Society One Low Interest Personal Loan

Rates and Fees verified correct on August 29th, 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 7.9% (fixed)
Comparison Rate (p.a.)9.58%
Interest Rate TypeFixed
Minimum Loan Term2 years
Maximum Loan Term3 years
Min Loan Amount$5,000
Max. Loan Amount$35,000
Application Fee2.5% 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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80 Responses to Society One Low Interest Personal Loan

  1. Default Gravatar
    Graeme | August 29, 2016

    I wish to apply for financial hardship in relation to my loan acccount number XXXXX . You have already seny me an application form but I have misplaced it and deleted the email. Any help or advice will be more than appreciated.
    regards,
    Graeme

    • Staff
      Elizabeth | August 29, 2016

      Hi Graeme,

      You’ve come through to finder.com.au, a financial comparison service and not Society One. If you’re applying for financial hardship you can send a request to Financial.Hardship.Request@societyone.com.au or call its hardship assistance line on 1300 938 990.

      I hope this helps,

      Elizabeth

  2. Default Gravatar
    p | August 24, 2016

    what repayements per/month over a 4 year period would apply.for a loan of 30000 thank you.

    • Staff
      Anndy | August 24, 2016

      Hi P,

      Thanks for your question.

      With a personal loan of $30,000, term of 4 years and using an interest rate of 7.9% p.a, your monthly repayment will be around $731. Please note that the interest rate I used in the computation may not be the actual rate Society One will charge you.

      You could also use our personal loan calculator to compute how much repayment you will have under different loan options and terms.

      Cheers,
      Anndy

  3. Default Gravatar
    Werner | August 16, 2016

    I applied for a loan, but at the end they ask for my user name and password of my bank account. Why would you need that?

    • Staff
      Elizabeth | August 16, 2016

      Hi Werner,

      You’ve come through to finder.com.au, a financial comparison service and not Society One. You’ll need to get in contact with them directly to discuss the application process, but your details may be required to deposit your loan. It would be best to confirm this with Society One directly.

      Thanks,

      Elizabeth

  4. Default Gravatar
    Michelle | August 12, 2016

    HI,

    i am trying to pay out a car loan with an interest rate of 36%. I have been paying this loan for over 3 years and never missed a payment.
    I am looking to pay this out and my $3000 credit card and looking to borrow $13000. I applied but you have a technical issue. Please confirm you have received my application.
    Kindest Regards
    Michelle

    • Staff
      Elizabeth | August 12, 2016

      Hi Michelle,

      You’ve come through to finder.com.au, a financial comparison service and not Society One. As the applications handled directly by Society One you’ll need to contact them directly to confirm your application has been received.

      Hope this helps,

      Elizabeth

  5. Default Gravatar
    lance | July 31, 2016

    Hi i am wanting to borrow $35,000 to cover a personal loan with the commonwealth bank as your interest rate are better but i do not know what my verification number is. Thankyou

    • Staff
      Elizabeth | August 1, 2016

      Hi Lance,

      I’m unsure what you mean by a “verification code” but you’re able to apply for a personal loan with Society One if you meet the minimum criteria. You can then use it to repay your loan with CommBank.

      I hope this helps,

      Elizabeth

  6. Default Gravatar
    Geoffrey | July 27, 2016

    What happens if you cannot supply a copy of a drivers licence or passport.

    • Staff
      Anndy | July 27, 2016

      Hi Geoffrey,

      Please note that you have come through finder.com.au, a financial comparison and information service, not a lender.

      Lenders normally require borrowers to provide a driver’s license and passport for identity verification. If you don’t have these documents, I suggest that you directly contact the lender to inquire if an alternative document can be presented to support your application.

      Cheers,
      Anndy

  7. Default Gravatar
    Danish | July 11, 2016

    is there any financial service provider for international student. i am on final year of my graduate study and having difficulties to pay the fees of one sem. i am working part time and my weekly income is around 900 dollar. is there anyway i can get a loan to pay my fees.

    • Staff
      Elizabeth | July 12, 2016

      Hi Danish,

      You can find a list of lenders that consider temporary residents for loans on this page. However, you will not be approved for a loan with terms less than your visa. You can take a look at the loans available and see if there are any that you’re eligible for.

      I hope this will help,

      Elizabeth

  8. 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

  9. 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

  10. 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

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