Compare Our Personal Loans

Compare our Unsecured Loans with Westpac


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Comparison Table


Westpac

SocietyOne

Fixed Rate

12.99% p.a.

3 years

7.50% p.a.

2-5 years

Comparison Rate (takes fees into account)

17.16% p.a.

3 years

9.51% p.a

2-5 years

Establishment Fee

0

Upfront cost payable when accepting the loan

3.0–4.0%

(of loan amount)

No need to pay up front. We'll add it to your loan.

Loan Service Fee

$10 p.m.

Monthly charge to cover costs of keeping account active.

$0

No one likes service fees when you're already paying interest.

Early Repayment Fee

Yes

An early repayment adjustment may be made for the loss the Bank expects to make due to the loan being repaid earlier than agreed.

No

We’re happy for you to pay off your loan sooner. And we won’t charge you if you do!

Get rewarded for your good credit

No

Everyone gets the same rate (even if they have a good credit history)

Yes

The higher your credit rating the lower your interest rate

Time spent in a branch

Too Long

Zero. Zilch.

Our application process is online. Which means we can pass on the savings to our borrowers.

Loan funded by someone who sees your potential

No

Yes

We'll connect you to someone who wants to help you

Total loan costs
3 year term $10,000 loan

36 x $357

Monthly repayments

36 x $12

Monthy service fee

0

Establishment fee


$12,560

36 x $322

Monthly repayments

$0

Monthy service fee

$300

Establishment fee


$11,820

With Westpac you could pay up to $740 more than you need to (to help fund their future record profits)

Rates as of 11 October 2017

*Comparison based on a SocietyOne Tier 1 unsecured personal loan of $10000 over 3 years. Does not take into account promotional rates offered by banks. SocietyOne Tier 1 borrowers will receive an interest rate between 7.50% - 10.55% (comparison rate 9.51% - 13.28% p.a.) depending on investor demand. WARNING: The comparison rates are true only for the examples provided and may not include all fees and charges. Different loan grades, terms, fees or loan amounts might result in a different comparison rate.


Save Money With a Fairer Way To Borrow

Personalised Interest Rates

  • The higher your credit score, the lower your interest rate.

Choose Your Repayment Term

  • Pay off your loan over a period of 2-5 years with fortnightly or monthly repayments.

No Hidden Fees

  • No monthly fees or early repayment fees.
  • All you need to do is pay an establishment fee which is also based on your loan amount and credit score.



Why SocietyOne

People backing people

  • We're not a bank! We're a community of people backing people. Our loans are backed by investors so everyone can have access to better interest rates.

Reward yourself with a lower interest rate

  • You can save on your repayments with a personalised interest rate. The higher your credit score, the lower your interest rate! So you don't have to pay more than you need to.


Make It Happen

Get my quote

Whether you want to consolidate debt, renovate your home or go on a holiday, SocietyOne could help make it happen on a lower and fairer interest rate. Which means you could spend more of your hard earned money for yourself and less paying off your loan.

Our rates


We never charge any monthly or early repayment fees. Loans available for a minimum term of 2 years and a maximum term of 5 years.

SocietyOne Loan
Grades
Interest Rate
% p.a. (2-3 years)
Interest Rate
% p.a. (5 years)
Establishment
Fee
Comparison Rate
% p.a. (2-3 years)2
Comparison Rate
% p.a. (5 years)3
Tier 17.50% - 10.55%8.35% - 11.40%3.00% - 4.00%9.51% - 13.28%9.61% - 13.13%
Tier 210.55% - 11.50%11.50% - 12.45%4.25%13.44% - 14.41%13.34% - 14.31%
Tier 311.50% - 13.96%12.55% - 15.01%4.50%14.58% - 17.09%14.52% - 17.02%
Tier 413.96% - 18.99%15.11% - 20.14%5.00%17.43% - 22.57%17.35% - 22.49%

The establishment fee is added to your loan; the amount is based on your SocietyOne loan grade and the loan amount. A $35 fee applies if you need to vary your loan. 2 Based on a $10,000 unsecured personal loan for a 3 year term. 3 Based on a $30,000 unsecured personal loan for a 5 year term.


Example based on a SocietyOne Tier 1 loan for $10,000 with a 3 year term.


Comparison Rate*

9.51%

Monthly Repayment

$320.39

Total Repayments

36 x $320.39 = $11,534.20

*Comparison based on a SocietyOne Tier 1 unsecured personal loan of $10000 over 3 years. Does not take into account promotional rates offered by banks. SocietyOne Tier 1 borrowers will receive an interest rate between 7.50% - 10.55% (comparison rate 9.51% - 13.28% p.a.) depending on investor demand. WARNING: The comparison rates are true only for the examples provided and may not include all fees and charges. Different loan grades, terms, fees or loan amounts might result in a different comparison rate.


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