When you apply for a loan through SocietyOne, your loan offer is assigned a grade between Tier 1 and Tier 4 with a corresponding interest rate range (see table above) and the fee for establishing your loan.
The loan grade is based on a variety of factors, such as your credit history, credit score, employment status, cash flow and loan amount requested. The better the SocietyOne loan grade, the lower the interest rate and fee.
Approved & Matched
Once your application is approved, your loan will be placed in our marketplace and matched with our investors who provide the funding.
What’s a comparison rate?
Comparison rates help you work out the true cost of your loan by factoring in fees and charges. They combine the interest rate and all the known fees and charges that you’ll need to pay during the life of a loan into a single percentage figure.
They’re calculated on a number of factors including the loan amount, term, frequency of repayment, interest rate and fees and charges. You can compare the comparison rate for a loan to the advertised rate for that loan to see if there are any “hidden” fees or charges.
You can compare comparison rates for different loans to see which loan will cost more. Bear in mind - the comparison rate doesn’t include fees and charges that are based on some future event that might not happen, e.g. if you vary the loan or fail to pay.
Default fees apply if your repayment is late or we need to take action to recover the loan.
Late or overdue Payment Fee
$35 per late payment
If SocietyOne is unable to process a direct debit from your account and the payment remains outstanding, this fee is payable on each of 5, 14, 21 and 30 days after the payment date.
Direct Debit Dishonour Fee
$15 per dishonour
Payable if SocietyOne is unable to process a direct debit from your account.
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Information about SocietyOne borrowing rates The rate advertised above is a comparison rate. See below for further information about comparison rates. Tier 1 borrowers will receive an interest rate between 5.95% - 10.49% p.a. (comparison rate 5.95% - 12.83% p.a.). Tier 2 borrowers will receive an interest rate between 9.99% -12.19% p.a. (comparison rate 12.05% - 15.03% p.a.). Tier 3 borrowers will receive an interest rate between 11.99% - 15.99% p.a. (comparison rate 14.37% - 18.62% p.a.). Tier 4 borrowers will receive an interest rate between 14.99% - 19.99% p.a. (comparison rate 18.41% - 21.70% p.a.). The maximum annual percentage rate (APR) interest rate is 19.99% p.a. (comparison rate 21.70% p.a.). An establishment fee applies for most borrowers. Personal loan example: for a borrower with excellent credit (Tier 1 borrower), a loan of $10,000 over a 3 year term, with an interest rate of 8.99% p.a. (comparison rate 12.32% p.a.) and a $495 establishment fee, the fortnightly repayment would be $154 and the total cost over the life of the loan (including the establishment fee) would be $12,013. SocietyOne personal loans are available for terms of 2, 3 and 5 years. Minimum loan term repayment period is 2 years, maximum loan term repayment period is 5 years.
Information about comparison rates Comparison rates are designed to allow borrowers to understand the true cost of a loan by taking into account fees and charges, the loan amount and the term of the loan. The SocietyOne comparison rate is based on an unsecured 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 Loans product.
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.