We’re here for you. We’re taking extra measures to support our customers during these uncertain times. Find out how we can help you here.

Frequently Asked Questions

Can’t find what you’re looking for? Contact us at customer.service@societyone.com.au
search icon
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
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.

Personal Loan
FAQ-PL

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

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

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.

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.

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

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 rate.

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.

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.

Credit Score
FAQ-CS

What is a credit score?

A credit score is a number that represents your credit worthiness as a borrower. 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

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

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

Personal Loan
FAQ-PL

Who can apply for a SocietyOne personal loan?

You are eligible for a SocietyOne personal loan if you:

  • Be at least 21 yrs old
  • Earn more than $30,000 p.a. from employment (Centrelink may be used as supplementary income)
  • Be an Australian citizen or permanent resident
  • Have good credit
  • Be using the loan mainly for personal use
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.

Foot in the door

Why is my credit score different to what I have seen elsewhere?

Your credit profile may appear differently between credit score providers as each credit bureau collects different information and uses their own method of calculating a credit score.

There are three different credit bureaus, Experian, Equifax and Illion, currently operating in Australia, each with their own way of calculating your credit score. SocietyOne’s credit score calculations are powered by Experian, meaning that your score may differ from those powered by Illion and Equifax.

Personal Loan
FAQ-PL

What is the process of applying for a personal loan?

  1. Get your rate: In as little as 1 minute we'll give you a 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 funds in your account in a few days

Get your rate now and get started.

Credit Score
FAQ-CS

Why do you have all my credit information?

SocietyOne has partnered with Experian, one of Australia's three official credit reporting bodies, to help our customers access their credit score information.

By creating an account with us, and with your consent upon activation of our account, you are authorising us to use your information to obtain your credit score from Experian.

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 and calculate your credit score.

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.

Credit Score
FAQ-CS

Why is my credit score important?

Your credit score is important for a number of reasons:

  1. It can give you an idea of how credit providers may assess your application for credit.
  2. It provides you with an opportunity to take actions to improve your score, increasing the chances that your future applications will be approved.
  3. Having a better credit score may also give you access to better offers.
Personal Loan
FAQ-PL

Are there any fees?

We charge a one-off establishment fee. This is included in your total loan amount. There are no monthly fees or early repayment fees. So you have 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 fee from: 3% with a min fee of $300


Late Repayment Fee

If your loan repayment is unable to be processed and the payment remains outstanding, a late fee is 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

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!

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.

Personal Loan
FAQ-PL

What are the interest rates?

Fixed interest rate

Your interest rate doesn't change during the life of your personal loan - it is a fixed rate. Thanks to the fixed interest rate, your regular repayments are always the same, making it easier to budget.

Fixed rates from 6.99% p.a*


Comparison rate

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*

Foot in the door

How is my credit score calculated?

Your credit score is calculated using data from a number of different sources, such as public databases, financial institutions and utility providers. A number of factors play their part in determining your score, including:

  • The number of times you’ve made credit enquiries and the types of credit providers you've enquired with.
  • The types of credit products you’ve previously applied for.
  • Your repayment history.
  • Any negative credit events, such as missed repayments, account defaults and bankruptcies.
  • Your credit score is not affected by your bank balances, race or origins, beliefs or affiliations, sexual orientation, lifestyle or medical history.
Personal Loan
FAQ-PL

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

Yes, we use this to calculate your interest rate & reward borrowers who have maintained good credit scores.

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

I've forgotten my password

Please contact customer service at customer.service@societyone.com.au and they will arrange for the I.T department to retrieve the answers for you.

Foot in the door

How do I improve my credit score?

There are a number of ways that you can improve your credit score, including:

  • Ensuring you make your payments on time.
  • Avoiding negative credit events, such as defaults, court judgments and bankruptcies.
  • Limiting the number of credit enquiries you make over a short period of time. Look for lenders who can give you a quote without impacting your credit score.

If you are already doing all of the above and getting a good score, well done! Keep going to keep your credit file healthy. Note that these actions may not necessarily improve your already high score. Over time, age of file increase or events such as credit enquiries drop off the credit file, your score may improve.

Credit Score
FAQ-CS

Does checking my credit score impact my credit score?

No. Checking your credit score does not affect your credit score.

Credit Score
FAQ-CS

I have a good credit score, why can't I get a loan?

While your credit score is an indication of your credit worthiness, which is important to your credit application, it is not the only factor considered by credit providers when assessing your application. Your credit application may be declined if:

  1. You can't service the loan repayment.
  2. You’re currently using too much credit.
  3. You are considered to be too risky.
  4. You don’t meet requirements set by the credit provider, such as citizenship, age and employment.


In addition, lenders may also refer to data beyond the Experian credit report, for example credit information from other bureaus, and your bank statements, to make the final credit decisions.

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.

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.

Foot in the door

What credit score do I need to get a personal loan?

The minimum credit score does vary from lender to lender. However, a score between 700 to 799 is considered to be a good range to apply for a personal loan.

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.

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.

Foot in the door

What is the best credit score to buy a house?

The minimum credit score needed for a home loan varies from lender to lender, and they don’t publish their credit criteria so it is difficult to know the exact score. However, here is a rough guide based on the Experian scoring criteria.

  • Below 625 – If you fall below 625, you may not qualify for a home loan.
  • 625 to 699 – You may have trouble finding a mortgage with low interest since mortgage lenders may see you as risky.
  • 700 to 799 – Good standing to apply for personal loan, however, you may need to save for a larger deposit for a home loan.
  • 800 to 899 – At this range you are deemed as creditworthy and most lenders will consider your application.
  • 900 to 100 – At this stage you are a good quality borrower and approving your home loan will be easier.
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.

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.