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.
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.
Once you're approved the funds will be transferred to your bank account, usually within 24 hours.
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.
"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.
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.
You are eligible for a SocietyOne personal loan if you:
SocietyOne's unsecured personal loans range from $5,000 to $50,000 with flexible loan terms of 2, 3 or 5 years.
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.
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.
If you have forgotten your username please contact customer service on customer.service@societyone.com.au and they will be able to help you.
SocietyOne takes the privacy of its users and security of information very seriously. Investors can only view limited borrower information necessary for making an investment decision. There is no information available to investors to identify who you are. When you register with SocietyOne, you nominate a username, which provides anonymity to the investors who view your loan.
For more information read our Privacy Policy.
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.
Yes, absolutely. SocietyOne encourages responsible borrowing and provides repayment flexibility. You can either pay out your loan early or make lump sum payments during the life of your loan with no extra fees or penalty. If you wish to pay off your loan completely then please contact us on customer.service@societyone.com.au so that we can give you an accurate settlement quote.
Your loan offer will set out your direct debit repayment schedule and if you require any changes to that schedule, please contact customer service on customer.service@societyone.com.au to discuss.
At SocietyOne there are no fees or penalties for paying out your loan earlier than the scheduled period.
It’s rare that our customers have issues because of our great low rates and our responsible lending policy, but sometimes there might be reasons that you can’t make repayments - ranging from short-term cash-flow issues to severe financial hardship.
If you are finding it difficult to make a payment, call us immediately. Whether you need short-term or medium-term assistance with your repayments, our customer service team can help. They can discuss options with you which may include flexibility with instalments due, an extension of time to pay or, if your circumstances warrant it, discussing hardship options.
Yes. To do this please contact customer service on customer.service@societyone.com.au.
If your debts are out of control or you are really struggling to make ends meet, it's important to act quickly. For free help and guidance head to the moneysmart.gov.au website.
Repayments can be made in either fortnightly or monthly installments, by direct debit.If you wish to make extra payments, please contact our customer service team on customer.service@societyone.com.au. There are no fees or penalties for making extra payments or paying off your loan early.
If you are experiencing financial hardship and are having difficulty repaying your loan please contact customer service on customer.service@societyone.com.au.
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.
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.
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!
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.
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.
No. Checking your credit score does not affect your credit score.
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.
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.
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.