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What are monthly ongoing fees?
When it comes to monthly ongoing fees, which are often referred to as loan management or handling fees, it’s vital to understand that these are charges often applied by lenders to cover the cost of maintaining your loan, and they are charged on a regular basis. What sets this fee apart is that it doesn’t directly contribute to repaying your loan principal.
However, with SocietyOne, you’ll experience a refreshingly different approach. Our service, a leading force in Australia’s finance industry, does not apply monthly ongoing fees. We understand the need for transparent and fair loan structures, and as a result, we’ve done away with monthly fees that can often seem hidden and unexpected.
Instead, we ensure our cost structure is clear. At SocietyOne, we charge a one-off establishment fee. In line with our commitment to full disclosure, this fee is factored into your total loan amount, allowing you to see upfront exactly what you’re paying for.
Similar to monthly ongoing fees, we also do not impose early repayment fees. We strongly believe in the freedom of being able to pay off personal loans early, and we don’t think you should be penalised for being financially proactive.
All of this is part of the SocietyOne promise: to offer fixed-rate personal loans with the flexibility you need to make the most of a purchase. After all, one of our goals is to help you take control of your finances without the added stress of unnecessary fees.
Here, we put value in the power of financial literacy and empowerment. Our experienced team will walk alongside you, making your financial journey not only successful but also enjoyable. We also base our process on risk-based pricing, which means that the better your credit profile, the lower your rate.
We’ve also made such an initial assessment easy for you. Checking your rate with our Credit Score Tool is safe and obligation-free, and it won’t impact your general status. It’s all part of our effort to provide a faster and fairer deal for all Australians.
All in all, monthly ongoing fees are common in the finance industry but not at SocietyOne. We stand against unnecessary charges and for financial transparency, empowering you to get what you really want, whether you’re consolidating debt, renovating a home, or purchasing a car.
Our service can help you achieve your dreams in an efficient and cost-effective way.