Cheapest Personal Loan Rates

Cheapest Personal Loan Rates

It’s your first time looking for affordable personal loans with the cheapest personal loan rates, but which ones are good for your credit health?

Because of the wealth of personal loan offers available to us as borrowers, it can be quite daunting to filter through to find the ideal ones. Will you catch any hidden charges? Will your credit score qualify you? Why are you being asked for proof of income?

These are some good questions to ask when it comes to managing your personal loan deals. Here are our answers.

Is it more expensive to apply to get personal loans through a bank?

While bank loans are not necessarily more expensive if you compare small loans to those from personal loan providers, they may still be difficult to get approved for. Traditional bank loan securities and eligibility requirements are typically more stringent and restrictive. For example, many bank loans would require the borrower to either have a current savings account with their institution or another type of valuable asset to pledge as collateral before proceeding with the desired loan.

The latter is what we call a secured loan. But what is a secured loan, and what does that mean for you as a borrower if you’re looking for the cheapest personal loan rates?

Secured loans versus unsecured loans

There are two common types of low-interest rate loans with most lending and financing institutions: secured loans, which have a collateral requirement, and unsecured loans, which do not.

At SocietyOne, our secured loans have a loan minimum of $5,000 and a maximum of $70,000. There is great flexibility in terms of the loan durations, which can go for two, three, five, or seven years. Because it requires collateral, applications for secured loans will need documentary proof of ownership for assets, such as vehicle registration or property titles.

Unsecured loans, meanwhile, are a common credit product offered by many personal loan lenders. Those actively looking for the cheapest personal loan rates may find more competitive ones under unsecured loans. This loan type doesn’t require collateral, which makes it an ideal starter loan for first-time borrowers.

SocietyOne’s unsecured loans have a loan floor of $5,000 as well, with a ceiling of $50,000. Loan terms available for this loan type are two years, three years, and five years. Applying for this type of loan is 100% online through our website or mobile app, and loan payouts within one business day.

Is it possible to get 0 interest on my personal loan?

Zero interest rates on personal loans exist, but there are strict eligibility criteria, making them inaccessible to most.

At SocietyOne, we strive to make personal loans accessible to Australians and provide fair deals on each application we receive. Just weigh our rates against major banks and lending institutions in a personal loan comparison, and you’ll surely find our personal loans to be more competitive. The healthier your credit score, the more competitive the rates we can give you.

We believe in rewarding good credit with the most reasonable rates we can offer. We also don’t have any required early repayment or monthly fees, which means you can plan any advance payments without incurring penalties.

Improve your rating with the Credit Score Club

You may be worried about your credit score limiting you from the cheapest personal loan rates that lending platforms can offer. If you’d like to take steps towards improving your score, you can take advantage of our Credit Score tool. Members can preview their credit scores as often as needed through our reporting partner Experian – tracking your credit score’s progress has never been easier.

We also have a club that allows members unlimited access to powerful resources like in-depth insights into credit best practices. With the Credit Score Club’s help, you can get your credit score back on track. Membership is obligation-free, so you’re not required to commit to a loan application or product to be able to join. Sign up and join today!

What should I prepare before applying for personal loans online?

As with other credit providers and lending platforms, SocietyOne has some general eligibility requirements for our applicants. These requirements apply to all loan products, including ones with the cheapest personal loan rates, though each product may have additional criteria unique to them that must be met before approval.

These are the requirements:

• Applicants must be Australian tax citizens or permanent residents.
• Applicants must be at least eighteen years old at the time of their application.
• Applicants must be earning a minimum of $30,000 annually; Centrelink as supplementary income is acceptable.
• Preferably, applicants have a healthy or excellent credit score.

Depending on the loan, documentary proofs may be required for identification, asset ownership, residence, or employment. Our team may request this information to further personalise the best low-rate personal loan offer to match your preferences and credit rating.

If you’d like to gauge your prospective monthly payments, our personal loan repayment calculator gives estimates based on our current personal loan interest rates.

Develop a new outlook on credit with SocietyOne

SocietyOne is a registered online loaning business and licenced credit provider in the country and is part of the ASX-listed MONEYME Group. We’ve been developing and offering effective credit solutions since we first opened our books in 2012 and continue to strive for excellence.

We’ve also expanded into consumer lending investments, allowing interested borrowers to invest in loans through some of the cheapest personal loan rates on credit.

Our multi-awarded products have helped thousands of professionals and families address gaps in their finances with the best and lowest personal loan rates, and we hope to count you as one of them soon.

Apply for your very first SocietyOne personal loan today!