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Society One personal loans – Find better & tailored rates
SocietyOne has dominated the online marketplace lending scene since 2012, helping borrowers and investors get better deals while excusing banks from the equation. The peer-to-peer financing platform was the first of its kind in Australia. It also offers rates tailored to the borrower’s credit score (the better your credit, the lower your rate).
If you’re not a fan of the “one rate for all” approach, then SocietyOne personal loans may be right up your street.
SocietyOne unsecured personal loans at a glance
Loan amounts. $5,000 – $50,000
Loan terms. You can borrow over 2,3, or 5 years
Interest rate. From 6.99%
Interest rate type. Fixed rate only
Security. No collateral required
Pros. You get a lower rate when you have a higher credit score. There are also no ongoing fees or early repayment fees.
Cons. You won’t have access to a redraw facility, and your establishment fee increases if your credit rating is low. Features of SocietyOne personal loan
Competitive and tiered interest rates. Borrowers will receive an interest rate that’s unique to their credit score. Additionally, rates are likely to be lower than traditional bank offers because of low overhead costs and a simpler lending system.
Fixed rates. Your repayments are secure from fluctuations, so you always know how much you have to pay.
Fewer fees. Although there are no monthly or early repayment fees, SocietyOne charges a one-off establishment fee which can be as high as $995.
Flexible repayment options. You can make fortnightly or monthly repayments via direct debit.
Extra repayments. Additional repayments are also allowed at zero cost. This gives you the flexibility to clear your debt quickly should you choose to.
Quick funding. Once approved, you’ll have the money in your account in as little as one business day.
Private and secure borrowing. While investors can see some of your information, they won’t know your identity. Society One provides a secure platform that keeps your sensitive details safe. What can you use a personal loan from Society One for?
SocietyOne offers several personal loan options designed for a specific use, such as:
Debt consolidation. With a low rate personal loan from Society One, you can pay off your other debts and get rid of higher rates. Your budget and debt then become easier to manage, plus you can potentially save more.
Weddings. According to SocietyOne, the funds can cover your venue, the dress, and even the honeymoon, plus more.
Holidays. You can pay for your flights, accommodation, and other expenses that make your holiday worthwhile.
Home renovations. This option allows you to give your home a makeover without increasing your mortgage.
Car purchases. You can buy a new or used ride without offering collateral or security.
Education and studies. A SocietyOne student loan is a great option that can pay for uniforms, books, and other study material. Eligibility criteria and what you need
To qualify for a personal loan from SocietyOne, you must be:
At least 21 years of age
An Aussie citizen or permanent resident
Earning more than $30,000 per annum – Centrelink is an accepted form of supplementary income
A creditworthy borrower
You’ll also need the following information and documents during the application process:
Driver’s licence or passport
Personal details such as your name and date of birth
Proof of address, for instance, a utility bill
Proof of income such as payslips or bank statements
Details about your expenses and debts
Apply for a Society One personal loan
Before applying, you can use our SocietyOne personal loan calculator and then click “Go to Site” in the table above to get started. On the lender’s website, use the following steps to apply:
First, get your interest rate which is calculated based on your credit history. If you’re a borrower with excellent credit, you’ll likely get the best rate. This quote will not impact your credit score.
Complete the online application process in 5 minutes.
You get funds in your account as soon as you’re approved.
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