Borrowers obtain a free, no obligation, rate quote in minutes. If they’re happy with the rate quote they can finalise the loan application. It’s a quick and simple process and 100% online.
OurMoneyMarket leverages online data and technology to quickly assess risk, determine a credit rating and assign an interest rate based on the borrower’s unique circumstances.
Qualified borrowers receive conditional approval in under a minute. A request may be made for additional information required from the borrower. Once that information is provided, and is to the satisfaction of OurMoneyMarket, a formal offer may be made to the borrower.
Approved loans are listed on the marketplace for investors to review and invest in.
Investors browse the marketplace and invest in portions of loans, as little as $50 in Loan Units linked to any single loan.
Once a loan is fully funded and the borrower accepts the loan offer they begin to make fixed scheduled repayments on the loan. Investors who have invested in Loan Units linked to the loan receive a fixed regular income stream – assuming OurMoneyMarket receives a repayment from the borrower.