My OZ Money: Why loans with MyOzMoney Are Dangerous

It’s a risky proposition to get into a payday loan with My Oz Money aka MyOzMoney or any of these money lenders, especially in Australia’s depleted economy.

We routinely hear of people struggling to pay back their debts. This is why we created The Debt Free Community in the first place – as an outlet for help.

My Oz Money is yet another payday loan where it could be dangerous for you to enter into a contract with them, even if you have bad credit.

Don’t continue this downward spiral as it’s often too risky. Instead, get some professional help during these dire straits. That’s what we’re about here.

My Oz Money

You’ve no doubt seen the positive reviews about MyOzMoney for personal loans. They seem genuine so at least you’re safe…but that doesn’t mean it’s worth it.

There are documented instances where companies have completely faked their online profiles through a flood of ‘reviews’ which they bought from a 3rd world country. Complaints are also shunned or merely deleted if you pay the right people.

But we believe in this case, this finance company is quite genuine in their pursuit.

My Oz Money

Now if you do have bad credit, you need to ask yourself why. More importantly, can you actually pay back yet another loan? It often gets people into hot water.

We know it’s a tough place to be in. There are other things you can do including borrowing from friends or family or merely asking for a payment extension.

See – a lot of your existing creditors will be open to that. In fact, under the Australian Consumer Credit Protection Act, they need to provide it. You can tell them that you’re under financial hardship though you can only do this once.

Also, there is the National Debt Helpline which you can call on 1800 007 007.

The Debt Free Community really does praise the support services available.

At the same time, we know it can be hard to talk to debt collectors. Why not let us do the hard work for you, so you can relax and get on with your life.

Payday loans are dangerous

Let’s go a bit deeper here with our viewpoints on these notorious payday loans.

These cash loans are unsecured and much like personal loans, you’re up for a high interest rate. What’s worse is the missed repayment penalties that you’ll be asked to pay if you miss even one repayment.

It’s like they’ll knock you when you’re already down. How fair is that?

Many people complain about these types of loans when it’s them who joined it in the first place. They signed up for that 30% interest scam which continues to be legal across Australia.

Luckily, MyOzMoney mostly does personal loans which are more affordable for the average person. Still – we’re sure you can shop around and find a better deal.

Always look at the comparison rate as that’s the true cost of a loan. Avoid those who say “Instant cash today” as they are merely preying on your urgency right now.

When MyOzMoney can work

Now let’s take the other viewpoint because we want to be fair in this review.

There are times when payday loans can be helpful. One example is where you need new tools for work because you’ve landed a big contract.

Another one is where you need to get your teeth fixed and no one else will lend. Your dentist no doubt needs payment before they begin work and you forgot to renew your health insurance.

The unfortunate thing is that most people don’t take out these loans for the right reasons. Situations like feeding gambling or alcohol addiction are common, as well as drugs. If you need help and you’re in crisis, then please call Lifeline Australia.

Some people are more-so using the funds they borrowed to pay an existing debt. A motorcycle loan or a credit card is a typical reason. Trust us – this is often a bad idea as you’re merely masking the reality of the situation.

We’re ready to help

Are you by now getting some phone calls from debt collectors? Maybe you’re even struggling with your existing debt obligations.

Give us a call because we’d love to help you! How exactly?

We love talking to debt collectors because we know they are aggressive and harassment is common. Even if you have a good story, they just don’t care because often they just want your money. Am I right?

Instead, let The Debt Free Community handle it. We hope to get you a better deal and a more affordable payment plan. The best part – the 1st phone call is FREE.

Next steps

If you’re being chased or hassled by your extreme debts, then get in touch TODAY.

We want to help you through these tough times. You don’t have to do it alone.

The Debt Free Community gets stories from people like you each and every day.

You’re doing it tough and we want to help. Payday loans aren’t the solution.

MyOzMoney delivers a good service, but only if you want to go deeper in debt.

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1 thought on “My OZ Money: Why loans with MyOzMoney Are Dangerous”

  1. Your article is so wrong. Myozmoney was an absolute lifesaver for me. When I needed cash urgently they came through for me when no one else would.

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