Society One Low Interest Personal Loan

Rates and Fees verified correct on June 30th, 2016

Find out what rate you qualify for with Society One's innovative sliding interest rate scale.

While most local lenders offer personal loans, SocietyOne offers loans that are a little different. For starters, SocietyOne is not a lender. SocietyOne connects borrowers with investors and manages and services every loan that it approves.

Important Information

SocietyOne works on a strict sliding scale of loans based on your creditworthiness. Interest rates vary from 7.75% to 24.25%. Comparison rates vary from 9.10% to 27.94%

Product NameSocietyOne Unsecured Personal Loan
Interest Rate (p.a.)From 8.15% (fixed)
Comparison Rate (p.a.)9.5%
Interest Rate TypeFixed
Minimum Loan Term2 years
Maximum Loan Term3 years
Min Loan Amount$5,000
Max. Loan Amount$35,000
Application Fee2% of loan amount
Monthly Service Fee$0
Pros
  • Low interest rates for borrowers
  • No Establishment or Application Fee
  • No early repayment fees
  • Borrow money for any purpose
Cons
  • A poor credit history will not qualify

Things to consider about SocietyOne personal loans

You can use a SocietyOne personal loan for a variety of purposes. You can use the funds to purchase a car, take a holiday, consolidate debt, pay for home renovations or even cover education expenses.

These loans are unsecured, which means you don't have to provide any asset as a guarantee. You can borrow as much as $35,000 through a SocietyOne personal loan. SocietyOne also offers risk-based pricing, meaning that the better your credit (as evidenced by your credit score), the better the interest rate on your loan.

The interest rate for borrowers with good credit start from 10.57% p.a., while the comparison rate is 12.28% p.a. Term period varies between 2 and 5 years.

Features of SocietyOne personal loans

  • Fixed repayments. Since these personal loans attract fixed interest rates, your repayments remain the same for the entire duration of the loan. This not only protects you from market fluctuations, but it also allows you to budget your repayments in advance.
  • Personalised rate. SocietyOne will use your credit score (using the VedaScore) to determine the indicative interest rate for your loan.
  • Fees. There are no monthly or annual account-keeping fees. Late payments attract a $25 fee and you’d have to pay $25 in each instance of direct debit request dishonour.
  • No early repayment fee. If you choose to repay the loan amount earlier than scheduled, you do not have to pay any early repayment fees.
  • ClearMatch™ technology. SocietyOne relies on ClearMatch™ technology for day-to-day operations. This platform assists with aspects such as credit assessments, loan origination and loan portfolio management. It includes state-of-the-art underwriting capabilities and it also enables customers to complete the application and approval process over the phone. In addition, it includes an array of debt management and customer service tools, while also assisting with credit scoring.

What's your credit score?

SocietyOne works on a tiered rate system where the better your credit score, the lower your interest rate and fees. It has five credit bands ranging from "Excellent" credit to "Below Average" credit. If you have an "Excellent" credit score (based on your Veda Score) you will be deemed an AA - A grade borrower and your Veda Score will be above 833. The tiers continue to work down, with "Very Good" borrowers having Veda Scores between 726 and 832 and being A - B borrowers. The three bands continue below that. SocietyOne awards you for good borrowing behaviour, so the better your score, the better your rate. If you're interested, you can get a rate estimate without it affecting your credit score or an enquiry being listed on your credit file.

How to apply for a SocietyOne personal loan

SocietyOne offers personal loans to Australians who meet its eligibility criteria – you can initiate the application process by clicking on the "Go to site" button. To apply, you must:

  • Be at least 21 years old
  • Have a good credit history

As part of the application process you have to register on the SocietyOne website. The next step requires you to complete an application form and to submit documents to verify your identity, which comprises the following:

  • Copy of your drivers licence
  • Copy of your passport
  • Payslips
  • Three months of your bank statements
  • Credit card or loan statements

SocietyOne personal loans offer a viable alternative to conventional lenders. What’s important, though, is that you take all of the features into account before making a decision. Use finder.com.au to see how SocietyOne’s loan offerings compare with other products on the market.

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This page was last modified on 16 March 2016 at 12:25.

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66 Responses to Society One Low Interest Personal Loan

  1. Default Gravatar
    Robert | June 19, 2016

    Please email me information regarding loan for
    $20000 I am requiring this amount to consolidate
    payments.(I have received information in post with
    Funding code AF08) Much appreciated.

    • Staff
      Elizabeth | June 20, 2016

      Hi Robert,

      You’ve come through to finder.com.au, a financial comparison service and not Society One. You’ll need to get in contact with Society One directly for any further information you need for this loan or the offer you received, or take a look at its website.

      Hope this helps,

      Elizabeth

  2. Default Gravatar
    Mark | June 14, 2016

    Hi
    Can you email me Society One’ s phone number please.
    Thanks in advance

    • Staff
      May | June 15, 2016

      Hi Mark,

      Thanks for reaching out.

      As requested, the contact details of Society One has already been sent to your email.

      Cheers,
      May

  3. Default Gravatar
    tb | April 17, 2016

    What happens if I dont have a drivers license

    • Staff
      Elizabeth | April 18, 2016

      Hi TB,

      When you apply you need to be able to verify your identity with some form of photo ID, this can be using your passport or a proof of age card. If you get stuck during the application you can contact Society One directly.

      Hope this has helped,

      Elizabeth

  4. Default Gravatar
    Greg | February 28, 2016

    I don`t have a scanner at home for my computer could someone contact me with a phone number so I can proceed with a loan application. Thank you.

    • Staff
      Elizabeth | February 29, 2016

      Hi Greg,

      I’ve emailed you Society One’s phone number.

      Thanks,

      Elizabeth

  5. Default Gravatar
    Obi | February 14, 2016

    Most of these lenders require ongoing employment,what if you are a student with a reasonable credit history but unemployed due to full time study commitments.Any options ??

    • Staff
      Elizabeth | February 15, 2016

      Hi Obi,

      Thanks for your question. The minimum criteria for a Society One personal loan requires a $25,000 p.a. income. However, this page lists also lenders that offer loans to the unemployed who income from Centrelink benefits. Most lenders will check that you are receiving a minimum income as part of their eligibility criteria.

      Hope this helps,

      Elizabeth

  6. Default Gravatar
    Elaine | February 10, 2016

    If I have previously had a part 9 debt agreement but has been successfully paid out last year, what finance company would you recommend? I have successfully applied and got refinance/finance since paying out part 9 agreement. I am possibly looking at applying for $7000 over maximum amount of time. I work as nurse 72-76 hours a fortnight gross approx $2700 fortnight have approx $800 fortnight in mortgage/loans. Thanks hope to hear from you soon from elaine

    • Staff
      Elizabeth | February 11, 2016

      Hi Elaine,

      Technically once you have paid out the Part 9 debt agreement and there is nothing else on your file that would lower your credit rating then you may still be eligible for Society One’s Personal Loan. Your interest rate is determined by your credit profile and financial behaviour.

      To find out more about their loan offers, click the “Go to Site” button above.

      Hope this helps,

      Elizabeth

  7. Default Gravatar
    sunny | December 11, 2015

    how to find or get my credit score?

    • Staff
      Elizabeth | December 14, 2015

      Hi Sunny,

      You can check your credit file for free online by clicking through to Veda’s website on this page.

      I hope this has helped.

      Thanks,

      Elizabeth

  8. Default Gravatar
    Viv | November 9, 2015

    How do I apply for a personal loan with SocietyOne and what is their contact number?

    Thank you

    Viv.

    • Staff
      Elizabeth | November 9, 2015

      Hi Viv,

      You can apply for a personal loan by submitting your application on the Society One website. I’ve also emailed you their contact number.

      I hope this will help.

      Thanks,

      Elizabeth

  9. Default Gravatar
    Ali | October 30, 2015

    Hi. SocietyOne was sending several emails to me saying because you have a very good credit score you are eligible for a personal loan with a good rate. Finally when I applied they declined me although I have a good full time job. I’m Australian citizen and No credit inquiry within last year!!

    • Staff
      Elizabeth | October 30, 2015

      Hi Ali,

      Thanks for your question.

      It’s important to note that the emails Society One was sending you weren’t personal loan guaranteed approvals, but offers for you to apply. They may have been based off your credit score but they factor in a lot more to their decision whether or not to approve you for a loan. This includes your income, your current loans, your assets, the purpose of your loan or the amount you applied for. You may be able to get in contact with them to find out some more information about why your application wasn’t successful.

      I hope this has helped.

      Thanks,

      Elizabeth

  10. Default Gravatar
    Annie | October 23, 2015

    I no longer hold a current Australian passport as I am unable to fly. What other form of identification could I supply?

    • Staff
      Elizabeth | October 23, 2015

      Hi Annie,

      Society One just needs a way to verify your identity, so you will be able to provide your driver’s licence.

      I hope this has helped.

      Thanks,

      Elizabeth

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