5.8 / 10

based on 5 reviews as rated by Mozo community

SocietyOne personal loans

Established in 2012, SocietyOne is an online marketplace lender which provides Australians with an alternative borrowing solution to the banks. SocietyOne’s peer to peer platform enables borrowers to connect with investors and secure a personal loan for a range of purposes including debt consolidation, a new car, holiday or home improvement. Unlike banks that often have a ‘one rate fits all’ loan, SocietyOne has a tailored rate system, which rewards good quality borrowers with lower rates based on their individual credit history.

SocietyOne offers the following personal loans

Rates and fees verified as correct at 26 October, 2020. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from* Upfront fee
Car Loan - Excellent Credit (Fixed, Unsecured over 5 years)

7.99% p.a.to 17.49% p.a.

9.25% p.a.to 19.78% p.a.based on $30,000
over 5 years

$336

Car Loan - Excellent Credit (Fixed, Unsecured)

6.99% p.a.to 14.99% p.a.

9.00% p.a.to 18.48% p.a.based on $10,000
over 3 years

$336

Unsecured Personal Loan (Average Credit, Fixed)

14.99% p.a.to 20.49% p.a.

18.48% p.a.to 22.85% p.a.based on $10,000
over 3 years

$395

Unsecured Personal Loan (Average Credit, Fixed, 5 year term)

17.49% p.a.to 20.49% p.a.

18.48% p.a.to 22.85% p.a.based on $10,000
over 3 years

$395

Unsecured Personal Loan (Excellent Credit, Fixed)

6.99% p.a.to 9.49% p.a.

6.99% p.a.to 12.2% p.a.based on $10,000
over 3 years

$0

Unsecured Personal Loan (Good Credit, Fixed)

11.99% p.a.to 14.99% p.a.

15.08% p.a.to 16.61% p.a.based on $10,000
over 3 years

$395

Unsecured Personal Loan (Good Credit, Fixed, 5 year term)

13.49% p.a.to 14.99% p.a.

14.96% p.a.to 16.48% p.a.based on $10,000
over 3 years

$395

Unsecured Personal Loan (Very Good Credit, Fixed)

9.99% p.a.to 12.19% p.a.

12.87% p.a.to 13.89% p.a.based on $10,000
over 3 years

$395

Unsecured Personal Loan (Very Good Credit, Fixed, 5 year term)

11.19% p.a.to 12.19% p.a.

12.63% p.a.to 13.64% p.a.based on $10,000
over 3 years

$395

Unsecured Personal Loan - Excellent Credit (Fixed over 5 years)

7.99% p.a.to 10.49% p.a.

7.99% p.a.to 11.92% p.a.based on $30,000
over 5 years

$0

*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

What personal loan does SocietyOne offer?

Unsecured fixed rate personal loan:

SocietyOne fixed rate personal loans are suitable for small to medium-sized ticket purchases such as a car or holiday because the maximum loan amount is $35,000. You can choose between two, three or five year loan terms, and fortnightly or monthly loan repayments. Even though SocietyOne loans have a fixed rate, you can still make extra repayments and clear the balance earlier without paying a fee. Just keep in mind you can’t dip into them via a redraw facility. Something else to factor into the budget is an establishment cost which gets calculated from your credit ranking.

SocietyOne personal loan features at a glance

No monthly fees: 

With SocietyOne personal loans, you can focus on meeting your fixed repayments rather than paying extras like monthly fees.

Repayment flexibility: 

You can choose between a fortnightly or monthly loan repayment cycle.  

Extra repayments: 

Feel like you want to pay less in interest next month? SocietyOne lets you make extra repayments on your personal loan.

No break cost: 

Fixed rate personal loans normally involve break cost fees, but the SocietyOne option on offer is one exception.

Competitive rates: 

Once you apply for a SocietyOne personal loan, your application is auctioned off to a marketplace of investors. This means there’s a chance you could get a lower rate that you were initially quoted for because there is bidding involved.

How do you apply for a SocietyOne personal loan?

SocietyOne personal loans are all conducted online, so the turnaround is quick. Just fill out your details including info on what you are borrowing for, and sign up for an account with a username and password.

To apply for a personal loan with SocietyOne you will need:

  • To prove your identity with document details such as your driver’s license and passport number.
  • To provide evidence of your income, assets and liabilities.

How are SocietyOne personal loans rated?

Mozo users have rated SocietyOne personal loan on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of personal-loans
SocietyOne personal loans
Overall
5.8/10
Price
Features
Customer service
Convenience
Trust
5 reviews

Recent SocietyOne personal loan reviews

SocietyOne Unsecured Personal Loan (Fixed) review
Overall 10/10
Great, reliable debt consolidation.

SocietyOne is very reliable and a great bank to consolidate your debts. Highly recommended.

Read full review

SocietyOne is very reliable and a great bank to consolidate your debts. Highly recommended.

Price
10/10
Features
0/10
Customer service
10/10
Trust
10/10
Less
Marguerite, Victoria reviewed 7 months ago
SocietyOne Personal Loan review
Overall 1/10
Deceptive advertising on interest rates offered.

Advertisements of SocietyOne promotes loan interest rates from 7.5% but once you’ve gone the ‘free quote’ process, the rate they present to you a rate of 14.5%, which is the same as my current bank’s offer. A pointless exercise to look into their product.

Read full review

Advertisements of SocietyOne promotes loan interest rates from 7.5% but once you’ve gone the ‘free quote’ process, the rate they present to you a rate of 14.5%, which is the same as my current bank’s offer. A pointless exercise to look into their product.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
5/10
Trust
1/10
Less
Matt, Queensland reviewed 8 months ago
SocietyOne Personal Loan review
Overall 10/10
Great rate and a too easy application.

I have just paid off a 3 year loan and have been approved for another. I am very happy with the rate and how easy it was considering I don't bank with them and the bank I have been banking with for 25 years declined my application.

Read full review

I have just paid off a 3 year loan and have been approved for another. I am very happy with the rate and how easy it was considering I don't bank with them and the bank I have been banking with for 25 years declined my application.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Kylie, Queensland reviewed 11 months ago
SocietyOne Personal Loan review
Overall 8/10
Great rates, easy application process

I needed a personal loan to fund some education expenses. I did some online comparison and found SocietyOne's rates to be far cheaper than the banks, so I applied and was pretty happy with the whole process. Good to see someone taking on the banks. I'd definitely borrow from them again.

Read full review

I needed a personal loan to fund some education expenses. I did some online comparison and found SocietyOne's rates to be far cheaper than the banks, so I applied and was pretty happy with the whole process. Good to see someone taking on the banks. I'd definitely borrow from them again.

Price
9/10
Less
Andrew, Victoria reviewed almost 3 years ago

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