SocietyOne's Debt Consolidation Guide

Loan amount limits‍

The minimum and maximum amounts you are able to borrow:

• $5,000 to $50,000 for unsecured personal loans
• $5,000 to $70,000 for secured personal loans
  

Loan terms‍

Your repayments are split over your loan term. A shorter loan term means less interest is paid over the life of the loan, while loans with longer terms will have lower regular repayments.

You can choose the loan term that suits you:

• 2 years, 3 years or 5 years for unsecured personal loans
• 2 years, 3 years, 5 years or 7 years for secured personal loans.

Yes, we use this and assess your financial situation to calculate your interest rate & reward borrowers who have maintained good credit scores. Receiving a rate quote from us will not impact your credit score. We use what is called a 'soft call' to get your credit score from the credit bureau which allows us to calculate a personalised rate for you. However, once you have submitted your loan application, we will conduct a credit check as part of our assessment process. This check is known as a 'hard call' and will be reflected in your credit score.

To be eligible for any SocietyOne personal loan, you need to be employed and earning more than $30,000 per annum (Centrelink can be used to support this income).

Most personal loans come with two options, as a secured or unsecured loan. But which option is best for you? 

With a secured loan, you will need to provide an asset as security, such as a car. Secured loans can benefit from lower rates, longer loan terms and the ability to borrow larger amounts. They’re great if you own an asset outright, or are looking to buy a car. However, if you don't repay the loan on time, the lender has the right to seize and sell your asset. 

With an unsecured loan, You don't have to put up an asset for security. The benefit of an unsecured loan is faster, simpler application and assessment, so you could get the money faster.

If you need short-term or medium-term assistance with your repayments please get in touch with us immediately. Our customer service team can discuss options with you that can include flexibility with instalments due, time extensions & other hardship solutions depending on your circumstances.

Our interest rates are personalised for each customer and are determined based upon factors such as your credit score - the higher your score, the lower your interest rate.

We charge a one-off establishment fee that is included in your total loan amount. There are no monthly fees or early repayment fees. You can learn more about how our rates and fees work here.

The amount you can borrow depends on the loan options you choose and your serviceability (this is a calculation of how much you can afford to repay) 

With an unsecured personal loan, you can borrow from $5,000 to $50,000. However, if you choose our secured option, you can borrow up to $70,000. 

With either option, you should borrow the amount that best suits your situation, making sure you will be comfortable paying off each instalment.

We offer 2, 3 or 5 year terms with our unsecured loans, or up to 7 years with our secured loan option. 

You also have the freedom to pay out your loan early in full or make additional lump sum payments during the life of your loan with no extra fees or penalties.

Personal loan repayments can be made in either fortnightly or monthly instalments by direct debit. 

Your regular repayments are calculated based on your loan amount, interest rate, loan term (2, 3 or 5 years with an unsecured loan or up to 7 years with a secured loan), and whether you have chosen fortnightly or monthly repayments.

Once you're approved the funds will be transferred to your bank account, usually within 24 hours.