Personal Loan

Personal Loan

Personal loans are a great source of funds for people with large purchases or those looking for more time and flexibility with payments.

SocietyOne offers personal loans that reward good credit standing with lower interest rates. Our online lending process is straightforward – one you can do no matter where you are in Australia. Our application form takes an average of five minutes to fill up, and as soon as your loan is approved, you can get your funds in your Australian bank account within one business day.

Read on to find out more about our flexible personal loan options and how to apply for them!

Can personal loans be used for any purpose?

It is completely up to you how you use the money you borrow from a personal loan. You can use it as a wedding loan, travel loan, or even a student loan. On the other hand, car and mortgage loans are types of loans that can’t be used for purposes other than their specified use.

At SocietyOne, we offer secured loans and unsecured loans. Unsecured loans give you access to loans ranging from $5,000 to $50,000 that you can repay in two, three, or five years. If you have eligible assets to use as collateral, you can apply for a secured loan. Secured loans grant you access to loans from $5,000 to $70,000, with repayment periods of two, three, five, or seven years.

You will need to present the following documents when applying for a personal loan:

• Personal documents showing your name, address, and date of birth
• Driver’s licence or passport
• Proof of address, such as a utility bill
• Proof of income, such as payslips or bank statements
• Details about your day-to-day expenses and existing debts

If you’re applying for a secured loan, you’ll also be required to present asset details, proof of ownership, and insurance documents for the safeguarding of your loan.

What should I consider before I apply for personal loans?

A personal loan is a great way to borrow funds for your dream car, home renovation, or big project. Before applying for a personal loan, there are a few things you need to consider:

What are the requirements to apply for a personal loan? Check the requirements of different finance and loan companies to know if you’re eligible to apply for a personal loan. At SocietyOne, these are our requirements:

• At least eighteen years of age
• With good credit standing
• Earning more than $30,000 per annum

Permanent resident or Australian citizen

What factors affect the interest rate of your loan?

The factors that affect the interest rate presented to you differ from lending company to lending company. At SocietyOne, your personal loan offer is affected by the loan amount, loan type, loan tenure, cash flow, and credit report.

One of the most defining factors is your credit score. Since SocietyOne follows risk-based pricing, the higher your credit score, the lower the interest rate we can offer. If your credit score isn’t ideal, we can offer a few tips and tricks on improving your credit score and getting a better loan offer. You can sign up for our Credit Score Club, which provides comprehensive resources on managing and maintaining your score.

What are the different types of fees and charges?

Some lenders impose fees and charges that drive up your monthly repayments when you apply for a loan. At SocietyOne, we value fairness and transparency with our transactions, and you only pay for the principal loan amount, fixed interest rate, and establishment free.

You can get a loan quote with our personal loan repayment calculator so you can get an idea of your loan offer and an estimate of monthly repayments.

If you’re ever in a situation wherein you can’t make your monthly or fortnightly payment, feel free to reach out to our customer service team. We’ll be more than happy to provide you with a short to medium-term solution for your issue.

Are personal loans more affordable than credit cards?

Personal loans typically provide lower interest rates compared to credit cards. Fixed monthly payments may also make personal loans more manageable for some than credit cards.

You can also look out for hidden charges when comparing personal loans and credit cards. At SocietyOne, rest assured we don’t charge monthly fees, early repayment fees, or any other hidden fees. You never have to worry about balloon payments either – we charge a fixed interest rate, so you will always know how much you need to pay per month.

With personal loans, you’re given the requested funding as a lump sum that can be repaid within a finite period. With credit cards, you’re given a limit to spend based on the bank’s discretion. For things like loan consolidation, personal loans are the way to go. They’re ideal if you have a big purchase or expense coming up with limited resources to pay it back right away.

Enjoy flexible personal loan offers with SocietyOne!

Our goal at SocietyOne is to make personal lending accessible to Australians all over the country. Our competitive loan rates make us Australia’s leading digital lending platform. Apply for a loan with us today!