We’re here to help consumers get a better understanding of the bad deal that they are getting through lenders such as Ok Money who operate across Queensland and New South Wales.
It sounds so good to get some instant money, especially when you’re doing it tough. The problem is, while it’s a short term gain, you’re setting yourself up for more misery.
It’s a bad idea to take up a loan with Ok Money if you’re already in deep financial troubles. We know the best alternative where you can get a better deal.
See – we actually want to help you avoid these guys who are out to make a profit from your misery.
Ok Money Loans
We’re assuming that you’re doing it tough. You’re struggling to keep up with bills or your existing credit card repayments.
You’ve exhausted all your options or maybe you haven’t. Better options include asking friends and family for a few dollars on loan or selling your unwanted stuff online.
Other people resort to getting additional work. Australian recruiting agencies are very helpful in that regard to help individuals like yourself to get back on your feet.
Our experience with people shows that they take out loans with companies like Ok Money but struggle to pay them back. That’s also evident in negative reviews, where people complain about the high repayment penalties if you don’t meet the monthly minimums.
It’s a tough place to be in and not something we recommend. Payday lenders are notorious for providing inadequate conditions that are really in their favour, not yours.
The payday lending black hole
Imagine slowly going backwards in life. That’s probably where you’ve been for the last little while. Are we right?
Now take out a payday loan and see yourself accelerate that backwards spiral. It puts you into a deep, black hole that you can’t get out from.
This is an industry that profits from your misfortune. It’s sad but true.
Instead, The Debt Free Community wants to help you by talking to debt collectors on your behalf. We’re eager to listen to your stories over the phone today.
What we’ve seen is that so many people decide to take out a payday loan to feed an addiction. This is a bad idea! Others use this short-term finance to repay overdue bills and credit cards.
Using Australian Finance Direct aka Ok Money can have huge ramifications for your future. Luckily, ASIC is paying close attention to these cowboys in the industry, for which these guys are one of the most legitimate out there.
Where are the OK Money branches?
There are approximately 12 OK Money branches in Australia, all of which are found in QLD and NSW. They are physical storefronts where you can get instant approval and walk out with dollars in your wallet.
Sounds good, but often it’s a terrible idea. There are lots of upsides for them.
Ok Money branches are underwritten by Australian Finance Direct Pty Ltd. This is the company behind the shopfront who actually issues the loans to people.
If you need to get in touch with one of their Australian branches, you’ll find the details here:
OK Money Cairns
You can get in touch with Ok Money Cairns quite easily. Their number is (07) 4054 5775 or you can visit them at 2/490 Mulgrave Rd, Earlville QLD 4870. The interest rates they give are ridiculously high.
Word on the street is that they do approve of most people, provided that they have some documentation and nothing seriously bad with their credit history. Most people need to be warned against payday loans for their own protection.
Ok Money Southport
Warning! You can find the Ok Money Southport to be giving out high interest payday loans. They can be visited at 101 Scarborough St (near Nexus Towers by TAFE QLD) or call them on 1300 884 920.
Please read the terms and conditions to see the bad deal you’re signing yourself up for. They like to profit off the misfortune and dire straits that others are in right now.
Ok Money Woodridge (Logan)
Another good Ok Money store is the one in Woodridge, but be warned! You’re going to get a bad deal. They’re actually in Logan Central QLD, on Station Rd.
Some people have struggled to get approved by these guys. Short term loans are generally a bad idea and you’ll struggle to get through these tough times with one.
Ok Money Beenleigh
Did you know that the Ok Money store at Beenleigh has now closed? It’s great to hear as their interest rates were sky high and borrowers were getting a bad deal.
The closest store is the one in Woodridge (Logan Central) which is only a 10-minute drive away. We believe some of the same staff have moved to Woodridge.
Ok Money Liverpool
It seems that the Liverpool branch of OK Money has some bad reviews since some people didn’t get approved for finance. Shock horror! They are at 2/215-219 George St, Liverpool NSW 2170.
It’s a bad idea to go with payday lenders because of the terms and conditions (legal under the Consumer Credit Code of Conduct) place you in an unfair situation. They’ll literally have you by the balls.
Ok Money Coffs Harbour
Talk about getting a bad deal! If you go into the Ok Money store at 2/45 Grafton St, Coffs Harbour then you can expect to have to repay a fortune on the original debt.
We don’t believe this to be fair. It’s actually very profitable for them as a business, but they’re taking hard-earned money from locals. You could do so much better!
Ok Money Rockhampton
It seems like the Ok Money Rockhampton store has closed. One great alternative mentioned here is avoiding dodgy payday lenders all together.
Instead, consider borrowing money from friends or family. You might even qualify for financial hardship from your electricity bill provider or current bank.
Ok Money Morayfield/Caboolture
Are you totally broke but need quick cash? Don’t go to a payday lender! You can find the Caboolture Ok Money branch on 3/107 Morayfield Road, Caboolture QLD.
What you might experience is sky-high interest rates and severe loan penalties if you don’t repay on time. It’s scary, but that’s exactly how it is. You should look at alternatives including calling the National Debt Helpline for easy advice.
Ok Money Nerang
Surprise surprise! The Ok Money Nerang store has closed because they were given out expensive loans to borrowers who were really struggling. Wonder what happened?
They were previously located in Centro Plaza on Station St. If you need another payday lending service provider, then please contact Centrelink who can help.
Why we’re against payday loans
It’s quite clear by now that we’re against payday lending. It’s very unfair to the communities across Australia given the damage they bring.
These lenders take advantage of people who are in unfortunate situations.
You’ll be up for:
- Very high interest rates on the original debt (as high as 30%)
- Black marks on your credit history which could stop you from buying a car in the future
- Really bad penalties if you default on your monthly requirements.
- Debt collectors could start chasing you which adds more stress to your life.
Then you’ve got the worst part. The borrowers themselves are actually doing it for the wrong reasons.
They will often:
- Take out these loans to pay back their overdue electricity bill or credit card
- Use the loan to fuel an addiction (Please contact Lifeline if this is you NOW)
- Think that they have the means to pay back the loan, but they lose their job
It’s a sorry state of affairs. They take advantage of people in these challenging times.
Now that you’ve seen the damage that these lenders, in particular, these payday loans can have on the community, let’s look at what we can do instead.
Because what you really want is money fast, right? Like you’re in an urgent situation.
- Sell some of your unwanted stuff on Gumtree or eBay.
- Get yourself part-time work. Recruiting agencies are everywhere.
- Jump on Uber or Airtasker to pick up some additional weekend jobs.
- Ask for a payment extension from your current service provider.
It’s not hard to find an alternative to these bad deals in the short-term money market. You’d be far better off even asking friends or family, as embarrassing as that can be.
When they make sense
To be fair, these payday loans do occasionally have a good spot in society.
Let’s say you’ve been having a tough time and the car has broken down. You need your car to get to and from work. Right – that’s maybe a good idea…to get a payday loan.
Another reason might be when you’re in pain. Perhaps you’ve got a tooth infection that needs urgent attention which isn’t covered by Medicare. Your dentist may not provide finance so you need to go door-knocking with a payday lender.
Some people take out these short loans to get rid of debt collectors. This isn’t a good idea. Others use it to fund a business purchase, but at 30% interest, you’re unlikely to make a positive return on that investment.
In other words, there are few times when these loans can make good financial sense. Most people should be asking all their friends and family first.
How we can help
Are you being chased by debt collectors? Maybe you’ve even received a text message or letter by a debt collector representing Ok Money. It says “You must contact us now today or else!”
That will be an official warning from them. If you ignore it, then it gets so much worse.
You know, we can help you here at The Debt Free Community. If you’re going through some challenging times, then consider getting in touch.
This is because we can talk to debt collectors who are chasing you. Simply drop in your details and we’ll be in touch as soon as we can.
You don’t want to deal with the stress of talking to rude people over the phone. Let us handle that! Lost your job? Had a bad relationship? We’d love to hear about that.
We can stop them from calling you and it’s something we pride ourselves in. No more fears of debt collectors coming to your front door and demanding payments.
Let’s see if we can handle everything for you, with a FREE initial phone call.
In other words, we are the alternative to get you a better deal. We don’t want you to deal with the stress of payday lenders or current debt collectors. Get in touch today!
It’s clear that it’s dangerous by now that many people will go down a negative path with payday lending. It’s actually that Ok Money is one of the dozens giving out these loans in Australia to unfortunate borrowers.
These people are having a tough time and they capitalize on that. This often includes people on Centrelink income who could instead use a zero-interest loan.
While they (Ok Money) do their best to assess the borrowing capacity and potential financial hardship, they can’t always be accurate. It’s often the borrowers that forge documents in order to get approved and get the money deposited today.
Many people are doing this for the wrong reasons. Some of them are ignoring their debt collectors too. If that’s you – they let us talk to them for you, so your letters of demand and nasty text messages can be stopped.
Have you had a bad experience with Ok Money? Let us know in the comments below. We’d love to hear from you.