cheap personal loans Archives - OurMoneyMarket
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 https://www.webjet.com.au;
    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 (https://www.jetstar.com/au/en/price-beat-guarantee). 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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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 info@ourmoneymarket.com 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.

    OurTips-P2P-Investing-OurMoneymarket 5 Simple Ways to Improve Your Credit Score

    A couple of months ago I wrote an article outlining the 3 Big Mistakes You Make That Stop You Getting a Loan. The article highlighted a number of common mistakes you make that negatively impact your credit score. Today’s article highlights 5 Simple Ways to Improve Your Credit Score, so you can obtain the loan you need or the interest rate you deserve.

    #1 Check Your Credit File for Errors

    An estimated 30% of credit files in Australia contain errors in them. Removing errors in your credit file can be an easy way to improving your credit score. Some common mistakes include:

  • Incorrect information on how long you’ve been with your current employer; or
  • Incorrect information on your current address or how long you’ve been at your current address.
  • More serious errors to look out for include:

  • Incorrect credit enquiries or duplicate credit enquiries from the same lender; or
  • Prior defaults, judgements or court writs that have since settled, but appear as outstanding on your credit file.
  • Removing these errors from your credit file can go a long way to significantly improving your credit score.

    You can obtain a free copy of your credit file from Equifax.com.au.

    Note: Look out for lenders that make additional credit enquiries for slight variations in your loan application. They may do this despite making an enquiry only the day before. To avoid the risk of duplicate credit enquiries always ask your lender if your credit variation or credit increase will result in a further credit enquiry.

    #2 Start Building a Credit Story

    The age and diversity of your credit file is an important factor in determining your credit score. For those that have never had a credit contract in their name, consider opening a basic credit account as soon as possible (e.g. a mobile phone contract). For those of us who have an existing credit record, check that your name is on all credit contracts you’re paying for – there may be an old mobile phone contract that’s still recorded under your parents’ names that you should get the benefit of!

    In addition to this, having a variety of credit contract types (e.g. a home loan, mobile contract, credit card and/or personal loan) can help improve your credit score in the long run. Obviously, the key is to making sure you manage all these credit accounts responsibly, and making sure that when applying you comply with point #3 below.

    #3 Stop Making ‘Bulk’ Loan Applications

    Don’t make multiple credit applications across different lenders during a short period of time. It is one of the worst things you can do for your credit score. To the credit bureaus this looks like you lack financial control or are financially desperate. Stopping this behaviour is a great way to improve your credit score.

    Always do your research before applying for credit and, if possible, get an early indication from the lender on whether you will be approved for the credit amount you need. 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 so you’ll know if you have a good chance of getting a loan before you proceed.

    #4 Take a Break from Applying for Credit

    Time heals all wounds. This has never been truer when it comes to improving your credit score. Taking a break from applying for credit will improve your credit score, especially if you have a track record of making multiple applications during a short period of time.

    Now, for those that need credit to make a purchase or consolidate debt, this is understandably not a solution, however for those that are frequently seduced by the latest credit card promotions, maybe think twice about whether it is worthwhile in the long run.

    #5 Make Payments on Time

    It sounds simple, but ensuring all your financial commitments are paid on time is a perfect way to improving your credit score. An easy solution to managing your payments is to establish direct debit arrangements for all your credit contracts.

    If you’re finding your existing debt repayments too difficult to manage, consider consolidating your debts into one easy to manage personal loan. You can obtain a free rate quote here.

    Summary

    Understanding how credit scores work can get a bit confusing at times, especially when the best methods to use in order to improve your credit score can appear contradictory. So what are our tips in a nutshell? In short, check your file at least annually for errors, put in place methods to ensure you make all your payments on time and when applying for credit wait for the lender to respond before going elsewhere, or preferably, apply with lenders that offer you a pre-approval process that won’t impact your credit score.

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    5 Simple Ways to Improve Your Credit Score – Source: OurMoneyMarket Lending Pty Ltd ABN 64 605 231 669 Australian Credit Licence 488228.

    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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    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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