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There are a variety of different types of debt that can be consolidated, including:
Moving your credit card balance to a lower interest rate personal loan can save you money, and offer a fixed payment schedule that makes it even easier to budget.
You may be charged an early exit fee from your current loans depending on your loan provider and loan terms. SocietyOne does not charge any exit fees or early repayment fees meaning you can pay off your loan early without any penalty.
Save on fees with one consolidated loan and have one regular repayment date.
Government duties and taxes may apply if you are using your home loan to consolidate your debts.
Having a single repayment date makes it less likely that you’ll miss a repayment. Overdue payments typically lead to a default, resulting in your credit score decreasing along with additional fees.
A single payment makes it easier to budget and making life simpler. You’ll spend less time doing maths and more time putting careful consideration into your monthly budgets.
Are you worried every time the phone rings? Consolidating your debts will stop debt collection agencies harassing you.
You may be able to avoid bankruptcy and avoid defaulting on your current debt by consolidating your debts into one personal loan, stopping your debt from spiralling further out of control.
Between now and your debt settlement date, create some easy savings goals with quarterly checkpoints.
If you’re thinking of applying for a personal loan from SocietyOne, there are a few key criteria that you’ll need to meet to be eligible:
You may need to supply us with the following information and documents as part of your personal loan application:
You are eligible for a SocietyOne personal loan if you:
Get your rate now and get started.
SocietyOne's unsecured personal loans range from $5,000 to $50,000 with flexible loan terms of 2, 3 or 5 years.
Please contact customer service on customer.service@societyone.com.au and they will arrange for the I.T department to retrieve the answers for you.
Your interest rate doesn't change during the life of your loan. Your repayments are always the same, making it easier to budget.
Fixed rates from 6.99% p.a*
This takes into account the interest rate plus standard fees and charges, making it easier to understand the complete cost of the personal loan and compare products.
Comparison rates from 6.99% p.a*
* For loan applications made up to midnight (AEST) on 30 April 2021, the lowest interest rate offered to Tier 1 borrowers will be reduced to 6.39% p.a. (comparison rate 6.39% p.a.). After that date, the normal minimum Tier 1 rate set out below will apply.
Information about SocietyOne borrowing rates
Tier 1 borrowers will receive an interest rate between 6.99% - 10.49% p.a. (comparison rate 6.99% - 12.20% p.a.). Tier 2 borrowers will receive an interest rate between 9.99% -12.19% p.a. (comparison rate 12.63% - 13.89% p.a.). Tier 3 borrowers will receive an interest rate between 11.99% - 14.99% p.a. (comparison rate 14.96% - 16.61% p.a.). Tier 4 borrowers will receive an interest rate between 14.99% - 19.99% p.a. (comparison rate 18.48% - 21.56% p.a.). Loan example: for a borrower with excellent credit (Tier 1 borrower), a loan of $10,000 over a 3 year term, with an interest rate of 8.99% p.a. (comparison rate 11.69% p.a.) and a $400 establishment fee, the fortnightly repayment would be $152 and the total cost over the life of the loan (including the establishment fee) would be $11,883. SocietyOne personal loans are available for terms of 2, 3 and 5 years.
Information about comparison rates
Comparison rates are designed to allow borrowers to understand the true cost of a loan by taking into account fees and charges, the loan amount and the term of the loan. The SocietyOne comparison rate is based on an unsecured fixed rate personal loan of $10,000 over 3 years. WARNING: Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
Information about bank comparison table
All rates in the bank comparison table are based on an unsecured fixed rate personal loan of $10,000 over 3 years. The SocietyOne rate is the lowest available rate for a borrower with excellent credit (Tier 1 borrower). See above for more information about SocietyOne borrowing rates. The comparison table does not take into account short term bank promotional rates.
Canstar 5-star Rating was awarded on 7th of November 2019 for the Unsecured Loan – Excellent Credit Product for the Unsecured Personal Loan profile.
SocietyOne Australia Pty Limited ACN 151 627 977 holds Australian credit licence no. 423660. Credit is subject to SocietyOne’s standard terms and conditions and lending criteria. Credit scores provided by SocietyOne Services Pty Ltd ACN 609 495 409.
