SocietyOne's Unsecured Personal Loan is available for personal loans from $5,000-$50,000 and can be paid back over 2-5 years.
There's a lot to love about this online-only player, with the flexibility to make repayments fortnightly or monthly and the ability to make extra repayments (with no early repayment fees) - so you can pay off your loan ASAP! Though do keep in mind that you won't be able to dip into those extra funds as there's no redraw facility.
SocietyOne like other peer-to-peer lenders have rate tiers depending on your credit history. The low rate offer of 7.50% is for AA-grade credit borrowers but rates can go up to 25.50% if you find yourself in the D-grade category.
While there is a $300 application fee, there are no ongoing fees so the good news is that all of your repayments will go towards paying down your debt. But if you get behind on repayments you'll feel the bite of the $35 late fee.
Who it's good for:
Whether it's an overseas vacay, some new wheels or a reno project, SocietyOne's Unsecured Personal Loan is perfect for borrowers looking for a personal loan with no upfront or ongoing fees and a competitive interest rate.
While the 7.50% interest rate is a great offering, it's only available to creditworthy borrowers as SocietyOne uses a risk-based tier system. So if you're deemed in the "D" borrowing category you could face a rate as high as 25.50%.