SocietyOne Unsecured Personal Loan
100% confidential application
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.
- ClearMatchâ„¢ technology. SocietyOne relies on ClearMatchâ„¢ 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 20.49% 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.
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
Can you pay large portions off at multiple times or does it have to be fixed payments each month and one large pay back should I have sufficient funds to pay off early. Thank you
Hi Clare,
Thanks for your question.
Society One Low Interest Personal Loan has a fixed interest rate so your repayments remain the same for the entire duration of the loan. However, you may repay the loan amount earlier than scheduled and you do not have to pay any early repayment fees.
Cheers,
Anndy
I am enquiring if your organisation can assist me with my question. I am looking at getting a loan to assist with purchasing of a used second hand car and assist with some accumulated bills. I am a single mother on benefits, I also work full time and start my permanent job in February. As far as I am aware I have x2 defaults on my credit file. Are you able to help with my enquiry?
Hi Jenna,
Thanks for your question.
Firstly, if you don’t know your credit score yet, you may want to get your free credit score now through this page. Knowing your credit score can help in identifying your possible options.
For second hand car loans, you can check your options here.
There are also loans for single mothers on this page.
If your credit score is not so good, the lenders on this page may accept your loan application.
Kindly note that to apply for any loan product, certain eligibility criteria apply. You can check these details by clicking the name of the loan product you are interested in.
I hope this helps.
Cheers,
Anndy
I am PR who just arrived in Australia 9 month ago with good credit history and full-time employment, i want tp find my university master , am i eligible for a loan?
Hi Shady,
Thanks for your question.
Non-residents can actually apply for a loan, although please note that your acceptance will be on a case by case basis and your assessment will be based on your financial position, type of visa, income and credit history. If you have reviewed the criteria of SocietyOne and you think you are eligible, please click on the ‘Go to site’ button above to apply.
In the meantime, in case you might like to check your other options aside from SocietyOne, please feel free to visit this page.
Hope this helps.
Cheers,
May