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.
SocietyOne works on a strict sliding scale of loans based on your creditworthiness. Interest rates vary from 7.9% p.a. to 25.49% p.a. Comparison rate from 9.92% p.a. to 26.74% p.a.
There are no fixed establishment fees these are charged on a similar sliding scale ranging from 3% up to 6% depending on where you sit on the SocietyOne tier structure.
| Product Name | SocietyOne Unsecured Personal Loan |
|---|---|
| Interest Rate (p.a.) | From 7.9% (fixed) |
| Comparison Rate (p.a.) | 9.92% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $50,000 |
| Loan Security | Unsecured |
Pros
- Low interest rates for good credit
- No ongoing or account keeping 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
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 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 7.9% p.a., while the comparison rate is 9.92% 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 Equifax) 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 Equifax data) you will be deemed an AA - A grade borrower and your score will be above 833. The tiers continue to work down, with "Very Good" borrowers having 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. Before you submit a full application, you can get a free estimate from RateSetter. You can also get your free credit score from finder if you want to find out where your credit stands.
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 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.
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
I am an aged pensioner. Am I able to borrow $4000 and what would be the repayments over 2 or 3 years
than you
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
What are the chances of Secure One granting an unsecured loans to someone with one default on their credit report?
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
Will we qualify for an unsecured loan when we are Self Employed?
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
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
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
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
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