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SocietyOne personal loans
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.
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Why choose SocietyOne
SocietyOne Personal Loans
Personal Loans calculator
Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios.
Your estimated repayments
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- This is an estimate of how much you would pay (weekly/fortnightly/monthly) based on your borrowing amount, interest rate and loan term.
- Calculations assume that details entered into calculator, including interest rates, do not change for the lifetime of the loan.
- Interest is calculated by compounding on the same frequency as the repayment selected, i.e. weekly, fortnightly or monthly.
- Months are assumed to be of equal length. However, given that some months are longer than others, interest charged by vary depending upon the month.
- The calculation rounds of the personal loan repayment to the closest dollar value without decimals.
- All calculations are estimates only; there are no guarantees, pre-qualifications or pre-approvals for borrowing. All results are based solely upon the data entered into the calculator.
- Your final mortgage repayments or borrowing amount will depend on your lender’s eligibility criteria among other factors.
- Calculator does not include the cost of fees or other extra charges.
- Calculator does not account for changes to interest rates over time.
- This calculator is for information purposes only. Any advice is general and has not taken into account your personal circumstances. Read our full disclaimer.
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:
- 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.
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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.
