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.