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What are early repayment fees?
Early repayment fees, often known as prepayment penalties, are charges levied by some lenders on borrowers who pay off all or part of their loans ahead of the agreed schedule. These fees are detailed in the loan contracts and are permitted on certain loan types like personal loans, mortgages, investment property advances, and lines of credit.
In some cases, these penalties may not apply if you make additional repayments on your loan in small amounts at a time. Many early repayment terms contain agreements allowing borrowers to pay off a certain portion of their loan without incurring a fee. Additionally, the calculation of this fee typically factors in the overall repayment sum, interest rates, and what you’ve already paid.
Unlike other digital and traditional lenders, we at SocietyOne believe in empowering you to take control of your finances without the fear of unexpected charges. For this reason, we offer a straightforward, transparent fee structure with absolutely no early repayment fees. In line with this, we also don’t have any monthly fees, and we have a one-off establishment fee included in your total loan amount.
As such, you get the assurance of a fixed-rate loan coupled with the flexibility to pay it off early at SocietyOne. This means we provide the financial confidence that is often missing from conventional lending, combined with the freedom to manage personal loans on your terms.
Being Australia’s leading digital finance platform, we pride ourselves on our ability to simplify complex financial processes and make them accessible to everyone. We offer two types of personal loan products: unsecured and secured loans, allowing you to borrow between $5,000 and $70,000, depending on the type of loan, over varying periods.
Our ultimate goal is to make the application process for personal loans as smooth as possible with a fast, easy, and 100% online application process. Keep in mind that checking your rate through our platform won’t impact your credit score, so you can approach us with complete peace of mind. Additionally, if your credit score isn’t perfect, we have resources and tips to help you improve it over time.
At SocietyOne, we do more than just provide loans; we want to walk alongside you, supporting and guiding you. With us, you are more than just another borrower. You’re a person with dreams and aspirations, and we’re here to help you make them a reality.