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.
Rates and fees verified as correct at 22 January, 2020. Other information correct at the time of writing.
| Product | Interest rate from | Comparison rate from* | Upfront fee |
|---|---|---|---|
| 8.10% p.a.to 10.89% p.a. | 9.36% p.a.to 12.71% p.a.based on $30,000 | $300 | |
| 7.50% p.a.to 10.89% p.a. | 9.51% p.a.to 12.71% p.a.based on $10,000 | $300 | |
| Unsecured Personal Loan (Fixed) SocietyOne | 7.50% p.a.to 10.89% p.a. | 9.51% p.a.to 12.71% p.a.based on $10,000 | $300 |
| 8.40% p.a.to 10.89% p.a. | 10.12% p.a.to 12.71% p.a.based on $30,000 | $300 |
† 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.
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.
With SocietyOne personal loans, you can focus on meeting your fixed repayments rather than paying extras like monthly fees.
You can choose between a fortnightly or monthly loan repayment cycle.
Feel like you want to pay less in interest next month? SocietyOne lets you make extra repayments on your personal loan.
Fixed rate personal loans normally involve break cost fees, but the SocietyOne option on offer is one exception.
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.
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:
