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What are penalty fees?
Everyone has something they would like to purchase, but understanding specific loan terms and agreements can discourage aspiring borrowers. At SocietyOne, we place importance on making complex financial concepts simple, and penalty fees are no exception. These are essentially fees that only occur if repayments for personal loans aren’t made.
To give you a better idea, penalty fees, also known as late fees or overdue account fees, come into play when a consumer fails to make timely payments on a financial agreement. This could be personal loans, a credit card bill, a property rental agreement, or even an insurance plan.
Such fees are primarily designed to facilitate prompt payment by the specified deadline, and they’re outlined in the contract or agreement. Plus, lenders are typically obligated to notify borrowers of any changes to these fees in advance.
At SocietyOne, we take pride in our dedication to responsible borrowing. As such, we have established a reasonable overdue account fee. This fee is charged when a repayment deposit is seven days overdue and every fourteen days thereafter until the arrears are cleared or a cap is reached.
Alongside this, we also have a dishonour fee specified in our contract, and this demonstrates our attention to money management, transparency, and, of course, responsible borrowing. This fee is incurred each time a direct debit is dishonoured or a loan repayment commitment is not met.
While you might be intimidated by the vast realm of finance, that will no longer be the case when you choose us at SocietyOne. Know that we won’t just be here to guide you every step of the way. As Australia’s leading digital finance platform, we’re keen on providing you with more opportunities.
We do this by offering both secured and unsecured personal loans, allowing you to borrow between $5,000 and $70,000 over periods ranging from two to seven years.
One of the advantages of our service is that we offer an entirely online and simplified application process. Getting a rate from us won’t impact your credit score, so it’s both safe and obligation-free. On top of all of this, we use a fair, risk-based pricing model, which means the better your credit profile, the lower your rate.
The path to your desired purchases can be smoother than you think, and we are here to be your trustworthy companion along the way. At SocietyOne, we’re not just about personal loans; we’re about helping everyday Australians make their dreams come true.