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You may need to supply us with the following information and documents as part of your personal loan application:
If you’re applying for a secured personal loan, you’ll also need to provide asset details as part of the verification process.
The documents we require depend on your ownership of the vehicle but it will help to have these things handy:
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
The minimum and maximum amounts you are able to borrow:
Your repayments are split over your loan term. A shorter loan term means less interest is paid over the life of the loan, while loans with longer terms will have lower regular repayments.
You can choose the loan term that suits you:
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.
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!
To be eligible for any SocietyOne personal loan, you need to be employed and earning more than $30,000 per annum (Centrelink can be used to support this income).
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.
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.
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.
"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.
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.
Please contact customer service at customer.service@societyone.com.au.
Once you're approved the funds will be transferred to your bank account, usually within 24 hours.
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.
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.
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.
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.
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 repayments can be made in either fortnightly or monthly instalments by direct debit.
Your regular repayments are calculated based on your loan amount, interest rate, loan term (2, 3 or 5 years with an unsecured loan or up to 7 years with a secured loan), and whether you have chosen fortnightly or monthly repayments.
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.
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 for unsecured personal loans start from 5.95% p.a*
Our fixed rates for secured personal loans start from 4.95% p.a*
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.
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 the fees and charges that are payable (such as establishment fees), making it easier to understand the total cost of the personal loan with a more transparent comparison of the products.
Our comparison rates for unsecured personal loans start from 5.95% p.a*
Our comparison rates for secured personal loans start from 4.95% p.a*
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.
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.
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.
Applying for a SocietyOne loan is simple.
Get your rate now and get started.
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.
We offer 2, 3 or 5 year terms with our unsecured loans, or up to 7 years with our secured loan option.
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.
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The amount you can borrow depends on the loan options you choose and your serviceability (this is a calculation of how much you can afford to repay)
With an unsecured personal loan, you can borrow from $5,000 to $50,000. However, if you choose our secured option, you can borrow up to $70,000.
With either option, you should borrow the amount that best suits your situation, making sure you will be comfortable paying off each instalment.
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.
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.
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
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
Some lenders charge you for paying your loan out early. We don't!
Early repayment fee: $0
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.
The amount you can borrow depends on the loan options you choose and your serviceability (this is a calculation of how much you can afford to repay)
With an unsecured personal loan, you can borrow from $5,000 to $50,000. However, if you choose our secured option, you can borrow up to $70,000.
With either option, you should borrow the amount that best suits your situation, making sure you will be comfortable paying off each instalment.
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.
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.
Your credit score is important for a number of reasons:
Information about SocietyOne borrowing rates
The rate advertised above is a comparison rate for a secured personal loan to a Tier 1 borrower. Annual percentage rates range from 4.95% (4.95% p.a. comparison rate) to 19.99% (21.70% p.a. comparison rate ). See our Rates and Fees page for more information on borrowing rates. An establishment fee applies for most borrowers. Secured personal loan example: for a borrower with excellent credit (Tier 1 borrower), a personal loan of $10,000 over a 3 year loan term, with an interest rate of 6.49% p.a. (comparison rate 9.77% p.a.) and a $495 establishment fee, the monthly repayment would be $321.61 and the total cost over the life of the loan (including the establishment fee) would be $11,587. SocietyOne personal loans are available for terms of 2, 3, 5 and 7 years. Minimum loan term repayment period is 2 years, maximum loan term repayment period is 7 years.
Information about comparison rates
Comparison rates are designed to allow borrowers to understand the true cost of the loan by taking into account fees and charges, the loan amount and the term of the loan. The SocietyOne comparison rate above is based on a secured 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.
