Loan Repayment

Loan Repayment

Traditional banks have long been the go-to source for personal loans, but it’s usually difficult for a lot of borrowers to get a loan from them. From their strict eligibility requirements and tedious application processes to their inflexible loan repayment terms, many borrowers now opt for alternative financing options instead.

If you’re looking for personal online loans with fair terms, look no further than SocietyOne. We are a leading Australian finance provider that has helped thousands of everyday Aussies get better access to funds for a wide range of needs. On top of that, our process can be completed entirely online, allowing you to apply for a loan at any time and from anywhere.

If you’re still wondering about loan repayment, our answers to common questions below may provide you with some useful information to make an informed choice.

What are the most common types of loan repayment?

There are three common types of loan repayment: principal and interest, interest-only, and capitalised interest. Each type has its own benefits that make it suitable for different circumstances. But regardless of the situation, selecting a repayment option that aligns with your personal circumstances can play a crucial role in your financial well-being.

Here at SocietyOne, your regular repayments are calculated based on your loan amount, interest rate, loan term, and chosen repayment frequency. Personal loan repayments can be made in either fortnightly or monthly instalments by direct debit.

We offer two types of personal loans with flexible loan repayment options to suit your needs. Our unsecured loans offer eligible borrowers the opportunity to borrow up to $50,000 with repayment terms spanning over two, three, or five years. Alternatively, if you have an eligible asset, you can apply for our secured personal loan that lets you borrow up to $70,000 and choose a repayment term of two, three, five, or seven years.

How do I reduce my monthly loan repayments?

To save money, some people look for ways to lower their monthly loan repayment fees. One way to do that is to extend your loan, as the cost of borrowing is spread out over a longer period. But this may only save you money in the short term because it might lead to higher interest fees. You may also pay off your loan sooner to save on monthly interest fees. Whether or not these options are available to you, however, depends on your lender and your loan’s terms.

At SocietyOne, not only do you get to choose your loan term based on your eligibility for a loan, but you also don’t have to worry about monthly fees. This means that you can easily use your personal loan as a loan for renovation, travel loan, or a different purpose without worrying about additional fees.

Is it better to repay a loan quickly?

Yes, it usually means less fees, and it could also have a positive impact on your credit score. But it’s crucial to note that some lenders impose early exit fees, so you’re incurring extra charges if you pay off your loan ahead of schedule.

At Society One, we don’t charge any early repayment fees, so you can pay off your loan in advance without having to cover extra charges.

Plus, we also have an online repayment calculator where you can get an estimate of your loan repayment fees based on your desired loan amount, loan type, loan term, repayment frequency, and credit history. This can help you make a more informed decision if you’re interested in consolidation loans, holiday loans, or personal loans for students.

To help you have a smooth experience with SocietyOne, we have a set of minimum eligibility requirements that you must meet. This includes being a citizen of Australia or holding permanent residency, as well as being at least 18 years old. Additionally, applicants should have a minimum annual income of $30,000 and a good credit profile.

Getting started with a SocietyOne loan is easy, too. Create a SocietyOne account and check your credit score using our platform to see if you qualify for a loan. Then, complete the application form with the required information and submit your application. You can track the status of your loan application on our platform, and once approved, the loan amount will be deposited into your account within one business day.

The better your credit profile, the lower your SocietyOne loan rate

SocietyOne takes pride in using risk-based pricing that enables borrowers with a strong credit profile to benefit from lower interest rates. This rate is often lower than what you could obtain from traditional banks. One of the highlights of using SocietyOne is the option for you to review your credit score and eligibility before impacting your credit score.

Don’t have the best credit score? We’ll give you tips on how to improve your credit score so you’re more likely to receive better loan deals at SocietyOne.

With SocietyOne, you don’t have to feel like your loan options are limited to only what traditional finance and loan companies offer. Here at SocietyOne, you can access better loan deals from the comfort of your home, regardless of where you’re located in Australia. If you’re eligible, you can complete everything online, from getting a personalised loan quote to getting the funds in your account.

Check your unique rate and apply for a personal loan at SocietyOne now!