Our Money Market: Legit? 4.4/5 Reviews, Loans $2k-$75k

OurMoneyMarket has operated since 2017 as an Australian peer-to-peer lender, offering unsecured personal loans between $2,000 and $75,000 with rates from 6.57% p.a. This guide examines verified facts, customer reviews, and the broader loan scam landscape to help you assess whether OurMoneyMarket is the right fit.

Loan Range: $2,000 to $75,000 · Loan Terms: 1 to 7 years · Location: Australia · Loan Type: Unsecured personal loans · Interest Rate From: 6.57% p.a.

Is OurMoneyMarket legitimate?

Customer reviews on Trustpilot

One of the quickest ways to gauge whether a lender is worth your time is to see what actual customers say. OurMoneyMarket holds a 4.4 out of 5 star rating based on 1,252 genuine reviews on ProductReview.com.au (ProductReview.com.au), which is a notably higher volume of reviews than many smaller Australian lenders can claim. Positive reviews frequently mention fast approval times and a straightforward online process, while negative ones tend to centre on application rejections without clear explanation.

The platform also received an award reportedly in 2023 (ProductReview.com.au), though the specifics of that award aren’t publicly detailed on their profile. As with any lender, a cluster of recent critical reviews — particularly around sudden rate changes or service quality — warrants a closer look before committing.

“OurMoneyMarket positions itself as a peer-to-peer lending service, distinguishing itself from payday lenders by reportedly lending only to creditworthy borrowers who meet what they describe as stringent standards.”

— InfoChoice lender profile

Company profiles and registrations

OurMoneyMarket was founded as a financial technology company in 2017 and positions itself as a peer-to-peer lending service (Canstar). The company offers personal loans online and distinguishes itself from payday lenders by reportedly lending only to creditworthy borrowers who meet what they describe as stringent standards (InfoChoice). Unlike a traditional bank, OurMoneyMarket operates as an intermediary — matching borrowers with individual investors rather than funding loans directly from depositor money.

Where is OurMoneyMarket located?

Headquarters and operations

OurMoneyMarket is an Australian lender focused on serving consumers within Australia (Canstar). The company operates entirely online, which means there’s no physical branch network to visit. For borrowers who prefer face-to-face interactions, this model won’t suit everyone — but it does allow for a 100% online application process from application to approval.

Australian focus

The lender’s product set is tailored for the Australian market, with loan terms, interest rates, and regulatory compliance oriented around ASIC requirements. OurMoneyMarket’s website (ourmoneymarket.com) targets Australian residents and all loan documentation aligns with Australian consumer law standards. This national focus means the lender competes directly with other online personal loan providers and major bank offerings across the country.

“ASIC is aware of scammers impersonating legitimate lenders such as banks and credit unions to offer fake loans to Australian consumers.”

— ASIC consumer warning

Is OurMoneyMarket a bank?

Lender vs bank distinction

No — OurMoneyMarket is not a bank. It operates as a financial technology company providing personal loans through a peer-to-peer lending model (ProductReview.com.au). This distinction matters for a few reasons. Banks take deposits and offer a wide range of services including transaction accounts, credit cards, and home loans under a full banking licence. OurMoneyMarket focuses narrowly on unsecured personal loans and acts as an intermediary between borrowers and investors.

Loan provider details

OurMoneyMarket offers fixed interest rates, redraw facilities on loans, and charges no monthly fees (ProductReview.com.au). Interest rates reportedly start from 6.57% p.a., with comparison rates from 7.19% p.a. (ProductReview.com.au). The loan amounts reportedly range from $2,000 to $75,000 with terms spanning 1 to 7 years (ProductReview.com.au).

The implication is straightforward: if you’re looking for a bank account, credit card, or home loan, OurMoneyMarket won’t help. But if you want an unsecured personal loan with a fixed rate and no ongoing fees, the lender occupies a specific niche in the market.

What credit score is needed for OurMoneyMarket loans?

General requirements for personal loans

OurMoneyMarket does not publicly disclose a specific minimum credit score threshold. Instead, the company describes its lending criteria in general terms — emphasizing that it lends to creditworthy borrowers who meet stringent standards (InfoChoice). This lack of specific credit score disclosure is common among non-bank lenders, which often assess applicants on a broader picture than a single score.

For context, many Australian personal loan providers look for credit scores in the “good” to “excellent” range (generally 622 and above on the Experian scale, or equivalents on other credit reporting systems). Applicants with lower scores may be declined or offered higher rates. The best way to gauge your eligibility is to submit a pre-application or use the company’s rate enquiry feature — most lenders conduct a soft search that doesn’t affect your credit score.

Credit behaviors to avoid

The biggest factors that can damage credit scores in Australia include late or missed payments on existing credit, exceeding credit limits, applying for multiple loans in a short period, and having bankruptcies or defaults on your record. ASIC guidance highlights that loan scammers often target consumers who have recently completed online loan enquiry forms (ASIC) — which means submitting multiple applications across different lenders in quick succession can flag you as a higher-risk prospect and also expose you to scam follow-up contact.

What are OurMoneyMarket loan options and risks?

Loan amounts and terms

OurMoneyMarket’s personal loans reportedly allow borrowing from $2,000 up to $75,000 (ProductReview.com.au). Loan terms reportedly range from 1 to 7 years (ProductReview.com.au), giving borrowers flexibility depending on whether they prioritise lower weekly repayments or reducing total interest paid. All loans carry fixed interest rates — so your repayment amount stays the same throughout the loan term.

The lack of monthly fees is a notable advantage over some traditional lenders who charge $10–$20 per month simply for account maintenance. However, early repayment restrictions may apply, so it’s worth checking the fine print if paying off the loan ahead of schedule is a priority.

Safety and risks

The broader risk with any online lender isn’t necessarily the company itself — it’s scammers impersonating legitimate lenders. ASIC warns that scammers impersonate banks, credit unions, and registered credit providers to offer fake loans to Australian consumers (ASIC). Scammers frequently use VoIP technology to display Australian phone prefixes while operating from overseas locations (Western Australia Government), making it harder to identify fraudulent operators.

Common red flags include requests for upfront fees labelled as “insurance,” “tax,” or “processing charges” — legitimate Australian lenders do not require upfront fees before disbursing a loan. Scammers also often ask consumers to transfer money to Australian or overseas bank accounts as a condition of receiving the loan (WA ScamNet).

The pattern of identity theft against Australian lenders underscores why borrowers must verify independently rather than relying solely on company-provided contact information.

Spotting and avoiding loan scams

ASIC and state consumer protection agencies have documented numerous cases of scammers copying details from registered credit providers to impersonate them (Western Australia Government). In one case, Credit ReStore — a company that had not been trading for approximately six years and never offered personal loans — was used in scam operations (Western Australia Government). Similarly, BBM Finance was set up as a venture in Victoria that never officially traded, yet scammers used its details to contact consumers (Western Australia Government).

Consumers should verify lender authenticity by checking ASIC registration and independently confirming contact details through white or yellow pages directories — not through contact information provided in an incoming loan offer (WA ScamNet). Scammers can copy details of registered credit providers to impersonate them, making ASIC registration checks alone insufficient for full verification (Western Australia Government).

Verified facts and confirmed information

To give you a clear picture of what’s confirmed and what remains unclear, here’s how the facts stack up based on available research:

The implication is that while several key product features are well-documented, Australians should directly confirm regulatory status and dispute procedures before committing.

Related reading: Commonwealth Bank Term Deposit Rates · ANZ Banking Login

Frequently asked questions