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 loans compare with other options.

I'd like to borrow

$

Loan term

Credit Score ()

Your estimated repayment

at interest rate 10.00 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

Pros
  • Lower rates for people with good credit scores
  • No need to provide security
  • No ongoing fees
Cons
  • Higher rate for customers with a below average credit history
  • Upfront fees
  • Online only - no branch access

SocietyOne personal loans rates

Product
Advertised Rate
Comparison Rate*
Repayment
Upfront Fee
Features
Go to site
Company

11.19%

Fixed up to 12.19%

12.63%

$655

based on $30,000 loan amount for 5 years

$395

up to $995 Establishment fee from 4.25%

Redraw facility
Extra repayments
Fully drawn advance
Secured
SocietyOne
More details

13.49%

Fixed up to 14.99%

14.96%

$690

based on $30,000 loan amount for 5 years

$395

up to $995 Establishment fee from 4.5%

Redraw facility
Extra repayments
Fully drawn advance
Secured
SocietyOne
More details

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
  • 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, 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:

  1. Get a free online quote with no impact on your credit score. This should take about one minute.
  2. Apply for a personal loan. Investors then bid to fund the personal loan.
  3. 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:

  1. Be at least 21 years old.
  2. Earn at least $30,000 each year from employment (Centrelink cannot be your main source of income).
  3. Be an Australian citizen or permanent resident.
  4. Have good credit.
  5. 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 SocietyOne

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.

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.

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.

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.

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 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.

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.

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.

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

What do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term

Can I get a no credit check personal loan?

Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.

Can I repay a $3000 personal loan early?

If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.

Check your loan’s terms and conditions before paying extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.