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When doing a personal loan interest rate comparison across lenders the key rate to understand is the comparison rate. The comparison rate shows you the “all-in” cost of the finance including interest and fees associated with the loan. Before taking out finance, it’s important to ask the lender:
(1) For a breakdown of all fees you will be contractually obligated to pay including establishment fees, monthly account keeping fees, prepayment fees and early exit fees
(2) Which fees have been included in the calculation of the comparison rate. Remember: Advertised personal loan interest rates typically do not represent the true cost of the loan. Therefore, you should not use these to compare the cost of a loan across lenders.
No monthly account keeping fees. No transaction fees. Just one simple service fee.
OurMoneyMarket’s interest rates vary depending on the loan term and credit risk of the loan applicant.
Based on OurMoneyMarket's credit assessment criteria, OurMoneyMarket assigns a loan grade between A+1 and D5 that it believes reflects the underlying credit risk of the borrower.
OurMoneyMarket charge one simple fee of 12.5% of the gross interest paid by the borrower on each loan repayment. The fee is paid to OurMoneyMarket for managing the day to day operations of the OurMoneyMarket Investment Trust.
We offer simple personal loans, with no hidden fees. There is only a once-off establishment fee that is added to your loan proceeds.
The amount of the establishment fee is based on your OurMoneyMarket loan grade and is calculated as a percentage of your total loan amount. The establishment fee is subject to a minimum of $150.
There are no other standard fees payable to OurMoneyMarket as long as you make your scheduled repayments.
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