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Frequently Asked Questions

Can’t find what you’re looking for? Contact us at customer.service@societyone.com.au
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Investor
FAQ-IN

How do I apply to invest?

Register your interest in investing at our registration page. After a quick identity check, we'll provide you with a link to an application form to complete and the Information Memorandum.

During the application process, we’ll ask you to upload a wholesale investor certificate from your accountant and a copy of a statement for the bank account to which you direct us to pay distributions.

On receipt of the forms, we'll provide you with direct deposit details so you can fund your investment.

General
FAQ-GE

How is marketplace lending different from a bank loan?

SocietyOne is not a bank. Marketplace lending provides a different and interesting alternative for creditworthy borrowers and fixed income investors to get a better deal. Part of the attraction is that it can provide better rates and returns without the infrastructure cost and complexity that comes from being a traditional bank or deposit-taking institution.

Personal Loan
FAQ-PL

What is the application process like?

  1. Get your rate: In as little as 1 minute we'll give you an interest rate and comparison rate based on your credit history
  2. Apply online: Most people finish their application within 5 minutes (and it's easier to do if you're enjoying your morning coffee)
  3. Get paid: Once approved, we'll have the loan funds in your account in as little as 1 business day.

Get your rate now and get started.

Personal Loan
FAQ-PL

Are there any fees?

We charge a one-off establishment fee that is included in your total loan amount. There are also no monthly fees or early repayment fees giving you the security of a fixed rate loan, with the flexibility to pay it off early. Visit our Rates & Fees page for further details.

Establishment fee

No up-front payments, just a one-off fee included in your total loan amount and paid over the life of the loan. Establishment fees start from: 0% with a maximum establishment fee of $595.


Late Repayment Fee

If your loan repayment is unable to be processed and the payment remains outstanding, a late fee will be payable at 5, 14, 21 & 30 days after the payment date. Late Repayment fee: $35 per late payment


Direct Debit Dishonour Fee

It’s important to ensure there are enough funds in your account to cover each of your repayments to avoid dishonour fees. This fee is payable if we are unable to process a direct debit from your account. 

Dishonour fee: $15 per dishonour


Early repayment fee

Some lenders charge you for paying your loan out early. We don't! 

Early repayment fee: $0

Credit Score
FAQ-CS

Can I get a loan with bad credit?

If you have poor credit, this means that there are some marks against your credit report such as defaulted loans, missed payments or even bankruptcy. There are some specialist lenders that cater for people with bad credit, however these often come with high interest rates that could get you in more trouble if you can’t afford it. By checking your score with SocietyOne, you can see where you need to improve before applying for any credit.

Credit Score
FAQ-CS

What is a credit report?

A credit report is a full report of the data stored in your credit file at one of the credit bureaus (e.g. Experian or Equifax). Although the information in your credit file is generally the same at each credit bureau, each of them organises the data differently and formats its credit report in their own way. Everyone is entitled to one free credit report each year, after which they cost money to obtain and can take weeks to receive. You need to request these directly from the bureau.

General
FAQ-GE

What’s the difference between a secured and an unsecured loan?

A secured personal loan is secured against an asset that you own, most commonly your house or car, as a form of collateral. An unsecured personal loan requires no security which can mean a stricter lending criteria but far more flexibility for those who are eligible.

Personal Loan
FAQ-PL

Are there any certain amounts or terms I should be aware of?

Loan amount limits

The minimum & maximum amount you are able to borrow

Loan amount limits: $5,000 to $50,000


Loan terms

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

Loan terms: 2 years, 3 years and 5 years

General
FAQ-GE

What’s the difference between variable and fixed rate loans?

SocietyOne offers fixed rate personal loans – which means the interest rate doesn’t change during the term of your loan so your repayments will remain the same. In addition we don’t charge early repayment fees if you want to pay off your loan earlier than you originally expected. Variable rate personal loan interest rates may go up and down during the loan term.

Investor
FAQ-IN

Do I invest directly in loans?

For personal loans, investors own units in the Trust and the Trust invests in loans which are approved in accordance with our credit assessment criteria. Investors have no direct interest (legal or beneficial) in the individual loans.

For livestock loans you receive an equitable interest in the loan which entitles you to receive the interest and capital repayments for the proportion of the loan you have funded. More detailed investor information on our personal and livestock loan products can be found here.

Personal Loan
FAQ-PL

Who can apply for a SocietyOne personal loan?

You are eligible for a SocietyOne personal loan if you:

  • Are at least 18 years old
  • Earn more than $30,000 p.a. from employment (Centrelink may be used as supplementary income)
  • Are an Australian citizen or permanent resident
  • Have good credit
  • Are using the loan mainly for personal use
Credit Score
FAQ-CS

What to do if I can't log into my account?

Refresh your browser, clear your cookies, or try another browser. Otherwise, contact credit.scores@societyone.com.au.

We will resolve it as soon as possible.

Personal Loan
FAQ-PL

How long will it take for me to receive my funds?

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

Credit Score
FAQ-CS

What do you do if you are a victim of identity theft?

If you notice something that doesn't seem right or believe you've been a victim of identity theft, we’ll help you take the next step in reporting issues. Alternatively, you can contact your credit provider directly to correct it.

General
FAQ-GE

How long will it take for me to receive my funds?

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

Credit Score
FAQ-CS

How do I find out my score?

You can see your credit score here. It only takes a minute to check your score.
Have your driver's licence number handy, as we will need it to verify your identity and to access your credit report from Experian.

Checking your score won't impact your credit score. Get started now!

Personal Loan
FAQ-PL

What happens if I can’t meet my loan repayments?

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.

Personal Loan
FAQ-PL

Is a credit check mandatory in order to apply for a personal loan?

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.

Investor
FAQ-IN

Who can invest?

Currently only wholesale clients can invest through SocietyOne. Find out more about wholesale clients. Please note that wholesale clients includes individuals who meet the requirement. Over 90% of current investors on the SocietyOne platform are individuals/SMSFs.

Credit Score
FAQ-CS

Why do you have all my credit information?

SocietyOne cannot and does not access your credit information unless you authorise us to do so. We have partnered with Experian, one of Australia's three official credit reporting agencies, to help our customers access their credit file information.

Experian collects information from a number of different companies that provide credit, such as banks, utility providers, telcos and insurance companies, to deliver your credit report. When you sign up for a SocietyOne credit score, you are simply authorising us to access some of  your credit information, including your credit score.

Personal Loan
FAQ-PL

I've forgotten my password

Please contact customer service at customer.service@societyone.com.au.

Personal Loan
FAQ-PL

How is the interest rate of my loan calculated?

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.

General
FAQ-GE

What will I need for my loan application?

You may need to supply us with the following information and documents as part of your personal loan application:

  • Your personal details – name, address, date of birth
  • A driver’s licence or passport
  • Proof of your address - for example, a utility bill
  • Proof of your income in the form of payslips or bank statements
  • Details about your day-to-day expenses, and any other debts
Credit Score
FAQ-CS

Who are the credit reporting bodies?

There are a number of credit bureaus in Australia, Experian, Equifax, and illion. Credit bureaus collect information on your borrowing history, debt, repayment history, home loan, credit limit for each of your credit products, number of credit inquiries, and any bad events to calculate your credit score. We use the Experian credit score to provide you with the SocietyOne score insights

Credit Score
FAQ-CS

How is my credit score calculated?

Your credit score is calculated by a credit bureau, using an algorithm that looks at the information from your credit file such as accounts open, defaults, missed payments and even bankruptcies. Your credit score will range from 1000 to 1,200 depending on the bureau but generally a higher credit score suggests you are less risky. If you have a low credit score, it can make it difficult to obtain a loan or credit.

Personal Loan
FAQ-PL

What repayment options are available?

Repayments can be made in either fortnightly or monthly instalments by direct debit. Personal loan repayments are calculated depending on your choice of 2, 3 or 5 year loan terms, and whether you have chosen fortnightly or monthly repayments along with the interest rate you receive on approval of your loan.

Personal Loan
FAQ-PL

What are the interest rates?

Fixed interest rate

At SocietyOne, our personal loans have a fixed interest rate, meaning your interest rate doesn't change during the life of your loan and your regular repayments are always the same. Fixed rate personal loans can help make it easier for you to budget. With no early repayment fees, our fixed rate loans give you more freedom and allow you to pay off your debt sooner.

Our fixed rates start from 5.95% p.a* 


Comparison rate

If you’re looking to compare personal loans, the comparison rate is the most transparent way to compare the true costs. A comparison rate takes into account the interest rate as well as all of the fees and charges that are payable (such as establishment fees), making it easier to understand the complete cost of the personal loan with a more transparent comparison of the products.

Our comparison rates start from 5.95% p.a.*

Personal Loan
FAQ-PL

Can I apply for a personal loan if I am currently unemployed?

To apply for our personal loan you need to be earning more than $30,000 per annum, although Centrelink can be used as a supporting income stream.

General
FAQ-GE

How are you different from "payday" lenders?

"Payday" lenders are generally lenders of last resort. In return for access to short-term credit (about 30 days) and loans that are typically of small nominal value, payday borrowers pay extremely high fees and interest rates.SocietyOne is not a payday lender. We look for creditworthy, quality borrowers who typically have established relationships with major banks. Our loans range up to 60 months, from $5,000 to $50,000, which does not fit with the definition of a payday loan. We think quality borrowers with good track records are not getting the best rate they deserve.

Personal Loan
FAQ-PL

How much can I borrow, and for how long?

SocietyOne's unsecured personal loans range from $5,000 to $50,000 with flexible loan terms of 2, 3 or 5 years.

Personal Loan
FAQ-PL

What loan terms can I choose from and can I pay my loan off early?

We offer 2, 3 and 5 year loan terms. 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.

Credit Score
FAQ-CS

What is a credit score?

A credit score is a number that represents your credit worthiness as a borrower. Your credit score (also known as a credit rating) is determined by a number of different factors such as your borrowing and repayment history, as well as the frequency of your credit applications. The better your credit history is, the higher your credit score will be. Having a high credit score lets lenders know that you make repayments on time and you can manage your credit well.

Personal Loan
FAQ-PL

How much can I borrow?

Our personal loans range from $5,000 to $50,000 with flexible loan terms of 2, 3 or 5 years. We suggest borrowing an amount that best suits your situation, making sure you will be comfortable paying off each instalment.

Personal Loan
FAQ-PL

Are there any additional fees or charges on top of my loan repayments?

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.

General
FAQ-GE

What is marketplace lending?

It's an exciting new way for people to borrow money from other people. The people providing the funding are investors who would like to loan money to creditworthy borrowers. Borrowers get the recognition for their good credit behaviour by saving with better rates. For investors, it offers an opportunity to invest in a new, attractive fixed income asset class.

Credit Score
FAQ-CS

Why is my credit score important?

Your credit score is important for a number of reasons:

  • Your credit score is often  used by a credit provider (such as banks, lenders, credit card companies, utilities, and telecommunications companies)  to determine the risk of lending you money or extending your credit.
  • It provides you with an opportunity to take actions to improve your score, increasing the chances that your future applications will be approved.
  • Having a better credit score may also give you access to better offers.
Personal Loan
FAQ-PL

What’s the difference between a secured personal loan & an unsecured personal loan?

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.