Loan Companies

Loan Companies

When comparing loan companies to purchase a home, auto or personal loan, you must find the right loan provider. That means looking for the best company that will give you great confidence and trust. Whether you are purchasing a new motorbike or need to take out a personal loan for debt consolidation, you must review your options before making your final decision. There are so many home loan companies, each of which will be unique. It is up to you to decide what works best for your situation and needs. That said, finding the right financial loan company can sometimes seem challenging. With so many different loan companies available, it can be hard to know where to begin to get the loan amount at the best rates possible without worrying if a lender is safe and trustworthy. That’s why we have created this helpful guide on spotting a legitimate Australian loan company, the possibility of switching financial lenders, and the logistics for debt consolidation.

How to check if a loan company is legitimate?

Putting some effort into research provides key takeaways to know whether you are dealing with a trustworthy and legitimate financial loan company. Australian loan companies should secure a set of registrations or licenses to maintain credibility. Getting a licence also helps them establish industry standards and increase customer trust over time.

The quickest and easiest method is to check the Australian Securities and Commission (ASIC) website and look for the Australian Financial Services (AFS) license. Typically, if the lending companies for personal loans are registered, they require you to go through the application process. If they promise you to give the instant loan amount you want without even knowing your credit score, there’s a high chance you are dealing with scammers.

You may encounter warning signs when dealing with fraud loan agencies rather than legitimate loan providers. They may insist you send them money before you get the loan funds, which is a red flag for any Australian loan company. Stay wary of email addresses requesting for personal information.

SocietyOne, one of Australia's leading digital finance platforms, is part of the ASX-listed MONEYME Group, with an Australian Credit Licence. Thousands of Australians have benefited from our award-winning online lending platform. Since 2012, our mission has always been the same: to provide a better deal for borrowers and investors – one brilliant lending moment at a time. Trust that you can find a suitable solution for your needs with our personal loans.

Is it possible to switch loan companies?

While knowing your options before switching finance companies in Australia, it’s important to conduct thorough research before signing the dotted line. Start by reading online reviews of potential lenders. You can also review your credit report to see which lending companies are currently offering you a loan. Their specific loan terms and structures will give you a better idea of your options and help you narrow your list of potential loan providers. Switching loan companies may sound simple, but it’s important to do it right. First, ask your current personal finance loan company to give you a better deal. Make sure you negotiate a loan term that is at least similar to your current one. Remember that the longer the terms, the more interest you will pay. You may also want to check the average interest rate. Lastly, compare the fees and whether you are saving money by switching to another loan finance company. If you are considering switching your loans, SocietyOne is a perfect choice. We offer competitive personal loan rates among other Australian lenders. Easily find the best savings as we do not charge monthly, early repayment, or hidden fees for any loan products.

How does debt consolidation with a loan company work?

Debt consolidation combines multiple debts into a single loan with a longer repayment period, which helps you reduce your monthly payments. Consolidating your loans, such as loans for students, renovation loans, wedding loans or motorbike loans, can save you money on interest and get you out of debt sooner. Simplifying your debts becomes significantly easier by using just one regular loan repayment, with just one interest rate, a single set of expenses, and a sole loan provider. It also can cut the overall amount you will have to repay by consolidating all of your debts from various loan companies into one with a lower interest rate. Loan consolidation has many benefits and disadvantages. Ensure you understand the advantages and disadvantages before consolidating your debts.

At SocietyOne, we offer some of the most competitive comparison rates against the big four banks in Australia, such as Commonwealth Bank, Westpac, Australia and New Zealand Banking Group, and the National Australia Bank. We base our rates on your specific credit history so that you can get a deal that is right for you. Borrow up to $70,000 or as little as $5,000.

It takes three steps to get away from your financial burdens. Our tech-driven lending platform is changing how people access the funds they need. Download the SocietyOne app today. Check your rate, apply and get your funds in as little as one business day.