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From 6.95% (fixed)
Interest Rate (p.a.)
6.95%
Comparison Rate (p.a.)
$5,000
Min Loan Amount
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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 |
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.
There are a number of costs associated with this loan. These include:
Other fees you may be charged include:
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.
To apply for this loan, you must:
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.
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