Wedding Finance

Review of SocietyOne Personal and Auto Loans

Australia’s first peer-to-peer funding platform aims to provide a better deal for borrowers and investors.

Launched in 2012, SocietyOne offers a modern alternative to traditional lending. Normally with a loan, whether home, car or personal, a bank or lender will provide funds to fund the loan. Where SocietyOne differs is that it does not provide loan funding; instead, it matches borrowers with willing investors. This is called peer-to-peer lending, or P2P.

In January 2021, SocietyOne passed the $1 billion lending milestone with its success leading to a merger with ASX-listed digital lender MoneyMe in early 2022. Using MoneyMe’s diverse product set and its ability to deliver world-class customer experiences, SocietyOne is now looking to become Australia’s leading non-bank lending provider.

SocietyOne Personal and Auto Loans

SocietyOne offers secured and unsecured personal loans from $5,000 to $70,000 for a number of uses, including:

  • Vehicle purchase

  • Debt Consolidation

  • Home renovations

  • Holidays

  • Wedding expenses

  • Medical bills

  • Tuition

Check out some of SocietyOne’s personal loan offerings below.

*Comparative rates based on a loan of $30,000 for a term of five years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate, rates correct as of April 25, 2022. See disclaimer.

Features of SocietyOne Personal and Auto Loans

Custom interest rates

SocietyOne offers personalized interest rates, which means borrowers will receive interest rates tailored to their current financial situation based on factors such as credit history, credit rating, employment status, cash flow and loan amount. Borrowers considered low risk with a good credit rating and track record can expect a lower interest rate compared to other types of borrowers.

Read more: Guide to Subprime Personal Loans

Term flexibility

SocietyOne personal loans can be repaid fortnightly or monthly with terms up to five years for unsecured loans and seven years for secured loans.

Free monthly fee

Aside from loan origination fees of up to $595 depending on the factors mentioned above, SocietyOne personal loans are free of monthly fees and prepayment charges.

Charges apply for late or late payments as well as the inability to process direct debit from your account.

digital only

SocietyOne is a digital platform, which means it uses digital technologies rather than physical outlets to speed up the loan process. The application takes about five minutes and you will get your personalized rate in less than a minute.

Direct lenders

Investors can view borrowing applications available on SocietyOne’s secure platform. All of this is anonymous and the platform is secure. SocietyOne simply minimizes risk by managing the funds and servicing of each loan.

Am I eligible?

To be eligible for a SocietyOne personal loan, the following conditions must be met:

  • Candidates must be at least 21 years old.

  • Applicants must be employed and earn at least $30,000 per year through employment (Centrelink cannot be your primary source of income).

  • Applicants must be Australian citizens or permanent residents.

  • Applicants must have a good credit history.

  • Applicants must use the loan for personal purposes only.

What do I need to provide to receive a SocietyOne personal or car loan?

To obtain a SocietyOne personal loan, you may need to provide the following information and documents as part of your personal loan application:

  • Your personal data, including name, address and date of birth.

  • A driving license or passport details.

  • Proof of your address – for example, a utility bill.

  • Proof of your income in the form of payslips or bank statements.

  • Details of your daily expenses and any other debts.

If you are applying for a secured personal loan, you will also need to provide details of the asset to be used as collateral as part of the verification process.

The documents required depend on your ownership of the vehicle, but it will be helpful to have these things handy:

Image by Hannah Busing via Unsplash