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Online Lender: FinanceOne

 

FinanceOne

Product Highlights

  • Loans from $2,001 to $150,000
  • Up to 7 years

Company Brief

FinanceOne is an Australian financial services company that provides a range of solutions to individuals and businesses. The company offers various financial products and services, including personal loans, car loans, home loans, business loans, and equipment finance ranging from $2,001 to $150,000.

FinanceOne aims to simplify the lending process and make financial solutions more accessible to its customers. They provide competitive interest rates and flexible repayment options tailored to the individual needs of their clients.

Type of Loans Offered by FinanceOne

Small Loans

FinanceOne specialises in offering small loans designed for individuals with bad credit who require immediate financial assistance. These loans have lower borrowing limits and shorter repayment terms than larger loans. FinanceOne recognises the challenges faced by individuals with bad credit when seeking traditional loans from banks or other lenders. As a result, they focus on providing customised small loans to cater to the specific needs of individuals with less-than-ideal credit histories.

  • $2,001 to $5,000
  • 1 month to 24 months

Personal Loans

FinanceOne offers personal loans to individuals in Australia. Personal loans are versatile and can be used for a wide range of purposes, including debt consolidation, home improvements, travel expenses, medical bills, education costs, or any other personal financial need. The loan amounts and terms are flexible, allowing individuals to borrow the desired amount and choose a repayment plan that suits their budget and financial circumstances.

  • $5,000 to $25,000
  • 36 months to 48 months

Business Loans

FinanceOne also offers business loans to help Australian businesses secure the funding they need to grow and thrive. Business loans provided by FinanceOne are designed to meet the diverse financial needs of businesses, whether they are small enterprises or larger organisations.

The business loans offered by FinanceOne can be used for various purposes, including Working Capital, Business Expansion, Asset Financing, Debt Consolidation, and Start-up Financing. The specific terms and conditions of business loans, including loan amounts, interest rates, and repayment terms, can vary based on factors such as the business’s financial health, creditworthiness, and the purpose of the loan.

  • $8,000 to $150,000
  • borrowers will need to enquire with FinanceOne’s customer hotline directly to know about specific repayment terms for business loans

Vehicle Loans

FinanceOne’s vehicle loans allow individuals and businesses in Australia to purchase a new or used vehicle. Vehicle loans provided by FinanceOne are designed to provide financing solutions specifically tailored for acquiring cars, motorcycles, boats, and other types of vehicles.

The specific terms and conditions of vehicle loans, including interest rates, loan amounts, and repayment periods, may vary based on factors such as the type of vehicle, the borrower’s creditworthiness, and the loan duration.

  • $5,000 to $75,000
  • 3 years to 7 years

Minimum and maximum APRs varies depending on the loan type and amount. The same goes for establishment fees and monthly fees. Borrowers will need to enquire directly with FinanceOne for information about these as well as other associated loan fees such as default fees and early repayment fees.

Note: The information included here on Friendly Finance is accurate and in line with the data provided on FinanceOne’s website as of November 2023.

FinanceOne Application Process

How to Apply

To apply for a loan from FinanceOne, you can either apply online or by phone.

To apply online:

  1. Go to the FinanceOne website and click on the “Apply Now” button.
  2. Enter your personal information, including your name, address, and contact information.
  3. Enter your financial information, including your income, expenses, and debts.
  4. Select the type of loan you want to apply for and the amount you want to borrow.
  5. Submit your application.

To apply by phone:

  1. Call FinanceOne on 1800 346 663.
  2. Speak to a customer service representative and provide them with your personal and financial information.
  3. Select the type of loan you want to apply for and the amount you want to borrow.
  4. Submit your application.

Once you have submitted your application, Finance One will review it and get back to you within 24-48 hours.

Here are some of the documents you will need to provide when you apply for a loan from FinanceOne:

  • Proof of income
  • Proof of address
  • Proof of identity
  • Recent bank statements
  • Tax returns
  • For business loans, you will need

If you are self-employed, you may also need to provide additional documentation, such as business licenses, invoices, profit and loss statements, your ABN or ACN, driver’s license details, basic details about your business (operating years, structure, and turnover) and trading account details. FinanceOne may also ask you to provide additional information, such as your employment history, your credit history, and your debt-to-income ratio.

The application process for a loan from FinanceOne is relatively simple. However, it is important to provide all of the required documentation and information to be approved for a loan.

Eligibility Requirements

Here are the eligibility requirements for a loan from Finance One:

  • You must be a resident of Australia.
  • You must be at least 18 years old.
  • You must have a valid Australian driver’s license or passport.
  • You must have a valid Australian bank account.
  • You must have a good credit history.
  • You must be employed for at least 3 months in continuity.

If you meet all of these requirements, you are eligible to apply for a loan from Finance One.

Maximum Loan Amounts

The maximum loan amount you can borrow from FinanceOne will depend on the type of loan you apply for and your creditworthiness. Here are the maximum loan amounts for each type of loan:

  • Small loans: Up to $5,000
  • Personal loans: Up to $25,000. For unsecured personal loans, up to $15,000. For secured personal loans, up to $25,000.
  • Business loans: Up to $150,000
  • Vehicle loans: Up to $75,000

It is important to note that these are just the maximum loan amounts. The actual amount you are approved for will depend on your credit score, income, and other factors.

How is the money transferred?

Once approved, The loan amount can be deposited directly into your bank account. You will need to provide FinanceOne with your bank account details, including the account number and the name of the bank.

The funds will usually be available within 24 hours of your loan being approved. However, It is important to note that the time it takes for the funds to be transferred will vary depending on your bank. Some banks may process the funds more quickly than others.

Need help?

To contact FinanceOne in Australia, you can visit their official website at https://financeone.com.au/ to explore their loan options, access resources, and find more information about their services.

You may also reach FinanceOne’s customer service team by calling their contact number at 1300 770 599. This phone line is available during their business hours, which are typically Monday to Friday, from 8:30 AM to 5:30 PM AEST.

If you prefer to communicate via email, you can send your inquiries or requests to info@financeone.com.au. Their team will respond to your email as soon as possible.

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Notable Loan Product Features

FinanceOne lender offers several notable loan features, including the following:

  • Flexible Eligibility: FinanceOne aims to find finance solutions for everyone, even individuals who may have been rejected by other lenders and banks. They have flexible criteria for employment and can consider borrowers with as little as 3 months of casual employment
  • Range of Finance Options: FinanceOne provides a variety of finance options, such as personal loans, business loans, and car loans. They cater to different borrowing needs and offer solutions for individuals and businesses.
  • Acceptance of Credit-Impaired Borrowers: FinanceOne is willing to lend to individuals who have had defaults on their credit file, a bad credit history, or have recently been bankrupt. They take into account recent improvements in a borrower’s conduct and financial situation.
  • Easy Online Application Process: FinanceOne provides an easy and convenient online completion process. Borrowers can apply for funds through their 24/7 internet platform, making the application process quick and accessible.
  • Lower Industry Interest Rates: FinanceOne aims to offer customers lower interest rates compared to industry standards. This can help borrowers save on interest costs over the life of the loan.
  • No Early Payout Fees: One advantageous feature of FinanceOne loans is that they do not charge early payout fees. Borrowers who are credit impaired and confident in their ability to make repayments can refinance their loan with a lender offering a lower interest rate without incurring additional fees.

The Company: FinanceOne

FinanceOne

Positives

  • Easy application
  • Great customer service
  • Reasonable interest rates
  • Flexible repayment terms
  • Quick approval

Negatives

  • Long application process
  • Cosigner requirement
  • Hidden fees

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