Take advantage of lower rates for good credit borrowers and no ongoing fees.
While they seem like standard personal loans on the surface, SocietyOne's Personal Loans are a little different. For starters, SocietyOne is not a lender. As a peer-to-peer lender, SocietyOne connects borrowers with investors and then manages and services every loan that it approves. Interest rates are based on a tiered scale, so the better your credit profile, the lower your rate.
3 things you should know about this loan
- Tailored interest rate. You will receive an interest rate based on your SocietyOne loan grade and the loan term you select. Interest rates start from 7.5% p.a. and you can receive a rate estimate before you apply.
- Restrictive loan terms. You can only select terms of two, three or five years with SocietyOne. Make sure these repayment terms meet your needs before you apply.
- Use the loan for any purpose. This loan is unsecured and the funds can be used for any worthwhile purpose.
| Product Name | SocietyOne Unsecured Personal Loan |
|---|---|
| Interest Rate (p.a.) | From 7.5% (fixed) |
| Comparison Rate (p.a.) | 9.51% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $50,000 |
| Loan Security | Unsecured |
Pros
- No ongoing fees
- No account-keeping fees
- Repay your loan early without penalty
Cons
- Establishment fee of 3% of loan amount
- Restrictive loan terms between 2 and 5 years
Main points to consider with a SocietyOne personal loan
You can borrow as much as $50,000 with a SocietyOne personal loan. SocietyOne offers risk-based pricing, meaning your rate is personalised. Your rate will be based on your SocietyOne loan grade, which is determined by information such as your credit score, employment status, cash flow and the loan amount you request. The loan term you choose will also affect your interest rate.
The interest rate stars from 7.5% p.a., while the comparison rate is 9.51% p.a. Terms vary 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 information from your loan application to determine the indicative interest rate for your loan.
- No ongoing fees. There are no monthly or annual account-keeping fees. There is an establishment fee, starting from 3% of loan amount, which depends on your loan amount and loan term. 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 interest rate will I get?
SocietyOne works on a tiered rate system where the better your loan application, the lower your interest rate and fees. The repayment term you select also affects your rate. There are four loan grades, with the loan grade you receive based on your credit history and credit score, employment status, cash flow and the loan amount you request.
Interest rates range from 7.5% p.a. to 19.99% p.a.
How to apply for a SocietyOne personal loan
SocietyOne offers personal loans to Australians who meet its eligibility criteria – you can start 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
- Earn more than $30,000 p.a.
- Be able to afford the loan
- Have at least two years of good credit history
- Not be in hardship with another financial provider
- Not have a pending, current or previous bankruptcy
- Be using the loan for personal use
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 driver's license
- 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.
Getting an alternative no interest credit card account has been an option I’ve explored previously but every time I tried the application was refused. I have a good credit history I think as I’ve paid off all previous loans (housing, car and personal loans plus other bills utilities etc) so I don’t know what the issue is.
I’m on a Disability Pension due to Multiple Sclerosis but we own our house and car, have no dependents other than 2 pets and keep the bills and expenditure controlled. My husband is a full time student at UWA and I’m about to start a PhD there also. I may get a scholarship but that’s yet to be finalized.
Is it the DSP do you think I can’t come up with another answer, I’m trying to reduce the $14,000 credit card debt and always pay as much as possible well over the minimum payment (the debt was over $21,000 previously so I have reduced it but the CBA interest rate of 12.99% slows me down).
Hi Cathy,
Thanks for reaching out and sorry for the delay.
I’m sorry to hear about your declined credit card application. You may not have met the bank’s eligibility requirements. So even your good creditworthiness will not just be the sole factor to be considered when you’re applying for any form of credit. Banks would look at your overall financial health before they’ll consider your application. Given this, I couldn’t also single out whether if it’s due to your source of income from DSP Pension.
I do understand that you’re after at transferring your balance from your CBA card to another card that offers lesser interest or no interest at all (for a limited period). However, since you mentioned that you’ve already applied for a credit card just previously (or recently), it may not be ideal to apply for another one at this time as that would result to several enquiries listed on your credit file and thus affect your future approval. So best to wait for a few months before you try again.
Meantime, while waiting for the right time to apply for a balance transfer credit card, you may want to start checking your possible options on this page for future. But before that, please be guided first on which bank that accepts DSP Pensioners by checking this page. From that page, you’ll also learn what you’ll need to provide with the bank when applying.
I hope this has somehow helped.
Cheers,
May
I’m new to my job, been there for 2 months and I’m wondering if I would be able to get a loan while still in the probationary part since it hasn’t been the full 6 months, but I am permanent part-time if that matters. Also, I may be getting a guarantor loan if I can’t do it on my own and I’m wondering if my work affects a guarantor loan at all or it won’t matter?
Hello Dylan,
Thank you for your comment.
If you’re planning to apply for the SocietyOne Unsecured Personal Loan, please note that their minimum income requirement is at least $30,000 p.a. even if you’re still newly employed. Before submitting an application, please ensure your eligibility and the requirements. To apply, please click the Go to Site button.
Alternatively, you may want to compare other loans that can be applied by a new employee here. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.
As for the guarantor, just ensure that your guarantor has met the eligibility criteria of a guarantor. Generally, a guarantor will offer residential property as security for the loan, hence, must be an Australian resident.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
Just wondering why Society One needs 3 months of Bank Statements. I thought it was a strange question, all my statements are quite long and I have a few accounts. Why is this necessary? Thought it was just a salary, not the inquisition.
Hello Suz,
Thank you for your comment.
Society One requires a bank statement because it establishes a few details.
– Bank statements confirm your identity
– Bank statements confirm your income
– Bank statements show how reliable you are at repaying loans
– Bank statements show where your money regularly goes
– Bank statements show if you can afford a new personal loan
You can also find more details here about why lenders require bank statements.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
My daughter is on Disability Support Pension and earns an amount of $ 2,500.00 per fortnight. Is she eligible to apply?
Many Thanks
Hi Sandra,
Thank you for getting in touch with finder. Yes she can still eligible to apply for a loan. Kindly check out this link to compare which bank could assist you further about your enquiry.
I hope this helps.
Have a great day!
Cheers,
Jeni
If i choose a 3-year fixed personal loan, it states no penalties to pay out early. Does this mean I can pay extra each fortnight, additional to my fixed fortnight repayment? or are they referring to no penalties for one lumpsum repayment?
Hi Kylie,
Thank you for your comment.
Since interest rate is fixed for this type of loan, that means your repayments stay the same for the entirety of your loan term. Generally, you’ll incur a penalty or fees for paying your loan back early or for making additional repayments. However there could be some lenders who offer fixed personal loans that will let you make additional repayments at any time without penalty, like SocietyOne personal loan. Go over your loan contract so you’re aware of all fees, charges and conditions.
Check with our guide to know more details about fixed rate personal loan.
Regards,
Jhezelyn
Hi Faith,
Thanks for your inquiry.
Society One requires their applicants to have at least two years of good credit history. As to the rating, that we’re not sure about if what should be the range. If you’d like to check your chances of approval with Society One, you may get in touch with them directly. They may use their own credit agency partner to check your credit history and would base their assessment on the bureau’s results.
Cheers,
May
Como um brasileiro pode conseguir um empréstimo
Hi Roberto,
Thanks for your inquiry
I’m afraid Society One offers personal loans to Australians only, who meet its eligibility criteria. You may want to check your options with your local banks and lending companies.
Hope this information helps
Cheers,
Arnold
Hi i am wanting to get a $50,000 loan to do some house repairs approx $10,000 and spend $40,000 on a holiday to America at Christmas for my self and 2 sons 8 and 12.
i earn $110,000, been in the government job since 2001, own my own home worth $800,000, car $30,000, boat $30,000, cash in the bank $130,000
debts include $8,000 credit card debt plus a $8,000 solar debt.
i am looking to sell the house in the next 2 years which means i would pay out the personal loan
what is the best loan for my circumstances please and what are the best options fixed or variable
Hi John,
Thanks for reaching out to us. Please note that we are not affiliated with Society One or any company we feature on our site and so we can only offer you general advice.
If you are interested in applying for a loan with Society One, you may click on the ‘Go to Site’ button to direct you Society One official site and submit an online application.
You can also compare your options on this page for Home Improvement and Renovation Loans.
Hope this helps.
Cheers,
Rench
What do you mean by hardship? I’m on pension but wouldn’t call it hardship.
Hello James!
Are you referring to this statement on the requirements “Not be in hardship with another financial provider”? :)
If you are, it implies that the loan applicant should not be having difficulty in repaying their existing loans with other providers.
Hope this clarifies.
Cheers,
Jonathan
when deciding on obtaining a loan I went to a number of vendors to determine interest rates, not realising that one is not supposed to shop for the best deal, but to take what is offered, as a consequence my credit score is around 500. I have never in my 80 years defaulted on making due payments. During my working life it was only a matter of a phone call now it is 25_30% interest The FLC ended all that. tell me how do I have my credit rating increased?
Hi Tony,
Thanks for your question.
You may want to check this guide or visit this link to learn more how you can improve your credit score.
Cheers,
Anndy