Society One Low Interest Personal Loan

Rates and Fees verified correct on December 8th, 2016

Find out what rate you qualify for with SocietyOne's innovative sliding interest rate scale.

While most lenders offer personal loans, SocietyOne offers loans that are a little different. For starters, SocietyOne is not a lender. SocietyOne connects borrowers with investors while managing and servicing every loan that it approves. SocietyOne is a peer-to-peer lender and can offer you a competitive unsecured personal loan that's tailored to you.

Important Information

SocietyOne works on a strict sliding scale of loans based on your creditworthiness. Interest rates vary from 7.88% p.a. to 25.49% p.a. Comparison rate from 9.9% p.a. to 26.74% p.a.

Product NameSocietyOne Unsecured Personal Loan
Interest Rate (p.a.)From 7.88% (fixed)
Comparison Rate (p.a.)9.9%
Interest Rate TypeFixed
Minimum Loan Term2 years
Maximum Loan Term5 years
Min Loan Amount$5,000
Max. Loan Amount$50,000
Application Fee3% (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 $50000
  • 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 $50,000 with 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 7.88% p.a., while the comparison rate is 9.9% 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 your credit score (using the VedaScore) to determine the indicative interest rate for your loan.
  • No ongoing 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 VedaScore) 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 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 $25,000 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 drivers 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.

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This page was last modified on 5 December 2016 at 11:13.

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88 Responses to Society One Low Interest Personal Loan

  1. Default Gravatar
    Michael | October 26, 2016

    I am an aged pensioner. Am I able to borrow $4000 and what would be the repayments over 2 or 3 years

    than you

    • Staff
      Elizabeth | October 26, 2016

      Hi Michael,

      You can apply with SocietyOne if you:
      Are at least 21 years old
      Have a good credit history
      Earn more than $25,000 p.a.
      Are able to afford the loan
      Have at least two years of good credit history
      Are not in hardship with another financial provider
      Don’t have a pending, current or previous bankruptcy
      Are using the loan for personal use

      You can click through to SocietyOne and fill receive a quote without it affecting your credit score.

      Hope this helps,

      Elizabeth

  2. Default Gravatar
    Kevin | October 24, 2016

    What are the chances of Secure One granting an unsecured loans to someone with one default on their credit report?

    • Staff
      Elizabeth | October 24, 2016

      Hi Kevin,

      SocietyOne offers tiered interest rates, so you will receive a lower tier if you have bad credit. However, your eligibility comes down to a range of factors. You can follow the link on the page above to head to SocietyOne’s website to receive a free rate estimate that won’t affect your credit score.

      Hope this helps,

      Elizabeth

  3. Default Gravatar
    rob | October 5, 2016

    Will we qualify for an unsecured loan when we are Self Employed?

    • Staff
      Anndy | October 5, 2016

      Hi Rob,

      Thanks for your question.

      If you are self-employed, you can compare your loan options on this page. Low doc self-employed loans can also be found here.

      Please note that with these loans, you might have to provide copies of your bank statements for the last 90 days or more as this helps the lender establish your earnings. In addition, most lenders require that you are an Australian resident who is at least 18 years of age.

      Cheers,
      Anndy

  4. Default Gravatar
    Jim | October 2, 2016

    Hi, wish to apply for a personal loan (unsecured) for $15000.00 for a term of 2 years. Please advise (i) interest rate fixed (ii) application fees etc. (iii) ongoing fees. (Iv) fortnightly payments.

    Thanks
    J. Farmer

    • Staff
      Elizabeth | October 4, 2016

      Hi Jim,

      Thanks for your question.

      The interest rate you are offered will depend on your credit score and the details you provide in your application. You can click “Go to Site” to get a rate estimate (without it affecting your credit score).

      Once you’ve received your rate estimate you can use this personal loan calculator to see what your repayments might be. All fees are listed on the page above.

      Hope this helps,

      Elizabeth

  5. Default Gravatar
    Graeme | August 29, 2016

    I wish to apply for financial hardship in relation to my loan account number XXXXX . You have already sent me an application form but I have misplaced it and deleted the email. Any help or advice will be more than appreciated.
    regards,
    Graeme

    • Staff
      Elizabeth | August 29, 2016

      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

  6. Default Gravatar
    p | August 24, 2016

    what repayments per/month over a 4 year period would apply.for a loan of 30000 thank you.

    • Staff
      Anndy | August 24, 2016

      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

  7. Default Gravatar
    Werner | August 16, 2016

    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?

    • Staff
      Elizabeth | August 16, 2016

      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

  8. Default Gravatar
    Michelle | August 12, 2016

    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

    • Staff
      Elizabeth | August 12, 2016

      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

  9. Default Gravatar
    lance | July 31, 2016

    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. Thank you

    • Staff
      Elizabeth | August 1, 2016

      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

  10. Default Gravatar
    Geoffrey | July 27, 2016

    What happens if you cannot supply a copy of a drivers licence or passport.

    • Staff
      Anndy | July 27, 2016

      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

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