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.
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 Name | SocietyOne Unsecured Personal Loan |
|---|---|
| Interest Rate (p.a.) | From 7.9% (fixed) |
| Comparison Rate (p.a.) | 9.58% |
| Interest Rate Type | Fixed |
| Minimum Loan Term | 2 years |
| Maximum Loan Term | 5 years |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $35,000 |
| Application Fee | 2.5% (of loan amount) |
| Monthly Service Fee | $0 |
Pros
- Low interest rates for good credit
- No establishment or application fees
- No early repayment fees
Cons
- Poor credit borrowers won't qualify
- Low maximum loan amount of $35000
- Restrictive loan terms between 2 and 5 years
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.
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
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
what repayements per/month over a 4 year period would apply.for a loan of 30000 thank you.
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
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?
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
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
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
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
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
What happens if you cannot supply a copy of a drivers licence or passport.
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
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.
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
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.
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
Hi
Can you email me Society One’ s phone number please.
Thanks in advance
Hi Mark,
Thanks for reaching out.
As requested, the contact details of Society One has already been sent to your email.
Cheers,
May
What happens if I dont have a drivers license
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