employment and self-employment often have more stringent rules around length of employment due to this income source being considered less predictable.

#4 Default

While some people will receive a default on their credit file due to circumstances out of their control, such as financial hardship, others will receive theirs from situations that are entirely avoidable! A common source of defaults are disputes over phone bills and energy bills. You receive your bill in the mail and much to your shock it’s triple the usual amount. You call the company but they just won’t listen. In anger you decide you’re not going to pay it. You close your account and move to a competitor. The company sells your debt and you get a default on your credit file that will take at least seven years to get removed! Now every time you apply for credit this stops your application from being approved. While it can be painful to have to pay a debt you believe to be unjust its better for your credit file if you pay it, then dispute it, and try to get the money back

#5 Lack of Transparency

Be honest when you go to a lender. Dishonesty will get you nowhere. If you are hiding credit cards from the lender they’ll find out about it. If your repayment history is bad let them know as they may be able to advise you before a credit enquiry gets submitted on your credit file whether it’s worth your time applying. If you’re honest about your circumstance the lender may be able to put in place a finance solution that gives you what you need and makes your overall financial circumstances easier. If a lender finds out you’ve been lying during your application then they will decline you on the spot.

In Summary

So next time you consider pushing that “Apply for Personal Loan” button, be sure to put yourself in the best possible position to be approved. If you follow the above advice you’ll certainly give yourself a better chance of preserving your credit score and finding a loan suitable to you and your circumstances.

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OurTips-P2P-Investing-OurMoneymarket 3 Easy Ways to Save Money When You Travel

#1 Save 10% Every Time You Fly!

If you haven’t heard of Webjet and Jetstar’s Price Match Guarantee then it is likely you are wasting both time and the opportunity to save money when booking domestic flights within Australia! Webjet is a great search engine tool for flights, allowing you to quickly compare all flight prices offered by Qantas, Virgin, Jetstar, Rex and Tigerair. Here’s our tip for finding the best flight for you:

    1. Visit the Webjet website at;
    2. Search for available flights by entering your preferred travel dates and destination;
    3. Check if there is a Jetstar flight departing within one hour (before or after) of the cheapest flight available. If there is, and that Jetstar flight is more expensive than the other airline, then Jetstar will beat that other airline’s flight cost by 10%! Claiming the discount is easy; simply complete a quick form found at the below link and Jetstar will email you a link to pay for the flight within an hour of submitting the form ( We suggest looking for the closest Tigerair flight to when you’d like to depart, as they are usually a fair bit cheaper than most, then getting Jetstar to beat it by 10%. This just might save you $100 or more!;
    4. The last step is to book your flight. Always remember to book your flight through the chosen airline’s actual website (e.g. the Jetstar website). This will help you to avoid paying any additional third-party booking fees.

#2 Pick the Right Mode of Transport

Before travelling around a country (or continent) do your research on the cost of different modes of transport. For example, in South America, while internal flights can be really expensive, overnight bus trips (while long!) can be a great cheap alternative. The buses are usually very comfortable, you often get fed and more importantly you save on a night’s accommodation! In Europe on the other hand, internal flight prices offered by the budget airlines (like easyJet and Ryanair) are often very cheap. Once in a city, walking, cycling and public transport are a must. Not only will you take in more of the local sites, but you will save a considerable amount of money. Train systems generally work the same wherever you go, so it should be an easy way to get around no matter what country you’re in or the native language spoken.

#3 Save Money and Travel Light

Travelling light will not only help you save money by avoiding fees to check in your luggage but will also save you your sanity! Plan ahead for the climate, pack accordingly and forget the rest. This will make packing to leave a hostel bearable, it will make your backpack carriable and you will avoid stressful moments at the airport where you need to decide which items will be boarding the flight. You may also have room for a few souvenirs! Then there is the option of wearing four layers of clothing each time you fly…we don’t recommend doing this, but it’s certainly an option 😛

If travelling on a tight budget just isn’t your thing, or you’re in need of some extra funds. Check out OurMoneyMarket’s holiday loans and personal loans to get access to some quick cash so you can holiday in style.

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Peer to Peer Lending for Dummies

Peer to Peer Lending For Dummies – OurMoneyMarket Peer-to-Peer-Lending-For-Dummies-OurMoneyMarket Peer to Peer Lending for Dummies

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This information has been prepared as general information only without taking account the objectives, financial situation or needs of individuals. All investors should seek their own financial, legal and taxation advice relative to their own circumstances before making an investment.

money-4 What is a Personal Loan?

What is a Personal Loan?

A personal loan is a cash advance provided by an online lender, like OurMoneyMarket, or a bank, which can be used for any kind of personal expense. For example, paying off debts, preparing for a wedding, buying a new car, renovating your home etc.

How do personal loans work?

Personal loans are pretty similar to home loans, in so far as, you make regular repayments of principal and interest to the lender until the total loan amount you borrowed is fully repaid. The difference between a home loan and a personal loan however is that with a personal loan the lender will typically transfer you cash so that you can purchase whatever it is you need.

Are there different types of personal loans?

There are basically two types of personal loans; (1) a secured personal loan; and (2) an unsecured personal loan.

Secured Personal Loans: This is a cash loan that is secured by some kind of asset, such as a car, motorbike or boat. If you fail to meet your repayment obligations on the loan the lender is able to repossess the asset you pledged as security for the loan (i.e. the lender can take the asset away from you). Given you have provided a form of security to the lender the interest rates on secured personal loans are lower than unsecured personal loans, as the risk to the lender is lower.

Unsecured Personal Loans: This is a type of cash loan in which you don’t provide any security towards the loan. Usually convenient for those borrowers who aren’t purchasing an asset that can be pledged as security (i.e. the loan is for debt consolidation) or the borrower doesn’t own any large financial assets (e.g. car, boat etc.) and therefore can’t offer the lender any security. As the borrower is offering no security the personal loan interest rates for unsecured personal loans are higher than secured personal loans. This does not however mean that if a borrower fails to repay an unsecured personal loan that they can walk away from their debt. The lender can typically obtain a court judgement to either repossess any assets the borrower has or alternatively garnish the borrower’s wages, amongst other things.

Personal loans can either have a fixed rate or variable rate. What’s the difference? A fixed rate means that as a borrower you have a fixed interest rate and fixed repayment for the life of the loan term. That also means there are no nasty repayment surprises. A variable rate means that the interest rate on the loan can change over time. This means that your loan repayment may go up or down over the course of the loan. OurMoneyMarket only offers fixed interest rate loans.

How do you get a personal loan?

If you’re wondering how to get a personal loan rest assure there are a range of online personal loan lenders available to you, though if you would like to apply for personal loan now click here. The process is 100% online and takes approximately 5 to 10 minutes to complete the application form. To be eligible for an OurMoneyMarket personal loan you will need to meet the following criteria:

  • Be 18 years or older;
  • A permanent Australian resident or valid visa holder;
  • Earn more than $25,000 a year (after-tax); and
  • Demonstrate steady employment (whether casual, part-time, full-time, contract or self-employed) or be on the pension.
  • Looking for a personal loan? Click here to get started or alternatively call 1300 990 115 to speak with one of our friendly customer service representatives.

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    Source: OurMoneyMarket Lending Pty Ltd ABN 64 605 231 669 Australian Credit Licence 488228.

    Debt-Consolidation-1024x682 What is Debt Consolidation? It Can Help Save Thousands! Low Rate Debt Consolidation Loans

    What is Debt Consolidation?

    Debt consolidation is when you refinance all your existing credit card debts and/or personal loan debts into one single repayment. In other words, it means a lender will pay off all your existing debts so instead of having to make lots of small repayments to lots of different lenders you simply make one repayment to one lender. Simple.

    So what are the benefits of debt consolidation?

    #1 One Simple Repayment

    Staying on top of your personal finances can be a challenge at the best of times, let alone when life gets busy. For those of us with multiple credit cards and the odd car loan or personal loan, it doesn’t get any easier – especially when all these repayments are due on different days. Debt consolidation can help simplify “life admin” by consolidating all these debts into one easy to manage repayment. This can help reduce the stress of managing your personal finances, plus in the long-run help improve your credit record by making sure you don’t miss a repayment.

    #2 Pay Less Interest and Lower the Amount of Your Repayment

    Debt consolidation can also help reduce the amount of interest you pay on your debt and possibly lower the amount of your regular repayment. For example, by refinancing the outstanding balance on a high interest rate credit card to a lower rate personal loan, you can save thousands! Check out our example below Debt-Consolidation-1024x682 What is Debt Consolidation? It Can Help Save Thousands! What’s more a lower interest rate can mean a lower regular repayment amount (depending on the period of time in which you would like to pay off your debt). This means not only could you save enough money for your next big trip, but you could also have far less stress when it comes to managing your monthly budget.

    #3 Set Yourself a Debt-Free Date

    Consolidating your debts into one fixed rate personal loan means you’re setting yourself a clear date in which all your debts will be paid off! That’s because unlike your credit cards in which you’re only required to make a minimum repayment, a personal loan has a fixed repayment that includes both an interest component and principal component that goes towards paying off the balance of your loans.

    If you interested in obtaining a debt consolidation loan, you can either apply for personal loans here or contact us via email on or phone us on 1300 990 115.

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    Source: OurMoneyMarket Lending Pty Ltd ABN 64 605 231 669 Australian Credit Licence 488228.

    Our-goals-e1506053844998 Top 5 Ways to Make Easy Cash

    Top 5 Ways to Make Easy Cash – Source: OurMoneyMarket Lending Pty Ltd ABN 64 605 231 669 Australian Credit Licence 488228.

    So, you’re looking for ways to make a few extra dollars. I’ve been there! When I quit my job to start OurMoneyMarket I was in need of some extra cash to get by. The tasks/jobs I was looking for didn’t have to pay much, but they had to meet at least one of the following: (i) the job had to be easy; (ii) the job need to be quick; or (iii) I could do the job at a time convenient to me.

    Luckily, I found enough jobs to make me, on average, an extra $200 a week. That’s an extra $10,400 a year!

    So, without further delay, here are my top 5 ways to make easy cash – not become a millionaire cash, but easy extra cash:

    #1 Easy Cash With Mystery Shopper

    Task Difficultly Rating: Easy

    Cash Reward Rating: 4/5

    Oh, Mystery Shopper, how good you were to me. With Mystery Shopper, there are all kinds of jobs you can do, and you get to pick the jobs you want. Some of the jobs I did included:

  • $20 for eating a burrito at Guzman & Gomez (lunch paid for and some extra cash – tick!);
  • $35 for trying on some Lacrosse shoes and reporting on the customer service;
  • $20 for getting a Boost Juice (again drink complimentary);
  • $20 for leaving a fake reservation call with a hotel.
  • It took me, on average, around 30 minutes to complete any given task and complete the service report you must submit.

    #2 Airtasker

    Task Difficultly Rating: Easy to Hard

    Cash Reward Rating: 5/5

    Airtasker is an online peer-to-peer website that allows people to post any kind of task or job they need completed, and whether they need it done online or in person.

    With Airtasker, you can make money doing all kinds of things (e.g. writing blogs, helping someone with their resume, wait in line for the next iPhone, caring for puppies, you name it!). Generally, you stand to make between $20-$400 for tasks advertised on Airtasker.

    #3 Online Surveys

    Task Difficultly Rating: Easy

    Cash Reward Rating: 1/5

    OK, so I never really did these surveys properly, but I think that’s justified given they seem to falsely advertise the time each survey takes.

    Basically, with sites like, Valued Opinions, you can complete surveys that take anywhere between 5 to 60 minutes, and earn between $1 to $20 for your time.

    It’s not exciting money, but it’s really easy and you can do it just before bed, or during T.V ad breaks.

    #4 Sell Clothes & Furniture Online

    Task Difficultly Rating: Easy

    Cash Reward Rating: 5/5

    Selling your old clothes, furniture etc. online is a great way to make extra cash. It also removes clutter…and will make those you’re living with super happy.

    To be honest I didn’t make regular money from this (sold a couch once for ~$1,000). However, friends of mine have regularly sold their old clothes on eBay and Gumtree and claimed to make good cash doing this.

    #5 Search the Web

    Task Difficultly Rating: Easy

    Cash Reward Rating: 3/5

    Sometimes saving cash on everyday expenses is as good as earning cash. Simply add PricePal to your web browser and get notified of discounts when shopping at some of your favourite retailers!

    Due to this little beauty, I regularly received around $20 a week in cash back when I shopped at Woolworths. Friends of mine would save up to 6% when shopping at UNIQLO, Cotton On,, etc.

    Honourable Mentions

  • UBER: If you own a car consider becoming an UBER driver. After all fees and expenses (assuming average car loan repayments), you can earn approximately $150 per week for 10 hours of driving. If you don’t own a car, but would like to become an UBER driver, get a quick rate quote today with OurMoneyMarket. We offer low rate personal loans, with flexible repayment options.
  • Airbnb: If you own property, or have a spare room at your place, consider registering for Airbnb and renting it out. Consistent users of Airbnb can earn between $1,000 and $2,000 per month. You have an asset that can make you cash, consider making cash from it!
  • Deliveroo/Foodora: If you own a bike, motorbike or car, consider signing up to Deliveroo or Foodora, you can earn approximately $20 per hour doing this and you have flexibility around when you want to work. If you’re in the market for a bike or motor bike, OurMoneyMarket offers fast cash loans, so you can start delivering.
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    This information has been prepared as general information only without taking account the objectives, financial situation or needs of individuals. All investors should seek their own financial, legal and taxation advice relative to their own circumstances before making an investment.

    OurTips-P2P-Investing-OurMoneymarket 3 Big Mistakes You Make That Stop You Getting A Loan

    Before jumping into the 3 big mistakes you’re making that can impact your chances of obtaining a loan. I have a few questions.

    Do you know what your credit score is?

    If you don’t know what your credit score is it’s worthwhile finding out. You can do this for free via Credit Savvy, Credit Simple and Get Credit Score. Forewarning, by obtaining your credit score from these websites you can expect to receive emails offering you credit (not from us, as we don’t have any affiliation with them, but from our competitors).

    So, what is a credit score?

    In short, it is a number that represents your “creditworthiness” and provides an indication to lenders of the likelihood of something “bad” happening on your credit file in the next 12 months (e.g. bankruptcy, consumer and commercial defaults etc.). A diagram of Equifax’s credit scores and what they generally mean in terms of credit quality is below.

    OurTips-P2P-Investing-OurMoneymarket 3 Big Mistakes You Make That Stop You Getting A Loan

    With Equifax (previously Veda) your score can range from -200 to 1200. The higher the score the better, for example, a score of 600 means there is a 5.88% chance that something “bad” will happen on your file in the next 12 months.

    What do you think your score is?

    I guessed mine would be at least around 750 (i.e. “Very Good”). I’ve never defaulted on any loan, I’ve never missed a payment, though as I’m relatively young I figured the “age” of my credit file might go against me (i.e. not much data to draw on). Well I was wrong. My credit score is 518 (i.e. “Average”) …Ouch! So how did this happen?

    Well I made the same mistakes a lot of people make. Here are 3 common mistakes that impact your credit score and your ability to get a loan or the interest rate you deserve.

    #1 Don’t Get Sucked into New Credit Card’s Unless You Really Need It

    This was my downfall. Oh, the glory of 50,000 frequent flyer points for just signing up to a new credit card with ABC Bank – “I’ll just get a few of these bad boys and my dream holiday to Argentina will be sorted”. Sadly, each time you make a credit enquiry it impacts your credit score. Below is what happened to me the last time I opened up a new credit card:

    • Credit Score Prior to Credit Card Enquiry = 554

    • Credit Score After Credit Card Enquiry = 518

    My score dropped 36 points! Suggesting that I was now 2% more likely to have a “bad” event occur on my credit file in the next 12 months.

    Now I did this quite a few times over a couple of years (flights to Argentina are expensive and points aren’t worth what they used to be), and I know I’m not alone in doing so. It does seem unfair. My behaviour as a borrower didn’t change. I always honour my commitments. I didn’t even need the credit card. To the credit bureau’s however, the pattern of my enquiries suggested desperation and I was penalised for it.

    So what do you do if you actually need a credit card or personal loan, but are worried about the enquiries impacting your credit score? Check whether the lender has a “pre-approval” process. For example, with OurMoneyMarket you can obtain a rate quote for a personal loan in minutes, without it impacting your credit score! We’ll also test whether you meet our eligibility criteria too so you’ll know if you have a good chance of getting a loan before you proceed.

    #2 Avoid Payday Lenders If You Can

    So not only do enquiries impact your credit score, but the type of enquiry also impacts it too. This is particularly the case when making an enquiry with a ‘Payday’ lender, but also applies for credit cards.

    What is a payday lender?

    A payday lender typically provides loans of up to $2,000 with repayment terms between 16 days to 1 year. They will often charge interest rates in excess of 45% (sometimes in the hundreds), promise you quick cash within an hour and from time to time can be seen in advertisements dressed as bunnies or wizards!

    Sadly, we’ve seen some good borrowers badly impacted by payday loan enquiries, which prevented them from accessing credit 12-24 months later. Unfortunately, these borrowers had no idea the ‘Payday’ lender was considered “high-risk” by the credit bureaus. So, please check the terms and conditions before applying for a loan. If the interest rate is 45%+ or is for an amount less than $2,001, then there’s a good chance its considered ‘Payday’.

    #3 Don’t Let Your Broker Run Wild

    There are many people who have had great experiences with brokers, however sometimes it can go horribly wrong. Please keep a check on your broker and don’t let them “shop you around” to lenders, as all these enquiries will negatively impact your credit score and just make things worse.

    In the case of home loans, Mortgage Managers are hard to come by, but companies such as Mortgage Direct, make it their business of knowing the “in’s and out’s” of lender’s credit policies when it comes to home loans. They can be helpful in giving you an indication of whether your home loan will be approved without impacting your credit score.

    Can I Fix My Credit Score?

    Yes, you can. However, we’ll explore this in detail in a future article.

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    OurTips-P2P-Investing-OurMoneymarket 4 Ways to Save Money and Earn Extra Cash at Your Bank

    The information contained in this article should not be taken as financial product advice and has been prepared as general information only, without taking into consideration your personal investment objectives, financial circumstances or needs. In particular, you should pay careful consideration to the risks outlined in the OurMoneyMarket PDS, available here.

    4 Ways to Save Money and Earn Extra Cash at Your Bank

    I often see articles (typically from banks) giving tips on how to save money or how to budget. These articles include tips like “monitor your expenses”, “set savings goals” or “create shopping lists before you shop”. These are obviously good practices for saving money and budgeting, but they often involve you buying a box meal at Aldi instead of ordering a pizza on a Friday night. This stuff you already know and are typically the things you enjoy spending money on. So, how can you save money on the things you hate spending money on? And how can you earn some extra cash at your bank?

    Here’s 4 simple ways to save money and/or earn some extra cash at your bank.

    #1 Pay Less on Your Home Loan

    Go to a loan comparison site (e.g. Finder and RateCity) and take note of the lowest home loan rate available. Then, contact your bank’s customer service line and ask for a payout figure on your loan. Explain that you’re planning to move to another finance company as they’re offering you a better rate. Your bank will immediately put you through to the Retentions Team who will discuss what rate you’re being offered, so they can see if they can compete. The Retentions Team will likely offer you a slightly higher interest rate than what you’re able to get elsewhere as they know there are some costs to you moving banks (let alone the effort and admin). If they offer you a lower rate great! You probably just saved enough money for your next holiday.

    Please note, if you currently have a fixed rate home loan it will be harder to negotiate a lower rate on your home loan as there are break costs involved in refinancing these loans.

    #2 Avoid Paying Annual Fees on Your Credit Card

    Banks can refund the annual fee on your credit card as long as you contact them within 45 – 60 days of it being charged to your account. Steps to take: (1) Ask for the Credit Card Cancellation team; (2) Advise the customer service rep. that you use the card for day-to-day transactions but would like to cancel the card as you don’t wish to pay the annual fee; (3) They should offer to waive the fee. If they don’t offer to waive the fee and you don’t want to cancel the card, simply don’t proceed with the cancellation. Note, if you’re annual fee is greater than $150 you may only be able to negotiate a 50% reduction on your annual fee.

    #3 Boost Your Savings by Regularly Opening New Savings Accounts

    The banks are always keen to get hold of your savings, as it’s a cheap source of funding for them. Your bank will regularly offer bonus interest on new savings accounts in order to attract new customers. They won’t advise existing customers of these deals but you can also take them up. What’s the catch? The bonus interest is only available for a fixed period (e.g. 4 months), after which it converts to the standard low variable base rate (these days around 1%-2%), so at the end of the fixed “honeymoon” period just open up another account and get back on the bonus interest rate offer!

    #4 Avoid Hidden Fees on Loans & Bank Accounts

    Firstly, companies are notorious for charging monthly account keeping fees. Most people just ignore these costs as they seem so insignificant at the time, however, these costs add up to a lot over the life of a loan. The average monthly service fee on bank personal loans is $10 (as if they were paying someone to manually handle your account each day!). For a loan term of 7 years this will cost you an extra $840! You know that feeling when money seems to just disappear from your account, and you don’t know how, well this could be one of those reasons.

    Secondly, banks have historically enjoyed charging prepayment fees and early exit fees (i.e. they want to charge you extra if you want to pay off your account early!). Borrower’s take note: your circumstances will likely change over the next 7 years. That promotion you’ve been working hard to get from your boss for the last 12 months will happen, and you don’t want to be stuck paying interest on a loan you no longer need once you receive your pay rise. To avoid these costs consider refinancing your loan (home loan or personal loan) to a provider that offers no monthly service fee, no prepayment fees and no early exit fees. This means you will know all your costs upfront, you won’t be locked into a loan you may longer need, or can pay off sooner, and you will find it easier to budget moving forward.

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    Disclaimer: If you are an investor in OurMoneyMarket, or considering becoming one, always keep in mind that by investing in OurMoneyMarket your capital is at risk. Investors can obtain a copy of our PDS here for more information on the risks of investing.

    Sometimes a little disruption can be a good thing.

    A new concept called “marketplace lending” is shaking up traditional financial markets, which have remained rigid and fixed for far too long. For years, people with strong credit histories sought out loans but weren’t rewarded with the better rates they deserved. At the same time, people with less-than-perfect credit were excluded from accessing the loans they needed. This was partly due to the fact that traditional financial institutions had exclusive rights to fund these loans.

    In the past few years, however, advanced technology has brought greater transparency, immediacy and disintermediation to financial markets, enabling all investors the opportunity to share in the profits of asset classes previously only available to traditional lenders.

    The sharing economy and peer-to-peer networks are redefining business models in every industry. It has become clear that mainstream financial policies, such as those used by traditional lenders, are in need of an upgrade. OurMoneyMarket is happy to do our bit in helping make money move more freely and quickly between borrowers and investors.

    EMM1003_image_only Welcome to OurMoneyMarket!

    What Is Marketplace Lending?

    Like any great deal you see online these days, marketplace lending is a high-tech twist on a very old idea. For hundreds of years, people have lent money to other people they trusted. Marketplace lending starts with that same idea, but it uses the latest technology to create a secure online platform for managing peer-to-peer arrangements like these on a massive scale.

    This means borrowers have greater choice, with access to a wider variety of “lenders”, and investors of all sizes can gain access to alternative fixed-income asset classes that offer attractive rates of return.

    How Do Borrowers Benefit?

    The OurMoneyMarket website makes it easier for you to get approved for the loan you need. In the past you would have to go from bank to bank, having awkward face to face conversations, some of which would result in a “No” due to the banks rigid credit policies. Each rejection would hurt your credit and make it harder for you to get a loan in the future. Now you can simply go to OurMoneyMarket, obtain a free rate quote within minutes, and post your loan request online. When enough investors sign on to share in the risk, your loan is approved. Think of it like crowdfunding for personal loans – but don’t worry as a borrower you don’t have to deal with hundreds of investors! They won’t even know who you are. You just deal with us.

    How Do Investors Benefit?

    Traditional lenders restricted investor access to these asset classes because they were more risky than say, term deposits, but also because the returns were so attractive. They wanted to retain the loan exposure themselves.

    These asset classes are perfect for rounding out a diversified portfolio and are now available for your investment, from as little as $50 in any single loan. OurMoneyMarket gives you the ultimate dashboard to build a portfolio and fine tune your risk and reward profile. You can invest in a wide range of borrowers, geographic locations, loan grades, loan terms and target rates of return. It’s your money. Invest where you want and how you want.

    OurMoneyMarket Principles

    It’s simple. We believe in giving “Credit Where Credit’s Due”. You would think that everyone could agree on that, but financial markets have a history of running by their own rules. We intend to change that by rewarding good borrowers with better rates and borrowers who have recently improved their credit performance a second chance at repaying a loan. That also means investors who believe in these loan seekers deserve to make a good return on their good faith.

    That ties into our second principle of transparency. There are no early exit fees, no prepayment fees and interest rates are tailored to match each borrower’s unique circumstances. Surprises belong in parties, not loans.

    Our third principle is access. Borrowers deserve a simple, easy-to-use loan. We make maximum use of new technology to create a 100-percent online process with 0-percent confusing paperwork. No fuss, no run-around.

    We also believe investors deserve an efficient, transparent and intelligent platform, so they have the flexibility and control they need when it comes to investing in loans.

    Are You In?

    OurMoneyMarket is now your money market. You deserve it and it’s long overdue. Sign up today and become a part of the new financial revolution.

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