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
Total waste of time!
After signing my loan contract, I waited over a week for settlement only to get an email saying that the loan would be withdrawn due to their internal system unable to verify my identity. I thought that all these checks would have been done prior to approval and loan contract for me to sign. No communication after contract was sign. Settlement was supposed to be 1-2 business day. Wasted over a week of my time. Would have given zero star if I could.... Read more
Very good finance company
It doesn’t take long to apply and when I finished I got about 30 minutes later a text saying I had been approved. I think that’s pretty good.... Read more
Very clear and friendly service
Amazed by the benefits of the product to match pay cycle, also clear with process.... Read more
Author stated being incentivised for this review
Quick helpful service!
Was able to secure a personal consolidation loan. Quick helpful service with great rates.... Read more
Excellent customer service
Had the pleasure of dealing with Dhanraj who helped me settle my loan. I had been having issues at my end the previous few days, with his help it was resolved same day. Couldn't be happier.
This is my 2nd loan with omm. Great Company! Great service!
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
Not too intuitive when it comes to using https://app.ourmoneymarket.com/
product is good in terms of customer service but I wish I had done my research better as I found
1. fixed interest rate to be higher than other competitor such as Plenti
2. statement does not show how much interest it is charging you per month, it just adds it silently to the Balance.
Very professional service.
I was assisted and informed very well and all my quires was answered in detail. Over a good experience.... Read more
Very easy, so helpful.
Consultants called and walked me through any and all uploads and websites. So easy and nice.
Their application asks for your bank PASSWORD
I've never seen that before. You go through their application, it asks for a LOT of details. It also assures you that it wont affect your credit score. On the last page it asks for your online banking username and password. At that point i closed the page. Seconds later i was already receiving a text saying i got approved, and i got a phone call straight away too (which i didn't answer). The SMS text said "reply 'withdraw' to stop receiving texts". I replied Withdraw and i kept receiving texts. Looking at other 1 star reviews here, now i'm worr... Read moreied that they're gonna affect my credit score which is currently very good & excellent. Big red flags with this "award winning" company. The 5-star reviews look fake. And after this experience i've lost trust with productreview.com.au for the fact that they've given awards to this sneaky company
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.
Great customer service
Needed a short term loan, and I find money market to be very easy to deal with and very quick with their decision... Read more
Wow! What a service - in less than 24 hours of putting in an enquiry, I receive my pre-approval, executed via docusign, and within about 15 minutes, a “We are ready to settle funds” email. OMMis a real game changer. Honestly, I was expecting the process to be over a number of days, given I just put in my enquiry less than 24 hours ago. But here I am, writing a review already. Shout out to Krisztian and Anisul for all your efforts, and keeping my in the loop. You two are brilliant! Thanks also Anisul for getting me a better rate by bringing across my car loan as well! After this, my savings will be in the hundreds, with one single repayment and a much better rate overall. The whole experience was seamless!... Read more
Jacob was extremely helpful and provided a no fuss service that was easy to follow through with.... Read more
Questions & Answers
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
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.
Alex - OMM
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
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.
Let me know if you have any other questions.
Hope this helps
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
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.
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.
Get an answer from our members and OurMoneyMarket representatives
|Category||Personal Loans and Car Loans|
|Offers Peer-to-Peer Lending||Yes|
|Interest Rate||From 6.57% p.a.|
|Comparison Rate||From 7.19% p.a.|
|Repayment Frequency||Fortnightly, Monthly and Weekly|
|Loan Amount||$2,000 to $75,000|
|Security||Property and Vehicle|
|Loan Term||1 to 7 years|
Contact info for OurMoneyMarket
- ABN: 64605231669
- Award Winner 2023
- +3 more
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