SocietyOne personal loans

Compare personal loans from SocietyOne, the peer-to-peer online lender.

By   |   Updated 22nd July 2021

Comparing SocietyOne personal loans for $20,000.00 over 36 months

SocietyOne Personal Loan: Excellent Credit Rating (2 - 3 Year Loan Term)

On SocietyOne's website

SocietyOne Personal Loan: Excellent Credit Rating (2 - 3 Year Loan Term)

Interest rate

From 5.95% (personalised)

Comparison rate

From 5.95% (personalised)

Repayment period

3 years

Application fee

From $0.00

Monthly repayment

$607.99

Total repayment

$21,887.64

Highlights

  • Get a personalised interest rate of 5.95% p.a. to 8.99% p.a. (Comparison rate from 5.95% p.a. to 12.32% p.a.)
  • No monthly or early repayment fees.
  • The application fee for Excellent Credit Rating (2-3 Year Loan Term) starts at $0, but for most borrowers, the fee will be $495.
SocietyOne Personal Loan: Very Good Credit Rating (2 - 3 Year Loan Term)

On SocietyOne's website

SocietyOne Personal Loan: Very Good Credit Rating (2 - 3 Year Loan Term)

Interest rate

From 9.49% (personalised)

Comparison rate

From 12.83% (personalised)

Repayment period

3 years

Application fee

From $495.00

Monthly repayment

$656.42

Total repayment

$23,631.12

Highlights

  • Get a personalised interest rate of 9.49% p.a. to 9.99% p.a. (Comparison rate from 12.83% p.a. to 14.01% p.a.)
  • No monthly or early repayment fees.
  • The application fee for Very Good Credit Rating (2-3 Year Loan Term) is $495 ($595 if your credit score is between 702 - 731).
SocietyOne Personal Loan: Good Credit Rating (2 - 3 Year Loan Term)

On SocietyOne's website

SocietyOne Personal Loan: Good Credit Rating (2 - 3 Year Loan Term)

Interest rate

From 10.49% (personalised)

Comparison rate

From 14.52% (personalised)

Repayment period

3 years

Application fee

$595.00

Monthly repayment

$669.29

Total repayment

$24,094.44

Highlights

  • Get a personalised interest rate of 10.49% p.a. to 13.49% p.a. (Comparison rate from 14.52% p.a. to 16.57% p.a.)
  • No monthly or early repayment fees.
  • The application fee for Good Credit Rating (2-3 Year Loan Term) is $595.

Overview

SocietyOne was a pioneer of peer-to-peer lending in Australia, using a marketplace to connect investors with borrowers looking for low rate personal loans. It is known for personalised interest rates and quick applications.

Types of SocietyOne personal loan

SocietyOne offers unsecured personal loans with a fixed, personalised interest rate and a loan limit between $5,000 and $50,000.

Since these are not secured, you need not provide a deposit or collateral as security. Thus, you may be able to borrow funds even if you don’t have any savings or assets, as long as your credit score is good enough.

What can a SocietyOne personal loan be used for?

SocietyOne personal loans are commonly used for reasons such as these.

Useful SocietyOne personal loan features

SocietyOne loans have a number of notable features.

Low and personalised interest rates

SocietyOne uses your credit score to tailor their offer, a practice called risk-based pricing. The better your credit score, the lower the interest rate. MoneyMe and other lenders also offer personalised rates.

Flexible repayment terms

You can choose to pay back the loan in 2, 3, or 5 years.

Fixed interest rate

The interest rate calculated on your application won’t change over time. Your repayments will always stay the same.

Fast application process

Applying takes around 5 minutes and you’ll get your personalised rate in under a minute. SocietyOne also aims to offer same day loan approvals.

Pre-approval

SocietyOne’s credit assessments won’t affect your credit score, and the company provides loan pre-approval so that you can apply with peace of mind.

Who can apply?

All Australian citizens who are at least 21 years old may be eligible for a SocietyOne personal loan. In addition to citizenship and age, you must also meet the following criteria:

  • Earn at least $30,000 per year from employment
  • Have a good credit score
  • Use the loan for personal purposes

Permanent residents may also be eligible for a loan even if they don’t have Australian citizenship.

How to apply

To apply, simply fill in the online form. SocietyOne features a 100% online application process, and the funds will be transferred into your bank account in about 24 hours upon approval. You will need the following documents to apply:

  • Proof of identity, e.g. Australian passport or driver’s licence
  • Proof of address, e.g. utility bills in your name, bank statements
  • Proof of income, e.g. payslips
  • Details of your current expenses and debts

Learn about SocietyOne personal loans

Commonly asked questions about how it works.

  • FAQs

Are interest rates personalised based on your credit score?

Yes. SocietyOne uses your credit score to calculate your interest rates. The highest the score, the lower the interest rate.

Are SocietyOne personal loans secured?

No. You won’t need savings or collateral to borrow money.

Can I increase the loan amount?

No. Once your application is approved, you cannot change the loan amount.

Can people who already have a personal loan apply for a SocietyOne personal loan?

Yes. SocietyOne personal loans are frequently used for debt consolidation.

Can SocietyOne personal loans be paid off early?

Yes. There are no penalties for early loan repayments. You can choose to pay in fortnightly or monthly instalments, pay your loan back in one lump sum, or pay more each month to repay your debt earlier.

Can temporary residents apply?

No. Only permanent residents or Australian citizens can apply.

Will SocietyOne check credit scores when processing an application?

Yes. Your credit score will determine the outcome of your application and interest rate.