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
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at interest rate 6.39 %
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Pros and cons
- Lower rates for people with good credit scores
- No need to provide security
- No ongoing fees
- Higher rate for customers with a below average credit history
- Upfront fees
- Online only - no branch access
SocietyOne personal loans rates
p.a Fixed up to 10.49%
p.a Fixed up to 11.92%
based on $30,000 loan amount for 5 years at 6.39%
Fully drawn advance
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Total repayments for a 5-year, $30,000 loan at 6.39% would be $35,126*. Terms from - years
p.a Fixed up to 12.19%
p.a Fixed up to 12.78%
based on $30,000 loan amount for 5 years at 11.69%
of loan amountup to $995 Establishment fee from 4.25%
Fully drawn advance
Go to site
Total repayments for a 5-year, $30,000 loan at 13.13% would be $39,759*. Terms from - years
p.a Fixed up to 12.19%
p.a Fixed up to 12.93%
based on $30,000 loan amount for 5 years at 11.19%
Fully drawn advance
Go to site
Total repayments for a 5-year, $30,000 loan at 12.63% would be $39,307*. Terms from - years
p.a Fixed up to 14.99%
p.a Fixed up to 16.48%
based on $30,000 loan amount for 5 years at 13.49%
Fully drawn advance
Go to site
Total repayments for a 5-year, $30,000 loan at 14.96% would be $41,408*. Terms from - years
p.a Fixed up to 19.99%
p.a Fixed up to 21.56%
based on $30,000 loan amount for 5 years at 17.49%
Fully drawn advance
Go to site
Total repayments for a 5-year, $30,000 loan at 19.02% would be $45,210*. Terms from - years
Features of a SocietyOne personal loan
SocietyOne provides fixed-rate, unsecured personal loans of between $5,000 and $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. Borrowers will not be penalised for paying off the loan early.
SocietyOne personal loans can be used for a range of different purposes including:
- Debt consolidation
- Home renovations
- New car
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, between 9am 3pm (AEDT) on weekdays.
How to apply for a SocietyOne personal loan?
Borrowers follow a three-step process to get a SocietyOne personal loan:
- Get a free online quote with no impact on your credit score. This should take about one minute.
- Apply for a personal loan. Investors then bid to fund the personal loan.
- Accept an investors’ bid. The funds will likely arrive a few days after you are approved.
Who is eligible for a SocietyOne personal loan?
Borrowers must meet the below criteria to qualify for a SocietyOne personal loan:
- Be at least 21 years old.
- Earn at least $30,000 each year from employment (Centrelink cannot be your main source of income).
- Be an Australian citizen or permanent resident.
- Have good credit.
- Use the loan for personal use only.
SocietyOne personal loans review
Being a 100% online lender, SocietyOne could suit borrowers who want 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. SocietyOne personal loans also have fixed interest rates, which means your rate will stay the same throughout the loan term.
When applying for finance, it’s important to understand what rate you’re being offered. SocietyOne offers personalised interest rates, which means different borrowers get different interest rates, depending on their credit history, credit score, employment status, cash flow and loan amount. This means interest rates vary - they range from very low for ‘least risky’ borrowers to high for the 'riskiest’ borrowers. 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.
SocietyOne personal loans don’t come with any ongoing 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 added to the loan.
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.
Learn more about personal loans
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.
How much can you borrow with a bad credit personal loan?
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 and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
Can you refinance a $5000 personal loan?
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
What is a personal loan?
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
Does refinancing a personal loan hurt your credit score?
Personal loan refinancing means taking out a new loan with more desirable terms in order to access a more competitive interest rate, longer loan term, better features, or even to consolidate debts.
In some situations, refinancing a personal loan can improve your credit score, while in others, it may have a negative impact. If you refinance multiple loans by consolidating these into one loan, it could improve your credit score as you’ll have only one outstanding debt liability. Your credit may also improve if you consistently pay the instalments on time.
However, applying to refinance with multiple lenders could negatively affect your credit if your applications are rejected. Also, if you delay or default the repayment, your credit score reduces.
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
Can unemployed single parents get personal loans?
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.
Can I get guaranteed approval for a bad credit personal loan?
Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to be approved faster, while a borrower with bad credit is less likely to have a loan approved and, if they are approved, may be approved slower.
Is a personal loan a variable or fixed-rate loan?
Depending on the personal loan lender, you may be able to choose between a fixed and a variable interest rate. But, there are a few distinct differences between the two, so it’s important to weigh up the pros and cons before deciding on what’s right for you.
A fixed interest rate loan gets you the convenience of knowing exactly how much you need to repay each fortnight or month. On the other hand, you generally won’t be able to make lump sum or advanced payments to close your personal loan early - or at least not without a penalty.
With a variable interest rate personal loan, you may be able to get a longer loan repayment term, with the option of paying off the loan early. You typically won’t need to pay any additional charges for an early full repayment either. The potential disadvantage with an interest rate that can change is that your repayment is not entirely predictable, as it can fluctuate with the market. However, you’ll likely have more options as more lenders offer a variable interest rate personal loan.
How can I get a $3000 loan approved?
Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.
Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.
Can I merge my personal loan with my home loan?
Yes, you can refinance your home loan and, in the process, merge or consolidate your personal loan and home loan. By doing so, you can lower the number of debts you have, and you may also reduce the total interest you have to pay.
However, you should consult a financial advisor or a mortgage broker to confirm that you are decreasing your total outstanding debt, including interest payments. The repayment term for a home loan can be much longer than that for a personal loan, and by merging the two, you could be repaying a higher amount over the full term.
What are the Westpac personal loan eligibility criteria?
The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:
- You should be over 18 years old
- You must be a permanent resident or hold a valid visa with confirmed employment in Australia
- You should earn a regular and permanent income of at least $35,000 before taxes
If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:
- Personal details including name, contact information, and residential address
- Proof of identity such as drivers licence or passport details
- If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
- If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips
Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.
Can I get a self-employed personal loan with bad credit?
It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full-time employment, so some self-employed personal loans require borrowers to have excellent credit.
If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.
Can single mothers get personal loans online?
Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.