See All FAQs
How much can you borrow?
The amount you can borrow will depend on the lender and your financial situation. At SocietyOne, we’ve got you covered when it comes to borrowing money. You can choose the amount you want to borrow right from our app.
But remember, the amount of loan you can access will still depend on two things. The first one is your serviceability. Now, that’s a fancy term for a straightforward concept — it’s simply a calculation of how much you can comfortably afford to repay.
We analyse this because we don’t want you to lose sleep over repayments. So think about what works best for you. How much can you afford to pay back without any worry? We want the amount you borrow to suit your situation, ensuring each payment is comfortably within your means.
The second factor we consider in determining the amount you can borrow is the type of loan you’re after. You may find that our unsecured personal loan can already help you access the funding you need.
But let’s say you’re contemplating a larger loan amount. You may want to consider secured loans – an additional loan you could apply for where your loan is backed by an asset such as a vehicle. This often means you can get a lower interest rate, borrow a larger amount, and have a longer time to pay it back. It all adds up to make your regular payments easier to manage.
And just in case you have a specific amount in mind but are not sure what your repayments might look like, you can check out the Loan Calculator on this website. It’s a handy tool that can give you an idea of what your repayments might be based on the loan amount you choose, loan type, repayment term, and credit history.
One thing that makes us stand out is our risk-based pricing. Basically, if you have a good credit profile, your loan could come with a better deal. And guess what? We don’t have monthly fees, hidden charges, or early repayment fees, so you won’t be surprised by additional charges down the line.
We know that finding and applying for the right loan can be a bit of a hassle. That’s why we’re here to make it easy for you. At the end of the day, we want you to be on top of your finances by offering a loan option and a loan amount that you can repay.