Peer to peer lender SocietyOne lets Uber users drive to pay off their car loan

Peer to peer lender SocietyOne has teamed up with Uber to provide secured car loans to drivers registered with the ride-sharing platform.

Uber Australia’s CEO, David Rothrsheim was quoted in the Brisbane Times this morning about the new partnership.

"You have SocietyOne coming into the market saying if you drive one night a week and cover all your payments through Uber, you can now own a car," Rothrsheim said. 

Uber drivers will be charged an initial $250 upfront fee to take out a loan with SocietyOne, which rivals the licensing fees of $22,703 taxi drivers must pay for a regular taxi licence in metropolitan areas.

A good credit rating will get Uber drivers a lower interest rate with SocietyOne. On the Uber section of the website, SocietyOne said they are providing car loans for cars worth $5,000-$35,000. Interest rates for these personal loans range from 6.45%-12.64%, depending on the borrower's credit rating.

RELATED: Peer to peer lending explained

This opportunity for Uber drivers wanting to buy a new car comes as the law is still catching up to the ride-sharing industry in its infancy. Only last week, a Melbourne court charged an Uber driver for driving a commercial vehicle without a licence. ABC online recently did a fact checking piece which found that the Uber industry is treading a fine line with the legal requirements for ride share services.

Just this morning on 774 ABC Radio in Melbourne, Crikey Journalist Josh Taylor echoed this sentiment.

“If I catch an #Uber, am I breaking the law? "No, it's just the drivers who are in breach of the law" @joshgnosis #AliMoore,” ABC tweeted this morning to quote the journalist. 

But the Uber Australia CEO is more positive about the future of Uber and SocietyOne’s new car loan scheme. David Rohrsheim was quoted in the Brisbane Times as saying the peer to peer lender is just responding to what consumers want.

"SocietyOne recognises a growing sector of Australians want to work flexibly and they have come up with a product to get loans to those people. They are providing what consumers want in the same way that we are, and I think there is a lot of room for that," he said.

To check out more loans from peer to peer lenders in Australia, visit our P2P comparison hub or check out more personal loan deals below. 

Personal loan comparisons on Mozo - last updated February 27, 2021

Search promoted personal loans below or do a full Mozo database search. Advertiser disclosure.
  • Hot DealNo Fee Personal Loan for loans up to $50,000!
    Mozo Experts Choice 2021
    No Fee Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.95% p.a.to 17.95% p.a.
    5.95% p.a.to 17.95% p.a.based on $30,000
    over 5 years

    Terms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 5.95% would cost $34,757.21 including fees.

    Pay ZERO fees on loans up to $50,000 with NOW Finance. With no establishment fee, ongoing fees or early payout fee. What’s more, get your guaranteed, tailored interest rate in two minutes with no impact on your credit score! Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award^.

    Compare
    Details
  • Unsecured Personal Loan

    Fixed, Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.39% p.a.to 8.69% p.a.
    6.39% p.a.to 9.61% p.a.based on $30,000
    over 5 years

    Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 6.39% would cost $35,126.40 including fees.

    With low rates for borrowers with excellent credit, a quick 1 minute rate estimate and simple online application, there’s a lot to love about this loan! You’ll not only benefit from no exit fees, there are also no early repayment fees. To qualify, simply earn above $25,000 and you’ll be on the way to start spending.

    Compare
    Details
  • Mozo Experts Choice 2021
    Low Rate Personal Loan (Fixed, Unsecured)

    Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.75% p.a.to 8.48% p.a.
    6.96% p.a.to 8.69% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 6.75% would cost $35,580.23 including fees.

    OurMoneyMarket offer competitive low rates on loans up to $50,000, plus free extra repayments and fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award^.

    Compare
    Details
  • Personal Loan

    Fixed, Secured

    interest rate
    comparison rate
    Monthly repayment
    5.99% p.a.to 21.99% p.a.
    7.26% p.a.to 23.15% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.99% would cost $35,820.67 including fees.

    Offering loans from $3,000 at a fixed rate for the life of the loan. You can check your personal loan interest rate before applying in 3 minutes with no impact to your credit score. Repayments can be made weekly, fortnightly or monthly and extra repayments are accepted.

    Compare
    Details
  • Unsecured Personal Loan - Excellent Credit

    Fixed over 5 years

    interest rate
    comparison rate
    Monthly repayment
    6.99% p.a.to 10.49% p.a.
    6.99% p.a.to 11.92% p.a.based on $30,000
    over 5 years

    5 year term only. Representative example: a 5 year $30,000 loan at 6.99% would cost $35,633.67 including fees.

    Be rewarded for your good credit history with low rates. Plus there are no ongoing fees and you can pay off your loan with no early repayment penalties. Simply apply online and get a quote in minutes.

    Compare
    Details

^See information about the Mozo Experts Choice Personal Loans Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.