Cash Now Pay Later Australia

Cash Now Pay Later Australia

Have you been offered finance solutions like ‘cash now pay later’ in Australia? These options are popular for the enterprising side of the lending market, but have you ever considered personal loans as an alternative?

Many consumers are unaware of the competitive rates available from non-bank lenders. While they are not as commonly adopted as consumer products such as credit cards or buy-now-and pay-later services, they are seen as a less risky form of credit. You might just be surprised at how easily we can accommodate your loan needs at SocietyOne.

Let’s break this down.

What services offer cash now pay later options?

‘Cash now pay later Australia’ options are common among banks, credit providers and agencies, and lending platforms – you may already know it by a different name.

There are two loan types commonly offered by both banks and credit providers: secured and unsecured loans. ‘Cash now pay later Australia’ loans are examples of unsecured loans, as they don’t require any collateral as a requisite for loan approval. On the other hand, unlike buy-now-pay-later payment options, secured loans require collateral.

Both loan types have their own advantages. Depending on your loan purpose and your credit management habits, one or the other may be the ideal choice for your needs.

At SocietyOne, we make it possible to acquire low personal loan rates for both secured and unsecured loan types; this covers educational finance products like personal loans for students.

The minimum loan term for both loan types is $5,000. As for the loan ceiling, unsecured loans can be approved for up to $50,000 for a maximum loan term of five years, while secured loans can be approved for as much as $70,000 with a maximum loan term of seven years.

General eligibility criteria for both loans are as follows:

• You must be at least eighteen years old at the time of your application.
• You must be an Australian citizen or permanent resident.
• You must be earning at least $30,000 p.a.
• A good credit score is preferred.

If you’re worried about your loans with buy-now-pay-later sites affecting your credit score, don’t worry; SocietyOne’s Credit Score tool will help you get your rating back on track.

Take control of your credit

The Credit Score tool is an exclusive service available for free to all registered SocietyOne members, and it allows you to check your score’s progress as often as you need to. Thanks to our partnership with Experian, your credit history and rating is updated through their database, so your reflected credit score matches theirs if you request a review.

Just sign up using the ‘Get My Score’ button on the Credit Score page and follow the steps. By doing so, you get access to our Credit Score Club that offers unlimited access to exclusive credit insights and information that will guide you towards healthier credit management.

We encourage you to take advantage of this feature, even if you’re not planning on committing to any ‘cash now pay later Australia’ loans just yet.

Can I use buy now pay later services for bills?

Cash now pay later Australia services are versatile in how you can utilise them. These loans let you pay bills later in instalments, as well as cover utilities, necessities, and other home essentials. You may also even use them for home repairs, like with a renovation loan. Your credit report may be negatively affected if you have multiple buy-now-pay-later (BNPL) applications and accounts, as these lenders can make hard credit checks on your report every time you sign up.

Depending on the terms and conditions of a ‘cash now pay later Australia’ loan, you may want to consider the more robust terms and benefits of secured personal loans with guarantor requirements. SocietyOne doesn’t require early repayment or monthly fees so that you can focus on your fortnightly or monthly repayments.

What is the average interest rate for cash now pay later in Australia?

The average interest rate for ‘cash now pay later in Australia’ loans starts at around 10% for unsecured bank loans. But before you opt for a buy-now-pay-later service, why not consider personal loans at SocietyOne? Our rates can be surprisingly competitive as we use risk-based pricing; this means the better your credit profile, the lower your rate – which is likely to be lower than what you could get from traditional big banks.

This is the thrust of SocietyOne – we go out of our way to personalise our loan offers to our borrowers because we believe that creditworthy customers should get good deals.

The interest earned from every loan that is completed with SocietyOne is an investment toward our other credit products – that means the more regularly loans are repaid, the greater the amounts we can invest back into credit. This is how we’re able to offer options to invest in loans as well.

Effective credit products for you and your family

SocietyOne is home to award-winning credit products and resources. Our product offerings include loan consolidation, home renovation loans, car loans, holiday loans, and green loans, among others. With the help of our loan repayment calculator, prospective clients can personalise their loans and terms based on a regularly updated comparison rate.

We also have a mobile app that’s available for both iOS and Android and features the same products, resources, and convenience as our website.

Applying for a SocietyOne personal loan will only take you a few minutes. You may also get your loan payout in as quickly as the same business day you’ve sent your application in. So seize the moment that you’ve been working hard towards – whether it’s a new car, a home touch-up, or a long-awaited family vacation, you’ve got us ready to help.

Check your rate with us today!