We’re here for you. We’re taking extra measures to support our customers during these uncertain times. Find out how we can help you here.

Debt Consolidation Personal Loans

Comparison rates from as low as 4.95% p.a.*
A man comparing loans on his laptop

Simplify your debts

Choose our secured loan option to borrow up to $70,000.

Quick & easy

Get a personalised rate in as little as 2 minutes.

No ongoing fees

Never pay any monthly or early repayment fees.

Credit score safe

Getting a quote won’t affect your credit score.

Your personal loan repayment calculator

Consolidate your debt into one easy to manage repayment with a personal loan.
Please enter an amount between $5,000 and $70,000
Learn more
Debt consolidation Loans

You're in control

Take back control of your finances with a debt consolidation loan. You can significantly reduce the amount of interest you incur over the lifetime of multiple debts, or if you’re struggling to manage several debt repayments at once, consolidating your debts into a personal loan will one regular repayment can simplify your finances and make budgeting easier.

Not only does budgeting become a breeze with a debt consolidation loan, they could also save you a lot of money thanks to our great low rates and no monthly fees. And with no early repayment fees, you could pay off a little extra and become debt free sooner.
Get My Rate
Hand holding a credit card

Secure a better deal

Do you own a car or other valuable asset? You could borrow up to $70,000, access loan terms of up to 7 years and be rewarded with lower rates by selecting the secured loan option when you apply for your SocietyOne personal loan.
Get My Rate

How it works

It’s easy to apply for a personal loan to consolidate debt with SocietyOne.

Get Your Rate

In as little as 2 minutes we’ll give you a rate based on your credit profile.

Apply Online

It only takes 5 minutes for most people to complete their online application.

Get Your Funds

Once approved, we’ll have the funds in as little as 1 business day.
Get My Rate

How our rates compare

See how our unsecured personal loan rates measure up to the big 4, Commonwealth Bank, Westpac, ANZ and NAB.
SocietyOne
from
rate
p.a.*
ANZ
rate
p.a.
CBA
from
rate
p.a.
Westpac
rate
p.a.
NAB
from
rate
p.a.
Get My Rate
Rates as of 03/05/2021. Excludes short term bank promotions.
View the fine print

Personal loans made easy

Save on interest

You could significantly reduce the amount of interest you pay over the lifetime of multiple debts by consolidating into one easy to manage payment.

Simplify your debts

Consolidate your debts into a single repayment or pay for expenses like that would have been difficult to pay off with a credit card.

Pay it off sooner

We don’t charge any penalties for paying off your personal loan early, so you have the option to pay a little extra off when you can!
Get My Rate

The right loan for you

With great rates, flexible loan terms and repayment options, plus no monthly or early repayment fees you’ll have no trouble finding a loan to suit you.

Wondering about the difference between secured and unsecured is? In our helpful guide we get into the nitty gritty about both of these loan types to help you understand more and make it easier to choose the loan type that’s best for you.
Loan details
Secured loans
Unsecured loans
Interest rates
From 4.95% p.a
From 5.95% p.a.
Comparison rates
From 4.95% p.a.*
From 5.95% p.a.*
Amount you can borrow
$5,000 to $70,000
$5,000 to $50,000
Loan terms
2, 3, 5 or 7 years
2, 3, or 5 years
Repayment frequency
Fortnightly or monthly
Fortnightly or monthly
Asset security
Yes, you will need to provide an eligible asset as security
No security required 
Monthly fees
None
None
Early repayment fees
Zero
Zero
Hidden fees
Zilch
Zilch

Award winning personal loans

Product review logo
Canstar logo
Mozo logo
Mozo logo
Mozo logo
Financial Review logo
Fintech Awards logo
Finder award

Frequently Asked Questions

Things to Consider Before Getting a Personal Loan

What is Debt Consolidation?

Say you have a credit card (or two, or three), a store card, a car loan or even an existing personal loan. Managing all of these debts can be tricky and the interest paid across them all could be… huge! 

Debt consolidation is simply the process of combining all of these existing debts into a single new debt with a single interest rate and one regular repayment. A debt consolidation loan can help you manage your finances and pay your debts off sooner.

Who can apply for a secured or unsecured personal loan?

The first thing you should do is check your eligibility with the lender. If you’re looking to apply for a personal loan with SocietyOne, you’ll need to ensure you meet our lending criteria below: 

  • You need to be at least 18 years of age
  • Be an Australian citizen or a permanent resident of Australia
  • You must earn more than $30,000 per annum
  • It’s important that you have a good credit history.

If you’re applying for a secured personal loan, you will need to have an asset to pledge as security. At SocietyOne, your asset will need to meet a minimum value, depending on the amount you wish to borrow. Acceptable assets include: 

  • Vehicles (passenger and light commercial vehicles) 
  • Motorbikes
  • Caravans
  • Marine (boats and personal watercrafts). 

We do not accept heavy commercial vehicles. 

You will need to provide asset details, proof of ownership or purchase invoice, and insurance as part of the verification process.

Are debt consolidation loans better than a credit card balance transfer?

Debt consolidation loans remove the temptation to continue spending and often have lower interest rates than credit cards, which can help you save on interest. You can also choose terms of 2, 3 or 5 years with SocietyOne, which can make repayments easy to manage. Some credit card companies will offer  0% balance transfers on credit card debt, which may be appealing, however you will need to be strict in paying this off before the interest-free period ends and know what any new purchases are charged at the full interest rate, so it is important to consider if you will really be better off in the long run.

What are the interest rates?

Fixed interest rate

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*

Comparison rate

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*

Are there any certain amounts or terms I should be aware of?

Loan amount limits

The minimum and maximum amounts you are able to borrow:

  • $5,000 to $50,000 for unsecured personal loans
  • $5,000 to $70,000 for secured personal loans

Loan terms

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:

  • 2 years, 3 years or 5 years for unsecured personal loans
  • 2 years, 3 years, 5 years or 7 years for secured personal loans.

Is a credit check mandatory in order to apply for a personal loan?

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.

Can I apply for a personal loan if I am currently unemployed?

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).

What’s the difference between a secured personal loan & an unsecured personal loan?

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.

What happens if I can’t meet my loan repayments?

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.

How is the interest rate of my loan calculated?

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.

Are there any additional fees or charges on top of my loan repayments?

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.

How much can I borrow?

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.

What loan terms can I choose from and can I pay my loan off early?

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.

What repayment options are available?

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.

How long will it take for me to receive my funds?

Once you're approved the funds will be transferred to your bank account, usually within 24 hours.

Credit Score

Be in the know

Banks and lenders know your credit score, and so should you. Find out about your score, how it all works and how you can improve it.
Get Your Free Credit Score
Unlimited Access
Track Your Progress
Improve Your Score
Woman looking at mobile phone
Family in makeshift backyard pool

Don't just take our word for it...

"Process extremely easy and speedy. Staff great to work with and kept updated consistently throughout whole process."
Google
Mar 2021
“Customer service has been fantastic very efficient. The loan rate is reasonable & has helped at an important time. The paperwork is so simple you can do it from your phone.”
Google Review
Nov 2020
“Customer service has been fantastic very efficient. The loan rate is reasonable & has helped at an important time. The paperwork is so simple you can do it from your phone.”
Google Review
Nov 2020
“Customer service has been fantastic very efficient. The loan rate is reasonable & has helped at an important time. The paperwork is so simple you can do it from your phone.”
Google Review
Nov 2020
"Process extremely easy and speedy. Staff great to work with and kept updated consistently throughout whole process."
Google
March 2021
"Such an easy process to apply for my personal loan. From the start of the application to when the funds were in my bank was only a matter of a few days. Great service, would highly recommend”
Product Review
February 2021
“Cant speak highly enough of society one. They approached our application with reasonable thought and actually took notice of affordability not just debits from accounts. Nothing seems to be too much problem with this company. Highly recommend.”
Google
March 2021
“Very speedy service fantastic people to deal with. Highly recommend society one for a personal loan. I am very impressed with them and will use them again if need be in the future”
Product Review
February 2021
“Society one is a refreshing new way of doing banking. From my application through to draw down the process was streamlined and timely, as advertised. No hesitation in recommending their services.”
Google
March 2021
"Application process was simple and straight to the point. You are able to see your rate, prior to applying and this does not affect your credit score. Customer Service was excellent, response times are quick and rates are in line with the BIG 4 banks."
Product Review
February 2021