A Comprehensive Guide to SocietyOne’s Quick Easy Loans

Quick easy loans come in many shapes and sizes, but sometimes the abundance of options can feel overwhelming. If you’re looking for a fast cash loan option that’s suited for personal needs, you’ll be glad to know that personal loans come in two categories: secured and unsecured loans.

Secured loans require a pledged asset as security on the loan; this pledged asset is also known as your collateral. This security lowers the risk to the lender, and in turn, you could be offered low-interest loans, higher loan amounts, or more flexible terms on instalment loans.

Unsecured loans, on the other hand, don’t need to secure the loan with an asset, making these loans a good option for borrowers who may not have significant assets to offer or prefer not to pledge assets.

Most fast approved loans, such as instant loans or same day loans, fall under this category because of their typically fast approval process. If you’re checking out fast approval small loans online, then you’re most likely looking at unsecured loans.

Secured and unsecured online loans have different interest rates, terms, and potential fees, especially depending on your chosen lender. SocietyOne, one of Australia’s leading digital finance platforms and a member of the MONEYME Group, offers both loan types, with fully online application processes for both.

But before you apply for our quick easy loans, let’s tackle some common questions about personal loans that you might like answered.

Frequently Asked Questions (FAQ)

Do I need a co-signer for a quick easy loan?

A co-signer agrees to take legal responsibility for a borrower’s debt in the event the borrower fails to repay it. Because it can be a serious commitment, finding co-signers for quick easy loans may prove difficult for some.

There are also a number of factors that could determine whether or not a co-signer is needed for a loan. Here are a few examples:

• Your credit history and score. If you have a low credit score or a limited credit history, lenders may view you as a high-risk borrower. A co-signer with a good credit score can increase your chances of loan approval, potentially securing better loan terms.
• Income requirements. Lenders may look at your income and employment to assess your creditworthiness. If your income doesn’t meet the lender’s minimum income requirement, a co-signer with a more considerable annual income may impact your eligibility for quick easy loans.
• Debt-to-income ratio. This ratio is sometimes used as a key indicator in assessing your ability to manage monthly payments and repay debts. Lenders may require a co-signer if you have a high debt-to-income ratio.
• Desired loan type or amount. Some loans, like cash loans for students, payday loans, or cash advances, require a co-signer to be approved. This applies especially if the principal borrower has irregular income, such as with working students.

At SocietyOne, you can apply for our quick easy loans without a co-signer. To get better chances of loan approval, you can apply for a secured loan and potentially access larger loan amounts, longer terms, and more. The criteria are basically the same for unsecured loans, but with the added requirement of an eligible asset as collateral.

Is there a maximum age limit to apply for these loans?

It can seem daunting to apply for personal loans as a pensioner or a retiree who’s gotten on with age, especially if you need quick loans for emergencies.

At SocietyOne, however, we assess each application based on multiple factors other than age. In general, our lending criteria are as follows: you must be at least eighteen years old, an Australian citizen or permanent resident, meet our minimum annual income requirement, and ideally have a good credit score or better.

Other specific requirements vary between loans, as we use a risk-based pricing approach for loan offers. This means the better your unique credit profile, the lower your possible rate, which is sometimes lower than what they could get from traditional lenders.

Do easy loans require a credit check?

Whether you’re applying for quick easy loans or more substantial instalment loans, a credit check is more often than not a part of the assessment process. It’s done to evaluate your financial reliability for the purpose of granting you a form of credit, such as quick easy loans or credit cards. A credit check helps lenders determine your creditworthiness based on various factors in your credit profile or history.

There are two types of credit checks: soft and hard enquiries.

Soft Credit Checks

A soft credit check does not have an impact on your credit score. This type of credit check can be done without your explicit permission, such as when mortgage brokers, comparison sites, or financial counsellors review your credit score on your behalf.

Hard Credit Checks

Hard credit checks or hard credit enquiries can affect your credit rating and may lead to a temporary dip in your current score. This type of credit check requires your explicit permission and occurs when a bank or credit provider checks your credit history when evaluating your creditworthiness.

Hard credit checks, in contrast to soft credit checks, are visible to other lenders and recorded in your credit report. In Australia, these checks are conducted with credit reporting agencies, namely Experian, Equifax, and illion.

If you’re interested in how to improve a credit score, you could use the Credit Score Tool on the MONEYME loan app so you can have a hassle-free ‘check my credit score for free‘ feature without impacting your credit profile and boost your chances of getting approved for quick easy loans. Plus, get useful advice on topics like ‘what’s a good credit score‘ or the ideal credit score range.

SocietyOne: Tailoring Your Financial Solutions

As Australia’s premier digital finance platform, SocietyOne understands that financial stability requires reliable, accessible, and transparent options, which can include loan opportunities.

This is why we offer quick easy loans tailored to various needs. From debt consolidation and home renovations to car purchases and more, SocietyOne aims to help you transform potential into opportunity through our award-winning personal loans.

At SocietyOne, we offer a fast and easy online loan application process. It takes as little as two minutes to get a rate based on your profile, as little as five minutes to complete the application, and, if approved, as little as one business day to receive your funds.

Take a look at what SocietyOne’s quick easy loans can offer you and apply for a loan with us today.