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You are eligible for a SocietyOne personal loan if you are:
- At least 21 yrs old
- Earn more than $30,000 p.a. from employment (Centrelink may be used as supplementary income)
- Are an Australian citizen or permanent resident
- Have good credit
- Are using the personal loan mainly for personal use
Debt consolidation is combining a number of different debts such as multiple credit cards or unsecured loans into one single loan, usually with a lower overall interest rate that will save you cash in the long run. Often, people consolidate their debts by taking out a new personal loan to repay allother debts, getting a fresh loan term and interest rate.
Debt consolidation loans are typically used by people who have multiple forms of debt which have different interest rates and repayment dates. Consolidating these into a single loan can potentially result in a lower interest rate & makes budgeting or financial planning far less confusing.
A debt consolidation loan allows you to consolidate credit card debts, medical bills, car loans and other personal loans - making life easier and helping you to pay off your debts faster! For many, debt consolidation can bring financial freedom and peace of mind
Repayments can be made in either fortnightly or monthly instalments, by direct debit. Personal Loan repayments are calculated depending on your choice of 2,3 or 5 year loan terms, and whether you have chosen fortnightly or monthly repayments along with the interest rate you receive on approval of your loan.
SocietyOne's unsecured debt consolidation loans range from $5,000 to $50,000 with flexible loan terms of 2, 3 or 5 years. We suggest borrowing an amount that best suits your situation, making sure you will be comfortable paying off each instalment. You can use our handy loan calculator to find out exactly what your repayment amounts will be based on how much you wish to borrow.
Repayments can be made in either fortnightly or monthly installments, by direct debit.If you wish to make extra payments, please contact our customer service team on email@example.com. There are no fees or penalties for making extra payments or paying off your loan early.