SocietyOne Unsecured Personal Loan - Excellent Credit (Fixed)

7.50% p.a.to 9.99% p.a.

9.51% p.a.to 12.71% p.a.based on $10,000
over 3 years

$300

8.10% p.a.to 10.59% p.a.

9.36% p.a.to 12.31% p.a.based on $30,000
over 5 years

$300

SocietyOne Unsecured Personal Loan - Excellent Credit (Fixed) Review

Rates and fees information correct as at 19 August 2018.

Review published: 6 November 2014

What's hot:

  • Fixed rates from 7.5%

  • No ongoing fees

  • Mozo Experts Choice Award 2017

What's not:

  • $300 application fee

Mozo snapshot:

With rates starting from a low 7.50% (9.51% comparison) and no ongoing fees, SocietyOne's Unsecured Personal Loan is an enticing offer, not to mention a winner of a 2017 Mozo Experts Choice Award for Excellent Credit Personal Loan. SocietyOne is the first peer to peer lender to make a splash on the personal loans market, removing the banks from the borrowing equation and connecting borrowers (like you) directly with wholesale investors.

Key features:

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.

Any catches?

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%.


How are SocietyOne personal loans rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
0.0

Based on 1
SocietyOne personal loans reviews

1.0 1.0 0.0 0.0 0.0

Read SocietyOne personal loan reviews by the Mozo community

Latest review of SocietyOne Unsecured Personal Loan - Excellent Credit (Fixed)

SocietyOne

SocietyOne Unsecured Personal Loan - Excellent Credit (Fixed) personal loan review

Overall rating   0 / 10

A BIG mistake and terrible service buyer BEWARE

Provide inaccurate information. Give you the worst possible rate even if you have a perfect credit score so they can scam more money out of you. Zero customer service. Zero accountability. Had to open this account just to let you know how...

Full review

Provide inaccurate information. Give you the worst possible rate even if you have a perfect credit score so they can scam more money out of you. Zero customer service. Zero accountability. Had to open this account just to let you know how SHADY this deal is.

    Price   1 / 10

    Features   1 / 10

    Customer service   0 / 10

    Convenience   0 / 10

    Trust   0 / 10

Less

Mozo reviewer (SA), reviewed almost 5 years ago

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. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Currently showing

Rates

  • Fixed

  • 7.50% p.a.to 9.99% p.a. fixed

  • 9.51% p.a.to 12.71% p.a.based on $10,000
    over 3 years

Fees

  • $300.00

  • $0.00

  • $35.00

  • $0.00

  • $0.00

Other financial bits

  • $5,000.00

  • $50,000.00

  • 2 Years

  • 3 Years

  • Unsecured

Features

  • Fortnightly, Monthly

  • yes

  • no

  • Interest rate and establishment fee vary according to VedaScore rating. Rates and fees shown are for an AA Rated borrower. Minimum employment income of $30,000 p.a.

  • none

Rates

  • Fixed

  • 8.10% p.a.to 10.59% p.a. fixed

  • 9.36% p.a.to 12.31% p.a.based on $30,000
    over 5 years

Fees

  • $300.00

  • $0.00

  • $35.00

  • $0.00

  • $0.00

Other financial bits

  • $5,000.00

  • $50,000.00

  • 5 Years

  • 5 Years

  • Unsecured

Features

  • Fortnightly, Monthly

  • yes

  • no

  • Interest rate and establishment fee vary according to VedaScore rating. Rates and fees shown are for an AA Rated borrower. Minimum employment income of $30,000 p.a.

  • none

*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.

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