SocietyOne

SocietyOne is Australia’s oldest peer-to-peer (P2P) lender.

Founded in 2012, the company was set up to match investors with borrowers and has developed from a small start-up company to be one of Australia’s leading fintech companies.

SocietyOne is an award winning, fully online personal loan provider that offers personal loans for a range of circumstances including weddings, holidays, renovations, car loans, debt consolidation and education purposes.

SocietyOne offers a competitive fixed interest rate that doesn’t change for the life of your loan.

There is a one off establishment fee of 3% of the loan total, with as minimum of $300 that is paid off over the life of the loan. A late payment fee will also be processed if your loan is outstanding. This is payable at 5, 14, 21 & 30 days after the payment date. A direct debit dishonour fee of $15 is charged if the loan is unable to be processed via your direct debit set up.

SocietyOne allows you to borrow from $5000 to $50,000 for two, three or five year terms.

As with all P2P lenders, your interest rate will be determined by your credit history. A good credit score will receive a lower interest rate. The good news for borrowers is that they can know what their rate is within two minutes of enquiring and getting a quote, won’t affect their credit score.

Once approved, it takes about 24 hours to see the funds in your bank account.

What you need to know about a SocietyOne Personal Loan

There are certain criteria you should be aware of when taking out a SocietyOne Personal Loan.

    • You must be 21 or over to take out a personal loan with SocietyOne
    • You must earn more than $30,000 p.a. from employment
    • You may use Centrelink as supplementary income
    • You must be an Australian citizen or permanent resident
    • You must have good credit
    • You must supply personal details including driver’s licence or passport, proof of address, proof of income, day to day expense details and any debt.
    • Your loan should be for personal use only

SocietyOne

SocietyOne is Australia’s oldest peer-to-peer (P2P) lender.

Founded in 2012, the company was set up to match investors with borrowers and has developed from a small start-up company to be one of Australia’s leading fintech companies.

SocietyOne is an award winning, fully online personal loan provider that offers personal loans for a range of circumstances including weddings, holidays, renovations, car loans, debt consolidation and education purposes.

SocietyOne offers a competitive fixed interest rate that doesn’t change for the life of your loan.

There is a one off establishment fee of 3% of the loan total, with as minimum of $300 that is paid off over the life of the loan. A late payment fee will also be processed if your loan is outstanding. This is payable at 5, 14, 21 & 30 days after the payment date. A direct debit dishonour fee of $15 is charged if the loan is unable to be processed via your direct debit set up.

SocietyOne allows you to borrow from $5000 to $50,000 for two, three or five year terms.

As with all P2P lenders, your interest rate will be determined by your credit history. A good credit score will receive a lower interest rate. The good news for borrowers is that they can know what their rate is within two minutes of enquiring and getting a quote, won’t affect their credit score.

Once approved, it takes about 24 hours to see the funds in your bank account.

What you need to know about a SocietyOne Personal Loan

There are certain criteria you should be aware of when taking out a SocietyOne Personal Loan.

Personal Loans

SocietyOne offers one primary loan for a range of needs.

1. Consolidation Loan

You can consolidate all your debts with a SocietyOne Consolidation Loan. This is an ideal loan if you are struggling to manage differing debts and interest rates. With one competitive rate and the ability to pay off your debt faster than the loan term with no penalty, a Consolidation Loan is one to consider.

2. Renovation Loan

If you need to extend your home, build a new kitchen or bathroom, or just spruce up the place, you should consider a renovation loan over a mortgage top up. By taking out a renovation loan instead of a mortgage, you can avoid paying interest over a longer period of time and potentially save on fees.

3. Holiday Loan

A SocietyOne personal loan for holiday purposes can help you fund your next holiday. You can secure flights, accommodation and use your loan for expenses.

4. Car Loan

A SocietyOne car loan can be taken over a two, three or five year period and does not require the security of your car or another asset to secure the loan. This is a completely unsecured loan and all you have to do is make your payments on time to avoid fees and enjoy the ride.

5. Wedding Loan

Weddings can be costly. However, you can use a SocietyOne personal loan to pay for everything from venue hire, catering, wedding dress and the honeymoon.

6. Education Loan

SocietyOne’s personal loan caters to education expenses including school fees and higher education fees. This is an unsecured loan, so you can purchase education related assets including books, uniforms and study materials.

7. Caravan Loan

If you’re itching to hit the road in a RV or caravan, SocietyOne can approve your adventure in minutes. As will all SocietyOne personal loans, there are no monthly or other repayment t fees.

8. Motorbike Loan

As with a loan for a car or caravan, a SocietyOne Personal Loan for a motorbike could have you on the road in no time. Quick approval process and funds transfer, will have you Easy riding down the highway with the comfort of knowing your interest rate is fixed and your loan can be paid off early with no applicable fee.

What investors should know

Through SocietyOne’s Personal Loans Unit Trust, wholesale investors have the potential to earn a target return of 4-7% p.a. from a portfolio of prime fixed rate personal loans. Interest is credited monthly.

Investors can be assured that SocietyOne targets bank grade prime borrowers, with interest rates determined by their credit history, meaning lending can be de-risked. A minimum requirement of $100,000 is required to become a wholesale investor and it is recommended that you make a medium to long term investment of three to five years.

Pros

  • Easy application process
  • Quick approval process
  • Credit rating remains intact on enquiry
  • No ongoing fees.
  • Funds received within a day
  • Competitive fixed interest rate
  • One simple loan

Cons

  • Must be 21 or over
  • Credit rating determines interest rate
  • Late fees
  • Dishonour fees