Get exclusive money-saving offers and guides
Straight to your inbox
By signing up, you agree to the Finder
Privacy & Cookies Policy
and
Terms of Use, Disclaimer & Privacy Policy.
SocietyOne Unsecured Personal Loan
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.
No reviews yet.
Write a review
From 6.95% (fixed)
Interest Rate (p.a.)
6.95%
Comparison Rate (p.a.)
$5,000
Min Loan Amount
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
Details
| Product Name | SocietyOne Unsecured Personal Loan |
|---|---|
| Interest Rate (p.a.) | From 6.95% (fixed) |
| Comparison Rate (p.a.) | 6.95% |
| 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.
What features does the SocietyOne Unsecured Personal Loan offer?
- 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 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.
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 6.95% p.a. to 22.49% p.a. while the comparison rate ranges from 6.95% p.a. to 23.75% 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?
| Interest rate (p.a.) | 6.95% to 11.49% | 6.95% to 12.99% |
| Comparison rate (p.a.) | 6.95% to 14.87% | 6.95% to 13.72% |
| Establishment fee | from $0 to $495 | from $0 to $495 |
| Interest rate (p.a.) | 11.99% to 12.99% | 13.69% to 14.69% |
| Comparison rate (p.a.) | 16.06% to 17.08% | 14.57% to 15.58% |
| Establishment fee | from $0 to $595 | from $0 to $595 |
| Interest rate (p.a.) | 13.99% to 16.49% | 15.99% to 18.49% |
| Comparison rate (p.a.) | 18.11% to 20.67% | 16.89% to 19.42% |
| Establishment fee | from $0 to $595 | from $0 to $595 |
| Interest rate (p.a.) | 16.99% to 19.49% | 19.99% to 22.49% |
| Comparison rate (p.a.) | 21.18% to 23.75% | 20.93% to 23.45% |
| Establishment fee | from $0 to $595 | from $0 to $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.
What are the pros and cons of the Society One Unsecured Personal Loan?
Pros
- No ongoing fees. This helps keep down the cost of your loan.
- No early repayment fee. You can pay off the loan early without receiving a penalty.
Cons
- Interest rates can be high. If you don’t have a perfect credit score, rates can be quite high. They can go up to 20.49% p.a.
- Loan terms are relatively inflexible. You’ll get either 2, 3 or 5 year terms.
Am I eligible for this loan?
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 do I apply for this loan?
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.
Compare other personal loans
1 - 7 of 7
December 12, 2018
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).
December 18, 2018
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 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 in 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 from our list of 0 balance transfer fee credit cards. But before that, please refer to our list of banks accepting DSP Pensioners. 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
November 13, 2018
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?
November 13, 2018
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 new employee personal loans. 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 chatbox on the lower right corner of our page.
Regards,
Jhezelyn
October 12, 2018
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.
October 13, 2018
Hello Suz,
Thank you for your comment.
Society One requires a bank statement because it establishes a few details.
You can also find more details about why lenders require bank statements.
Should you wish to have real-time answers to your questions, try our chatbox on the lower right corner of our page.
Regards,
Jhezelyn
March 21, 2018
My daughter is on Disability Support Pension and earns an amount of $ 2,500.00 per fortnight. Is she eligible to apply?
Many Thanks
March 21, 2018
Hi Sandra,
Thank you for getting in touch with Finder.
You can be eligible for a loan if you receive Disability Support Pension (DSP) as part or even all of your income. You will see the list of brands and banks offering pensioners loans from our comparison table. You may click the name of the lender to be routed to another Finder page containing more information about that them.
Once you have chosen a particular lender, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with your loan application or get in touch with their representatives for further assistance.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
I hope this helps.
Have a great day!
Cheers,
Jeni
March 20, 2018
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?
March 22, 2018
Hi Kylie,
Thank you for your comment.
Since the 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 the SocietyOne personal loan. Go over your loan contract so you’re aware of all fees, charges, and conditions.
Check our guide to know more details about a fixed-rate personal loans.
Regards,
Jhezelyn