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Debt Consolidation Personal Loans

Comparison rates from as low as 5.95% p.a.*
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Get what you need

Borrow what you need between $5k and $50k.

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.
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Debt consolidation Personal 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.
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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 history.

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.
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How our rates compare

See how our personal loan rates measure up to the big 4, Commonwealth Bank, Westpac, ANZ and NAB.
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Rates as of 03/05/2021. Excludes short term bank promotions.
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Personal loans made easy

Say goodbye to high 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

Thanks to our personal loans, you could consolidate debts into a single repayment or pay for expenses like a wedding that would be 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!
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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.

Eligibility criteria for personal loans

If you’re thinking of applying for a personal loan from SocietyOne, you will just need to meet our simple credit criteria to be eligible:

  • 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, with Centrelink considered to be a supplementary form of income
  • It’s important that you have a good credit score

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

At SocietyOne, 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 start from 5.95% 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.

Our comparison rates start from 5.95% p.a.*

Are there any fees?

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.

Establishment fee

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.


Late Repayment Fee

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


Direct Debit Dishonour Fee

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


Early repayment fee

Some lenders charge you for paying your loan out early. We don't! 

Early repayment fee: $0

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

Loan amount limits

The minimum & maximum amount you are able to borrow

Loan amount limits: $5,000 to $50,000


Loan terms

Your repayments are split over your loan term. A shorter term means less interest is paid over the life of the loan, while loans with longer terms will have lower regular repayments.

Loan terms: 2 years, 3 years and 5 years

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 apply for our personal loan you need to be earning more than $30,000 per annum, although Centrelink can be used as a supporting income stream.

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?

Our personal loans range from $5,000 to $50,000 with flexible loan terms of 2, 3 or 5 years. We suggest borrowing an 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 and 5 year loan terms. 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?

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.

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.

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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