2OurMoneyMarket

OurMoneyMarket

4.4

640 reviews · Statistics

PositivevsNegative
86% · 55284 · 13%
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Loan TypeFixed Rate (423), Variable Rate (44), Line of Credit (6) and Split (1)
Loan Term4.884 years
Transparency
4.4 (528)
Customer Service
4.5 (550)
Application Process
4.5 (527)
Timeliness
4.5 (520)
See the Best Personal Loans in 2023 as rated by Australians on ProductReview.com.au.

Reviews

640 reviews
Angry customer
Angry customer

Avoid at all costs

I applied for a loan and it asked for a lot of personal information. In the screen below, it stipulates it doesn’t affect credit score but I think it does. I got to the page where it asked to input contact details and it looked dodgy but unfortunately I was so desperate I inserted my banking login details. I haven’t had any ramifications yet but I feel something will occur as I started to receive calls from overseas immediately. South Africa and Tehran in Iran. I’m praying that nothing comes out of this but I’m not so certain

May H.
May H.

Total waste of time!

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Ben W.
Ben W.

Very good finance company

Julia
Julia

Very clear and friendly service

Author stated being incentivised for this review

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A ea
A ea South East Queensland, QLD · 2 posts

Quick helpful service!

Matt
Matt

Excellent customer service

Matt W.
Matt W.

Best loan company I’ve dealt with

Such a pleasure to deal with and really easy process from start to finish. These guys will keep the banks on their toes

Shamoun S.
Shamoun S.

Not too intuitive when it comes to using https://app.ourmoneymarket.com/

Transparency
Customer Service
Ant
Ant South West, WA

Very professional service.

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Bethany G.
Bethany G. Victoria · 3 posts

Very easy, so helpful.

Consultants called and walked me through any and all uploads and websites. So easy and nice.

Nic B
Nic B Greater Melbourne (Metropolitan), VIC · 7 posts

Their application asks for your bank PASSWORD

Lara
Lara

Stay away from this company

Not only did the person on the phone sound like a robot with their repetitive automated responses, but they also took it to the extreme by simply hanging up on me without any explanation. This company’s customer service is abysmal, and I strongly discourage anyone from dealing with them.

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Annie
Annie Sydney, NSW

Great customer service

Manu J
Manu J Melbourne · 3 posts

Lightning Fast!!!

Byron
Byron

Excellent service

Questions & Answers

Lynda S.
Lynda S. · 

Why is my car being used as collateral? Can you assure me that once I have paid out my loan you will no longer have any interest in this vehicle and that it will be released? Do you provide letters to state that my car will be released as collateral and that it is 100% mine

OurMoneyMarket
OurMoneyMarket · 

Hi Lynda,

Thanks for reaching out.

Loans will be approved based on an assessment made by our credit team, who will set out the terms of the contract. If a security/collateral is listed, once a loan is paid out, we have no further interest in said vehicle and would remove our encumbrance listed on the PPSR accordingly.

Confirming that our payout letters do state that the encumbrance will be removed upon receipt of cleared funds.

Thank you,
Alex - OMM

Guest
Milad H.
Milad H. · 

Is it legal that you have a scam like interface and you directly ask for your customer's bank credentials in your website? You could easily be storing my bank creds and us it at your own desirer and empty my bank

OurMoneyMarket
OurMoneyMarket · 

Hi Milad

Thank you for reaching out.

We choose to use electronically generated statements as it is a fast, easy and inexpensive solution for income verification that allows us to pass on those savings onto our customers. Illion Bank Statements is used by most brokers and online lenders as a secure way to verify income.

Some important facts about Proviso (Illion Bank Statements) are:
-The service has been vetted by world-class security experts to the highest level of data protection & security
-No one ever sees your personal bank details, these details are shared directly with your bank
-The service has been encrypted with bank-level, 256-bit encryption
-Some other reputable companies as ING Bank, NAB, Bankwest & Beyond Bank all use the platform

If you are wanting more information, a quick Google search will help put your mind at ease regarding Illion Bank Statements.

https://www.bankstatements.com.au/
https://www.illion.com.au/

Let me know if you have any other questions.

Hope this helps
Stefan

Milad H.
Milad H. · 

Hi
Thank you for your prompt response.
I’m a programmer and this approach is by no means secure.
You are storing your customers credentials on some system, outside of the bank’s database.
It’s like asking for my Facebook password, so you can have a look at my recent posts.
However, you could also do many other things, like changing my password and owning the account, right?
I mean, this is 101 basic security measures, DO NOT share your passwords with anyone.

In principle, this is no different from scam emails we receive and we’re told by the banks to avoid providing our credentials to anyone or any website, and your approach.

You might be able to fool uneducated people.
I mean, tell us exactly how you can prove you won’t be scamming people?
Just by saying ” trust us, we’re secure”?
I mean, your website isn’t even .com.au
You could easily be some random Indian made scammer website, can you prove you’re not?

This is really bad

OurMoneyMarket
OurMoneyMarket · 

Hi Milad

Thanks for coming back to us. I understand your apprehension around our automated process. Just to clarify a few points for you:

-OMM does not handle any information or credentials. The bank statement interface is handled by Illion (https://www.illion.com.au/), who are partly owned by Macquarie Bank and are one of Australia's largest credit bureaus. OMM just receives the bank statements. The Illion service is used by most brokers, including credit providers such as Zip, Plenti, Beyond Bank and more.
-I've included a link to the Illion Bank Statement page if you would like to learn more (https://www.bankstatements.com.au/)
-OMM owns the .com.au domain. If you enter ourmoneymarket.com.au, you will find it redirects to ourmoneymarket.com, as we hold both domains
-OMM is based in Adelaide, Sydney and Melbourne
-We choose Illion because we feel it provides the best service of its kind in the market and applies bank-level encryption, enabling us to reduce turnaround times, reduce manual processing and paperwork and pass on these savings in the form of better rates.

Once again we understand and appreciate your apprehension around this process. I hope the links above provide some additional information around the service, and if you elect not to progress with OMM, we hope you obtain the best possible deal available.

Regards
Stefan

Guest
GreenJ
GreenJ · 

Why are you asking me for my bank client number and password. Im not happy to provide that, I will send you a copy of my bank statement if you need it.

OurMoneyMarket
OurMoneyMarket · 

Hi there,

Thanks for your enquiry. If you can reach out to us by email to info@ourmoneymarket.com, we'll see how we can best assist with your loan enquiry.

Thank you,
Alex

Guest

Get an answer from our members and OurMoneyMarket representatives

Details

CategoryPersonal Loans and Car Loans
Offers Peer-to-Peer LendingYes
Interest RateFrom 6.57% p.a.
Comparison Rate From 7.19% p.a.
Monthly Fee $0
Repayment FrequencyFortnightly, Monthly and Weekly
Loan Amount $2,000 to $75,000
SecurityProperty and Vehicle
Loan Term1 to 7 years
Rate TypeFixed
Redraw AvailableYes
Visit official website

Contact info for OurMoneyMarket

  • ABN: 64605231669

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