SocietyOne Personal Loans
You could get an interest rate starting from 9.20% p.a. Interest rates and establishment fees are based on your credit score.
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SocietyOne is the first peer-to-peer financing platform in Australia. It connects investors with borrowers in a secure environment and offers you a loan based on your credit history. The company offers investors the opportunity to lend to qualified borrowers directly. To minimise risk, SocietyOne manages the funds and servicing of every loan. Approvals are fast and you can choose your own loan term of 2, 3, 5 or 7 years. Your interest rates and establishment fees will depend on your credit score. If you have good credit, you could get an interest rate as low as 9.20% p.a.
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How we picked theseUnsecured personal loans from SocietyOne offer competitive rates starting from 9.20% p.a. You're able to apply for a loan up to $70,000 and repay it over terms of 2, 3, 5 or 7 years. These loans can be used for a variety of reasons, from debt consolidation and weddings to going on holiday or buying a new car.
Features and benefits of a SocietyOne personal loan
- Competitive interest rates. The interest rate you're offered from SocietyOne depends on the details you provide in your personal loan application. SocietyOne can offer you a personalised quote in three minutes.
- Loan terms. You can choose to repay the loan over 2, 3, 5 or 7 years.
- Flexible loan. The loan is unsecured so can be used to fund various loan purposes. You can use it to pay for a holiday, consolidate debt, finance a wedding, buy a car or pay for your education needs.
- Fast approval. Applications will be reviewed to determine if the borrower and lender meet the criteria. Applications are processed quickly to give borrowers access to funds when they need them most.
- Transparent rates and fees. You can see SocietyOne's rate and fee structure before you apply on its website.
- Direct lenders. Investors are able to look through available borrower applications on SocietyOne's secure platform. This is all anonymous and the platform is safe.
Fees
The establishment fee is based on your credit score.
| Credit Score | Fees |
|---|---|
Excellent | from $0 to $495 |
Very good | from $0 to $595 |
Good | from $0 to $595 |
Average | from $0 to $595 |
What other products does SocietyOne offer?
SocietyOne only offers personal loans at this time. The P2P lender specialises in connecting borrowers and investors.
How to apply for a personal loan from SocietyOne
If you'd like to apply with SocietyOne, click "Go to Site" to get your application started. There are some basic application criteria that has to be met, so ensure you can answer "yes" to each of the below:
- You are an Australian citizen or Australian permanent resident
- You are at least 18 years old
- You earn more than $30,000 p.a.
- You can afford the loan you're applying for
- You've had good credit for the last two years
- You're not in financial hardship with other financial providers
- You do not have pending, current or previous bankruptcy
- The loan is not for business purposes
SocietyOne is a unique lending platform that offers a range of options to customers. Make sure to compare your options before deciding which loan is right for you.
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we need loan
Hi Gitesh,
If you’d like to apply for a loan you can submit your application on Society One’s website. Just make sure you meet the minimum eligibility criteria outlined on the page above.
Hope this has helped,
Elizabeth
Do your loans have to be fixed? Reason I ask is if I set it at 7 years or 5 years and it is fixed this would mean I can’t pay off extra into the personal loan and secondly if I pay it off in say 2 yrs then penalty rates apply. Also what are your monthly fees etc
Kevin
Hi Kevin,
Thanks for your question.
Just to clarify, you’ve come through to finder.com.au, not Society One, we’re a financial comparison service, however I can still help you with your query. The interest rate that will be applied to your loan is fixed for your repayment term, which can be anywhere from one to five years. You will be charged a one-off establishment fee but there are no other fees charged on your loan. You are able to pay off your loan early and be charged no penalty.
I hope this has helped.
Thanks,
Elizabeth
This almost seems to good to be true, Very low rates, No Fees, unlimited repayments, No early payout fee…
I’ve just got one question to ask,
Whats the catch? and is it as secure as the Banks?
Hi Sean,
Thanks for your question.
Society One is a peer-to-peer lender and so offers a new way to get finance. It works by linking borrowers up with individual investors who agree to lend to you. This process is completely anonymous. The main thing to be aware of is that you are given a rate based on your credit position – Society One has five ‘grades’ of borrowers that is based on your Veda score, and your interest rate and establishment fee will be based on this loan amount. You can learn more about Society One and the way it works by clicking through to their site from the page above – just click the green ‘Go to Site’ button.
I hope this has helped.
Thanks,
Elizabeth
Hi,
Is there a redraw facility on the society one loan?
Hi J-C Hillis,
Thanks for your question.
You can make extra repayments at any time without penalty but there is no redraw facility available on this loan.
I hope this has helped.
Thanks,
Elizabeth
Where can i find the PDS for an investor? Do you know if SocietyOne has a provident fund to reduce default risk?
Hi Chris,
Thanks for your question.
The SocietyOne platform is currently open to Wholesale Clients and is working to include retail investors soon.
If you would like to register your interest, kindly visit SocietyOne directly.
Should you be successful SocietyOne can send through a PDS and information about how they manage their risks.
Cheers,
Shirley