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Get up to 100,000 Velocity Points with a SocietyOne personal loan

earning velocity points

earning velocity points

Just take out a loan with the peer-to-peer lender by 31 March 2018.

SocietyOne has upped its loan offering by allowing you to earn 2 Velocity Points for every $1 you borrow with a new loan. So if you're in the market for a personal loan, you could earn up to 100,000 Velocity Points if you apply for a loan with SocietyOne before 31 March 2018.

SocietyOne offers unsecured peer-to-peer (P2P) personal loans, meaning it acts as a facilitator between yourself and investors who fund your loan. The rate you receive with your loan will be tailored according to a loan grade you receive when you apply. Rates start at 9.20% p.a. for Tier 1 borrowers applying for a 2-3 year loan.

You can apply for between $5,000 and $50,000, and depending on how much you are approved for, you can earn 2 Velocity Points for every dollar drawn on your loan. The Velocity Points will be credited to your Velocity Frequent Flyer account within 30 days from your loan approval.

If you're not currently a Velocity member, you'll need to sign up before you apply to receive your points. You can do this for free.

To be eligible for a SocietyOne personal loan you need to meet the following criteria:

  • Be an Australian citizen or permanent resident
  • Be at least 21 years old
  • Earn more than $30,000 p.a. from employment
  • Be able to afford the loan
  • Have at least 2 years good credit history
  • Not be in hardship with any other provider
  • Do not have a pending, current or previous bankruptcy
  • Be applying for the loan for personal use

Product information:

Product NameSocietyOne Part of MoneyMe Unsecured Personal Loan
Interest Rate (p.a.)9.20% to 25.89%
Comp. Rate (p.a.)9.20% to 26.31%
Interest Rate TypeFixed
Min Loan Amount$5,000
Max. Loan Amount$50,000
Loan SecurityUnsecured

Picture: Shutterstock

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