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SocietyOne Personal Loans

 

SocietyOne disrupted the Australian personal loans market in 2012 when it became the first peer-to-peer or marketplace lender. SocietyOne operates differently to the traditional banks. As a peer-to-peer lender, SocietyOne doesn’t provide the finance for a loan; instead, it connects borrowers with willing investors.

SocietyOne is an online-only operation, which means it doesn’t have branches. You can apply for loans online however they also have a customer service line if you need to speak to someone.

 

SocietyOne personal loan repayment calculator

Thinking about taking out a personal loan with SocietyOne? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how SocietyOne personal loan compare with various products.

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SocietyOne Personal Loans rates

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Features of a SocietyOne personal loan

SocietyOne offers personal loans of up to $50,000 for up to five years. Borrowers can pay down SocietyOne personal loans in either fortnightly or monthly instalments over the nominated loan term until the debt is repaid. A one-off fee is included in the loan however there are no ongoing fees attached to the loan.

SocietyOne personal loans can be used for a range of different purposes including:

  • Debt consolidation
  • Holiday
  • Home renovations
  • New car
  • Wedding
  • Education

SocietyOne personal loans – customer service

SocietyOne doesn’t have any branches but you can apply for a personal loan with SocietyOne online. You can also talk to them via email or over the phone.

  • Online banking
  • Email
  • Phone, Monday to Friday, 8am to 6pm (AEST)

How to apply for a SocietyOne personal loan?

Borrowers follow a three-step process to get a SocietyOne personal loan:

  1. Get a free online quote – with no impact on your credit score.
  2. Apply for a personal loan - investors then bid to fund the personal loan.
  3. Accept an investors’ bid - the funds will arrive when approved.

Who is eligible for a SocietyOne personal loan?

Borrowers must meet six criteria to qualify for a SocietyOne personal loan:

  1. Be at least 21 years old
  2. Earn a minimum amount each year.
  3. Be an Australian citizen or permanent resident
  4. Have a credit history of at least two years
  5. Have no current or past bankruptcies
  6. Use the loan for personal use only

SocietyOne personal loans review

SocietyOne’s business model is to offer simple personal loans in a fast and efficient way. It is an attractive proposition for someone who wants to test out an alternative to the traditional form of banking.

All SocietyOne personal loans are unsecured, which means borrowers don’t need to provide collateral, Society One personal loans also have fixed interest rates, which means your rate will stay the same throughout the loan term.

SocietyOne offers personalised interest rates, which means different borrowers get offered different interest rates, depending on their credit history, credit score, employment status, cash flow and loan amount. So interest rates vary - they range from very low for ‘least risky’ borrowers to high for ‘most risky’ borrowers.

SocietyOne personal loans don’t come with any ongoing fees, such as account-keeping fees or early repayment fees, although late payment fees do apply, as do loan variation fees. Instead, borrowers pay a one-off establishment fee, which is between 3 per cent to 5 per cent of the loan amount. This fee is then added to the loan.

While SocietyOne promises you a cutting edge, seamless experience when applying for finance, it’s important to understand what rate you’re being offered. If you have a good credit history you may be pleasantly surprised. For people with a less impressive credit history, an initial quote from SocietyOne could provide you with the motivation you need to improve your credit score.

When securing finance such as a personal loan it is important to seek independent financial advice to make sure the loan is a good fit for your needs and your budget.

 

FAQs

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans – they also get loaned less money. Each lender has its own policies, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

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