Frequently Asked Questions

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.

SocietyOne offers unsecured loans. That means that you don’t need to provide a deposit or security against the loan in case of default.Secured loans require you to deposit something of value to the lending institution and this becomes the collateral or security until the loan has been repaid. Examples of collateral include your home, a car, investments or other assets that can be sold by the bank if the loan is unpaid. If the sale doesn't cover the full amount of the loan, you will have lost your asset and still owe money! Secured loans are often lower as they provide less risk to the lender.At SocietyOne we can offer lower unsecured rates for customers with good credit as this also lowers risk for our investors.

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.

"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.

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.
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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.

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.