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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 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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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.

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, Asos.com, 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.

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