Cash Advance

Cash Advance

Many professionals and families who experience a sudden cash gap turn to a cash advance as a reasonable way to handle the situation. Due to the short-term nature of cash advances, the circumstances of getting one may differ among Australians. However, it’s important to fully consider what you’re signing up for, such as the fees they charge instead of interest rates (which may appear cheaper at first but may end up costing you much more in the long run). They won't appear on your credit report either, which might sound good for some people, but not for those who know that making monthly payments is a good habit to improve credit scores. Consider a personal loan for this purpose. SocietyOne is a leading online loaning platform offering personal loans at competitive rates. We like to think of ourselves as the home of some of the fastest and fairest deals through our online lending process. There are a lot of financial providers out there with different offers and application processes. Some are lengthier than others, and some are confusing at best. Our app has been designed to make managing finances better for everyone. You can complete your online application, track your loan status, and manage your repayments all on the SocietyOne App.

What is the difference between loans and cash advances?

While there are a lot of similarities between loans and cash advances, there are a few significant differences that are worth discussing.

A cash advance is basically a short-term loan provided by finance and loan companies, such as banks or alternative lenders, that is usually paid back in less than a year. For cash advances, you usually get a one-time interest fee and can only borrow a certain amount based on your credit limit. They are a convenient way of getting a quick cash loan, which is why a lot of people prefer them for immediate needs and wants.

A loan, on the other hand, is a financial solution that can be paid back over a longer period of time. There are two types of loans: secured loans and unsecured loans. Secured loans usually require the borrower to set an asset up as collateral, while unsecured loans do not. The difference in the borrowing process is that secured loans usually get approved much quicker, and the process for unsecured loans is much more thorough.

If you have a good credit standing, it’s possible to get low-interest rate loans at SocietyOne, as we use a risk-based pricing model that gives you a better deal the better your credit score is. Moreover, we don’t charge ongoing fees or early repayment fees for our personal loans.

Additionally, we offer loans for students. The process is just as easy as it would be for working professionals, and it’ll save you the stress of figuring out where to get cash for your back-to-school fees and other school expenses.

We also provide our customers with the ability to check their credit scores and eligibility with the use of our personal loan repayment calculator. This makes it easier for you to decide whether or not you want to go through with our personal loans. If your credit score isn't up to par, try joining our Credit Score Club; this is a great resource that provides members with common tips for improving their scores, ultimately helping them land better deals.

What is the maximum repayment term for cash advance loans?

Most financial institutions offer a one-year maximum repayment term for cash advances in Australia. This is because a cash advance loan is generally just a short-term payment plan, unlike a personal loan. At SocietyOne, we offer payment terms of up to five years for unsecured loans and up to seven years for secured loans. This makes it easier for our customers to get their money in minutes and still have the flexibility to save up enough money to pay their debt on time.

Do I need to pay a fee when applying for a cash advance loan online?

Depending on your issuer, you may be charged a cash advance fee that can range from three to five per cent of the total amount of each cash advance you request. When it comes to personal loans at SocietyOne, the only fees you need to worry about are the interest rate fees that come with the loans you’re applying for. Another thing we’d like to add is that we don’t charge any early repayment fees. So, if your budget is a bit looser than it usually is, you can pay off as much as you can and get the burden of loan repayment off your mind sooner!

Our lending rates range from $5,000 to $70,000 and can be paid over two, three, five, or even seven years. Personal loans with us are 100% easy to apply for on our website, meaning you can apply from anywhere in Australia, and we will still serve you.

Enjoy the flexibility of SocietyOne’s personal loans!

In as little as two minutes, we can already provide you with a rate based on your credit score. We use risk-based pricing, which means that the higher your credit score, the lower your rate. We make cheap loans possible compared to traditional lending institutions. As mentioned above, if your credit score is low, don’t worry! We’ll help you out. After you receive your rate, all you have to do is fill out our online application form for your preferred online loans, which takes an average of five minutes to complete. Once you’ve been approved for your personal loan, you can get your funds in as early as one business day. Every day, we help thousands of Australians all around the country access funds for a wide range of their needs, so let us help you by providing you with quick loans online. Apply now and get your rate with us.