If you’re seeking a flexible, modern credit solution that doesn’t come with the hang-ups of a credit card or the restrictions of a personal loan, making an everyday credit application could be the perfect solution for you.
OzMoney everyday credit customers have access to credit whenever they need it. With paperless applications, interest-free periods and instant access to credit limits between $1,000 to $15,000 for approved applicants, we’ve made getting cash now easy.
To find out how much you might be approved for, complete your everyday credit application online at OzMoney today.
Before you complete your everyday credit application, it’s important to understand what sets each different credit product apart.
The biggest difference between an unsecured line of credit loans and more traditional finance products like credit cards or personal loans from a bank is the perpetual advance and redraw facility. When you apply for line of credit, you’re given access to a set amount of cash that you can access at any time and repay in part or in full, depending on your circumstances.
When you repay the funds, they immediately become available again for use. This is different from a loan, where you are given the full amount of cash upfront then pay it back over time while it accrues interest. It is also different from a credit card, which charges additional fees for a cash advance.
Provided you meet the predetermined line of credit terms for repayments, you can also avoid paying any line of credit interest fees – meaning your everyday credit can be a good financial investment and a sensible way to manage your money, pay off debts, and build savings.
Because of its regenerative nature, everyday credit can be a great financial tool if you have multiple projects occurring – such as ongoing home renovations – or your employment tends to be cyclical, seasonal, or have gaps, such as freelance work. It can also be a great backup when the unexpected happens and you find yourself in sudden need of quick cash in an emergency. Because your personal line of credit loans are not secured, you won’t need any collateral to support your application.
Where before you might have considered applying for quick cash loans if you were in need of easy finance or to borrow money for debt relief or to help with things like bond assistance, a cash advance, medical loans – everyday credit means you’ve got cash available to you, whenever you need it.
When you make a request for everyday credit, it’s important you know exactly what features you’re getting when you sign up for our line of credit services:
If you’re successful in your everyday credit application, you’ll be able to take advantage of our visionary flexibility and customer-friendly repayment plans to make your credit line payments.
Much like with a credit card or personal loan, you will be required to pay a minimum amount monthly toward your outstanding everyday credit balance. But, unlike a credit card or personal loan, you’ll have the option to pay early, reschedule payments, extend your payment plan or even break down your monthly repayments – all from the convenience of your phone.
Our customers are in total control of their credit – every day.
Completing an everyday credit application is easy! The process takes less than five minutes and, once approved, you can start withdrawing funds to your chosen account immediately.
To be eligible, you’ll need to have a stable source of income, be 18+ years old and be an Australian citizen or resident for tax purposes. As part of your application, we will look at your recent bank statements via a safe and secure portal powered by illion Open Data Solutions, eliminating any messy and time-consuming admin on your part such as collating all the payslips.
First, we’ll ask you to tell us about your income and employment, regular expenses like rent or mortgage repayments, utility bills, subscriptions, insurance and groceries – as well as any liabilities like credit cards or other loans.
During the next part of the everyday credit application approval process, we’ll check the past 24 months of your credit history. This, combined with the information you supplied around your income and expenses, is what will ultimately determine the success of your application, and the line of credit limit awarded.
But if you’re worried that your credit score has taken a few hits, or you’re perhaps a young person and this is the first time you’ve applied for a line of credit, don’t sweat it!
There have been changes to how your credit score is calculated. Before, only negative credit behaviours were tracked on your credit reports, such as where you may have missed a bill or line of credit payment such as on a personal loan or credit card.
Nowadays, things are much fairer, thanks to Comprehensive Credit Reports (CCR). Every time you meet your line of credit payment conditions, you’re demonstrating positive credit behaviours – and these are now being recorded on your credit history, along with any defaults and applications for lines of credit. So every time you make an on-time repayment, it’s helping you to improve your credit health – and increasing your chances of gaining approval for higher credit limits and lower interest rates in the future.
Credit limit approvals from $1,000 to $15,000
Minimum withdrawal amount is $100
Interest rate of 25.99% on withdrawals
Monthly account fee of $5 only applies if outstanding balance is over $20
Annual fee from $0 to $149 based on your approved credt limit