SocietyOne personal loans

SocietyOne provides fixed-rate, unsecured personal loans of between $5,000 and $50,000 for up to five years. Borrowers can pay down SocietyOne personal loans in either fortnightly or monthly instalments over the nominated loan term until the debt is repaid. A one-off fee is included in the loan however there are no ongoing fees attached to the loan. Borrowers will not be penalised for paying off the loan early.

SocietyOne personal loans can be used for a range of different purposes including:

• Debt consolidation
• Holiday
• Home renovations
• New car
• Wedding
• Education

SocietyOne doesn’t have any branches but you can apply for a personal loan with SocietyOne online. You can also talk to them via email or over the phone, between 9am 3pm (AEDT) on weekdays.

Borrowers follow a three-step process to get a SocietyOne personal loan:

1. Get a free online quote with no impact on your credit score. This should take about one minute.
2. Apply for a personal loan. Investors then bid to fund the personal loan.
3. Accept an investors’ bid. The funds will likely arrive a few days after you are approved.

Borrowers must meet the below criteria to qualify for a SocietyOne personal loan:

1. Be at least 21 years old.
2. Earn at least $30,000 each year from employment (Centrelink cannot be your main source of income).
3. Be an Australian citizen or permanent resident.
4. Have good credit.
5. Use the loan for personal use only.

Being a 100% online lender, SocietyOne could suit borrowers who want to test out an alternative to the traditional form of banking.

All SocietyOne personal loans are unsecured, which means borrowers don’t need to provide collateral. SocietyOne personal loans also have fixed interest rates, which means your rate will stay the same throughout the loan term.

When applying for finance, it’s important to understand what rate you’re being offered. SocietyOne offers personalised interest rates, which means different borrowers get different interest rates, depending on their credit history, credit score, employment status, cash flow and loan amount. This means interest rates vary - they range from very low for ‘least risky’ borrowers to high for the 'riskiest’ borrowers. If you have a good credit history you may be pleasantly surprised. For people with a less impressive credit history, an initial quote from SocietyOne could provide you with the motivation you need to improve your credit score.

SocietyOne personal loans don’t come with any ongoing fees or early repayment fees, although late payment fees do apply, as do loan variation fees. Instead, borrowers pay a one-off establishment fee, which is added to the loan.

When securing finance such as a personal loan, it is important to seek independent financial advice to make sure the loan is a good fit for your needs and your budget.