Plan Your Loan Application With SocietyOne’s Upfront Cost Calculator

To make an informed decision when applying for a loan online, you can use an upfront cost calculator. This expense estimator gives you an idea of potential rates and repayments, enabling you to move forward with clarity.

SocietyOne offers a free interest rate calculator that you can use before sending in your personal loan application with us. Read on to find out how this financial tool can help.

The importance of financial planning

Self-assessing eligibility

Not everybody wakes up in the morning seeking a personal loan, but unlike our daily to-do lists, life can be unpredictable. From vehicles breaking down to unexpected travel expenses to home renovations, various factors can necessitate a personal loan and, therefore, a reliable upfront cost calculator.

Let’s say you have an upcoming medical procedure, or you don’t know if your current wedding budget will be enough to cover all your expenses. You can input your estimated loan amount and other details in an upfront cost calculator, and the tool should give you a cost assessment, breaking down the principal amount, interest amount, and other fees.

This will also help you figure out if you can actually manage the regular repayments for the potential loan.

Convenient comparisons

Using an upfront cost calculator can also help you compare offers and rates. For instance, you can use it to see your potential offer from a lender, helping you do a thorough car loans comparison. Through this cost comparison tool, you could find out which providers can give you the most competitive rates – and which ones not to apply for.

Enhanced financial control

Getting a rough estimate of your potential payment obligation through the use of an upfront cost calculator can help you plan ahead more efficiently, giving you peace of mind and better control over your financial situation. After all, understanding your repayments could lead to better financial decision-making.

SocietyOne’s loan calculator

At SocietyOne, we provide secured and unsecured personal loans that can be used for different purposes. Thus, our built-in upfront cost calculator can also act as a loan eligibility calculator for our financial products. Think of it as your handy budget planner – you can use it for free as many times as you want.

Easy to use

Using our upfront cost calculator is simple. Just input your desired loan amount, loan type (secured or unsecured), repayment schedule (monthly or fortnightly), loan term, and a self-assessment of your credit history. You will see an estimate of your loan repayments, costs, and interest rate. This will help you decide whether you can proceed with your SocietyOne application.

However, please note that your final rates and repayment amounts may vary should your loan be approved. The values provided are only an estimate, and you should read the fine print of your loan offer from us for accurate amounts.

Other useful tools

Aside from our user-friendly personal loan app and calculator, one of the best advantages of choosing SocietyOne is that you can check your credit score and eligibility before impacting your credit score.

We are now part of the MONEYME Group, and the free credit score tool is within the app. Just download the MONEYME app for free to start. Once you’re done checking your credit score, we can give you valuable information and tips on how you can improve or maintain your score. With continued good borrowing behaviour, your improved credit score could open doors for more loan offers in the future.

Frequently Asked Questions (FAQ)

How does an upfront cost calculator work?

Different lenders may have different features in their cost calculators. For SocietyOne, as mentioned earlier, you simply need to input your desired loan amount, terms, and other factors. You will immediately see your potential total repayment, total interest, sample interest rate, and comparison rate. However, your eligibility for certain loan types and amounts is still subject to approval.

Are upfront cost calculators customisable for individual needs?

At SocietyOne, we recognise that different individuals may have different needs. For instance, two Australians may both seek a loan with a two-year term, but one wants to pay monthly for five years, while the other wants to pay fortnightly for three years. Our calculator makes accommodations for this, allowing you to tweak your desired loan details for your calculation.

What are the benefits of using an upfront cost calculator?

SocietyOne’s cost calculator seeks to provide you with estimates as quickly as possible. We eliminate the guesswork of coming up with estimates on your own, which could potentially be inaccurate. Our calculator also helps you compare our competitive rates with those provided by traditional banks.

Plus, we use risk-based pricing, which means the better your unique credit profile, the lower your rate, which is at times lower than what you could get from a big bank. Our calculator accounts for your credit history in light of this.

We believe that knowledge is power, and with payment estimator tools like our calculator, we can empower you to meet your financial goals.

SocietyOne: your faster and fairer finance partner

At SocietyOne, we take pride in being one of the leading digital finance platforms in Australia, offering innovative solutions to meet your financial needs. We are committed to providing a faster and fairer deal for our customers, as we are now part of the MONEYME Group.

Whether it’s debt consolidation, home renovations, or a significant purchase, SocietyOne is here to help you make it happen. Enjoy the benefits of no monthly or early repayment fees, ensuring a hassle-free experience with transparent and fair terms.

Choose SocietyOne for a finance partner that goes beyond traditional banking, providing a seamless journey from application to repayment. Your financial goals deserve a partner who understands your unique needs and strives to make the borrowing process faster, fairer, and tailored just for you. Submit your application today!