SocietyOne Unsecured Personal Loan
- Interest Rate (p.a.)
- 9.20% to 25.89%
- Comp. Rate (p.a.)
- 9.20% to 26.31%
- Min Loan Amount
- $5,000
Summary
An unsecured loan with fixed personalised interest rates. Interest charges and establishment fees apply.
3 things to consider about this loan:
- Personalised interest rates. Your interest rate will be based on your risk profile. You can receive a rate estimate before you apply.
- Fixed rate. Your monthly repayments will be fixed for the duration of the loan.
- No monthly fees or early repayment fees. You won’t be charged either monthly fees or early repayment fees.
Pros
-
No ongoing fees
-
No account-keeping fees
-
Repay your loan early without penalty
Cons
-
Establishment fee from of loan amount
-
Restrictive loan terms between 2 and 5 years
Details
Product Details
| Product Name | SocietyOne 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 Type | Fixed |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $50,000 |
| Loan Security | Unsecured |
How does the SocietyOne Unsecured Personal Loan work?
SocietyOne is a peer-to-peer lender which connects borrowers to investors. Their unsecured loans come with risk based pricing, meaning that your interest rate will be determined by the loan grade you receive and your loan term. With personalised rates, a good credit score and stable employment will get you a lower interest rate, and vice versa.
Eligibility criteria
To apply for this loan, you must:
- Be at least 18 years old
- Be an Australian citizen or permanent resident
- Earn more than $30,000 (Centrelink can be supplementary income)
- Be able to afford to repay the loan
- Have good credit history
- Be using the loan for personal use
How to apply
You can apply for this loan online, through the SocietyOne website or by clicking the "Go to site" button on this page. You may need to provide a copy of your driver's licence or passport, your payslips, 3 months of bank statements, and credit card or loan statements.
Features of this loan
- Personalised rates. Your interest rate will be tailored to the loan grade you receive and loan term chosen. Factors such as your credit score, employment status, cash flow and the loan amount requested will contribute to your loan grade.
- Fixed repayments. With a fixed rate, your repayments remain the same for the duration of the loan. This protects you from market fluctuations and allows you to budget your repayments in advance.
- Borrow up to $50,000. You can borrow from $5,000 up to $50,000.
- Varying loan terms. Loan terms vary between 2, 3 and 5 years.
- Flexible repayments. You can make monthly or fortnightly repayments.
- No ongoing fees. There are no monthly or annual account-keeping fees.
- No early repayment fees. 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 ClearMatchâ„¢ 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.
How much does the SocietyOne Unsecured Personal Loan cost?
There are a number of costs associated with this loan. These include:
- Loan principal
- Establishment fee ranging from $0 to $595
- Interest rate broken into 4 loan grades. Rates range from 9.20% p.a. to 25.89% p.a. while the comparison rate ranges from 9.20% p.a. to 26.31% p.a.
Other fees you may be charged include:
- Late payment fee of $35
- Direct debit dishonour fee of $15 per dishonour
What interest rate will I get?
| Loan Term | 2-3 year | 5 year |
|---|---|---|
| Interest rate (p.a.) | 9.20% - 14.19% | 9.20% - 15.69% |
| Comparison rate (p.a.) | 9.20% - 17.42% | 9.20% - 16.24% |
| Establishment fee | from $0 - $495 | from $0 - $495 |
| Loan Term | 2-3 year | 5 year |
|---|---|---|
| Interest rate (p.a.) | 15.14% - 16.14% | 16.84% - 17.84% |
| Comparison rate (p.a.) | 18.62% - 19.64% | 17.09% - 18.10% |
| Establishment fee | $595 | $595 |
| Loan Term | 2-3 year | 5 year |
|---|---|---|
| Interest rate (p.a.) | 17.29% - 19.79% | 19.29% - 21.79% |
| Comparison rate (p.a.) | 20.67% - 23.23% | 19.42% - 21.94% |
| Establishment fee | $595 | $595 |
| Loan Term | 2-3 year | 5 year |
|---|---|---|
| Interest rate (p.a.) | 20.39% - 22.89% | 23.39% - 25.89% |
| Comparison rate (p.a.) | 23.75% - 26.31% | 23.45% - 25.98% |
| Establishment fee | $595 | $595 |
Your interest rate will fall into any of the following 4 tiers. It will be calculated based on your credit score, employment status, cash flow and the loan amount requested.