Personal Loans Sydney

Small Loan

A small loan can be a lifesaver during times of emergencies or when you need to deal with unexpected expenses at home. No matter how hard you try to budget your income or track your expenses, there will always be unavoidable situations when you need to spend extra. Paying for medical bills, repairing your car, and doing minor home renovations are just a few examples.

People who need to get a quick loan typically look up ‘quick little loans’, ‘easy cheap loans’, and ‘cash advance online on minutes’, but this doesn’t always lead them to reputable lenders who can lend them direct cash loans at affordable rates. Some lenders do offer loans with small repayments and interest rates, but their loan process takes weeks, defeating the purpose of quick online cash loans for emergencies.

SocietyOne is where you can borrow a small loan as quickly as possible, as our entire application process can be completed online. You can apply for small loans within just five minutes on our platform, and because we have streamlined our loan process, it’s even possible for you to receive the funds within just one business day should your application be approved.

It’s easy to confuse a small personal loan with other kinds of online loans with fast approval, so make sure you consider important factors such as the typical amount of a small loan, the ways to get easy small loans, and what fees are associated with getting small amount loans.

What amount qualifies as a small loan?

While there is no formal definition of what a small loan is, any loan below $10,000 is typically considered a small loan. These kinds of loans are usually small unsecured loans which means you don’t need collateral or a guarantee to borrow money from a lender. But like other types of loans, of course, you need to have a good credit profile to prove to the lender that you are a quality borrower. It’s easier to qualify for and repay small loans because the amount is minimal. However, you may have trouble finding a reputable lender who can offer you a small loan with favourable terms.

Don’t miss the chance to take out a small personal loan with SocietyOne. Here, the minimum amount you can borrow is $5,000, and we won’t charge you monthly fees, hidden fees, and early exit fees either. If you need more money, we can lend you up to $50,000 for unsecured loans and $70,000 for secured loans. Depending on your credit score, you may choose your repayment frequency as well as your loan term.

What are some of the easiest ways to get a small loan?

Interest rates are influenced by loan size since a larger loan carries a higher risk for the lender. Due to this, loans with a high principal frequently have interest rates that are greater than small loans. It is common for small loans to have a slightly higher interest rate than bigger loans because lenders have to pay fixed costs to obtain and manage the loans. Simply put, the interest rate of small loans depends on the conditions of your lender, so make sure you know how their pricing works before taking out a loan from them.

Credit unions

Credit unions are now widely accessible across Australia, and they can be beneficial in terms of the loan application process as their credit requirements may be less rigid than other lenders. But because unions are member-owned non-profits, you may have to be a contributing member first to enjoy the benefits.

Credit card cash advance

It’s easy to borrow cash from your credit card – just go to an ATM, punch in your PIN, and get the money. However, cash advances also have serious drawbacks, such as a higher APR. Moreover, credit card companies may start charging you interest immediately. You may have to pay a cash advance fee which is typically another 5% of the amount you're borrowing too.

Online lender

Online loaning lets you borrow money without having to leave home, as you can apply online and get the funds via bank transfer. Many online lenders, like SocietyOne, offer rates that are much lower than traditional banks as well. SocietyOne lets you do it all on our platform; you can check your credit score, request a personalised rate, complete your loan application, track your application status, and manage your repayments all at the same place.

Do small loans have a much higher interest rate?

Interest rates are influenced by loan size since a larger loan carries a higher risk for the lender. Due to this, loans with a high principal frequently have interest rates that are greater than small loans. It is common for small loans to have a slightly higher interest rate than bigger loans because lenders have to pay fixed costs to obtain and manage the loans. Simply put, the interest rate of small loans depends on the conditions of your lender, so make sure you know how their pricing works before taking out a loan from them.

At SocietyOne, we have a single-minded proposition: the better your credit profile, the lower your rate. So we use risk-based pricing, which could translate into lower interest rates than big banks in Australia. On our platform, you can access a personal loan calculator where you can get an estimate of your loan amount within minutes.

Aside from a small loan, SocietyOne is also where you can get other kinds of loans to suit your needs, such as holiday loans, personal loans for students, motorbike loans, loans for renovations, green loans, debt consolidation loans, and a lot more.

Go to SocietyOne now and request a personalised rate to get started on your loan application!