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.
- Debt consolidation
- Buying a car
- Home renovations
- Holidays
- Wedding costs
- Medical and dental bills
- School fees
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
