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Can I get a personal loan without affecting my credit score?
Navigating the world of personal loans can often feel like a tightrope walk, especially when you’re concerned about the potential impact on your credit score. Most lenders will conduct a hard credit check when you apply for a loan, which could appear on your credit report and potentially impact your credit score.
In some cases, there are lenders that offer loans without conducting a credit check; instead, they may look at alternative data such as income, banking data, and rental history to determine your eligibility to borrow. This is often referred to as a ‘no credit check loan’.
However, these types of loans may come with several disadvantages, including higher interest rates, added fees, lower borrowing limits, and stricter repayment terms.
If you’re concerned about your credit score, it may be beneficial to work on improving it before applying for a personal loan. This can help you qualify for better loan terms and interest rates in the future.
At SocietyOne, we offer secured and unsecured personal loans that you can use for any worthwhile purpose. The best part? You can receive a rate without affecting your credit score. We use what is called a ‘soft check’ to get your credit score from the credit bureau, which allows us to calculate a personalised rate for you.
Once you have submitted your loan application, we will conduct a credit check as part of our assessment process. This check is known as a ‘hard check’ and will be reflected in your credit score.
At SocietyOne, we believe that applying for a personal loan should be as straightforward and stress-free as possible. That’s why we’ve designed our application process to be easy and hassle-free, allowing you to focus on what matters most – achieving your financial goals.
From application to tracking your repayments, our digital finance platform makes sure everything is accessible and convenient for you from start to finish. Because our process takes place entirely online, you can apply for a loan whenever you need to and from wherever you are in Australia.