SocietyOne
- Peer-to-peer loans up to $50,000
- Low-interest starting from 7.75%
- Repayment up to 48 months
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[Accessed May 24, 2023]
About SocietyOne
SocietyOne is a peer-to-peer lender that offers personal loans to Australians at lower interest rates, with lower fees and better terms and conditions than those offered by most large banks and alternative lenders.
As a P2P lender, SocietyOne simply matches up people who need a quick loan with investors willing to borrow them the cash. Visiting the SocietyOne website will give you a feel for the type of platform you’re dealing with as well as a wealth of information for those looking to apply for a loan online.
Is Marketplace lending better than bank lending?
Peer-to-peer lending is also often referred to as marketplace lending since the lender, in this case, SocietyOne, offers both borrowers and investors a place to find one another.
It is here that they proceed to borrow and lend with maximum returns for investors and low-interest rates and fees for borrowers – a win-win situation.
SocietyOne – the leading P2P platform
SocietyOne is Australia’s largest and most successful P2P loan platform and currently has over $21 million of funding available, according to its website.
If you’re looking for a car loan or a personal loan for a large purchase – their low-rate loans are ideally suited to meet your needs.
SocietyOne Services
SocietyOne offers Australians peer-to-peer loans ranging from $5,000 to $50,000 that can be utilised for any non-business purposes.
Loan repayment terms are less flexible and must be either 24, 36 or 60 months long – depending on your income and the amount of money you’re borrowing.
Some of the uses of SocietyOne’s loans include:
- Debt consolidation
- Purchasing electronics or vehicles and other expensive items
- For weddings and holidays in Australia and abroad
- For college and university fees and expenses
Leave the banks out of the equation and save
With marketplace lending, you can bypass the large banking institutions and go directly to the investor – saving you a decent chunk of cash in the long run.
Not only do you benefit from lower interest rates than you’d get with a traditional personal loan but, you benefit from the minimal fees.
Repay your loan early with no penalties
SocietyOne’s P2P loans also offer borrowers the chance to repay their loans without incurring any early repayment penalty fees – which is common with banks and traditional lenders.
The only fee you’ll pay from start to finish is a once-off personal loan establishment fee.
SocietyOne – Peer-to-peer loan
- Loan Type Peer-to-peer loans
- Interest Rate from 7.75%
- Loan Amount up to $50,000
- Repayment 12 months to 48 months
- Decision 1 day
Benefits of SocietyOne
- Online peer-to-peer loans
- Convenient online loan applications
- Qualify for a loan up to $30,000
Peer-to-peer loan calculator
Applying for a marketplace loan from SocietyOne is easy and convenient
As a marketplace lending platform, you can apply for a loan online with SocietyOne at any time of the day or night.
Although the process may be simple with no need to make your way to a branch, wait in a queue or fill in any paperwork – traditional online loan application requirements and a good old selection process still apply with SocietyOne.
Current rates for a personal loan
SocietyOne will offer a borrower a rate based on their financial status, credit score, credit history, income and expenses and loan requirements. Those with a good credit history and score will be offered a significantly better interest rate than those with a lower less than perfect credit history. Currently, their rates range from as little as 7.75% for tier 1 (AA) applicants to 29.26% for tier 5 (D) borrowers.
Do you qualify for a Marketplace loan?
SocietyOne has made it quite clear what it takes to qualify for a personal loan through its marketplace lending platform and exactly how one would go about doing this.
To apply for a loan you must:
- Be an Australian citizen or permanent resident
- Be aged 21 or older
- Have an annual income of $25,000 or more
- Have sufficient disposable income to make repayments on the intended loan
- Have a good credit history
- Have never been nor, currently be, bankrupt
What if you're facing financial difficulties?
If you are facing financial difficulties that are making it difficult for you to pay your peer-to-peer loan, please let them know. They know that problems often arise when you least expect it and this may make it difficult for you to adhere to your financial obligations.
They must emphasize the fact that having a pattern of late payments will result in a negative credit profile. As a client, it should be a priority to keep a good credit profile as you never know when you might be in need of a loan again in future.
How can you ensure that your peer-to-peer loan gets approved?
The best way of ensuring that your peer-to-peer loan gets approved is to always be in good standing with your credit profile. This way, approving your loan will not be a problem. Having a positive credit profile always works in your favour when making a credit request.
What if you would like to cancel your peer-to-peer loan?
If you would like to cancel your peer-to-peer loan, you can do so by giving them a call and they will assist you with your request.
SocietyOne is a trusted & reliable provider of peer-to-peer loans
In our review, SocietyOne adheres to the compliance criteria in accordance with the National Consumer Protection Act, where the granting the loan will not cause financial distress to the consumer.
✅ SocietyOne is a registered credit provider in Australia: ACL 423660
Customer Reviews & Testimonials
SocietyOne Contact
Contact Number
Website
Physical Address
- Level 17, 56 Pitt St Sydney NSW 2000 Australia
- Get Directions
Postal Address
- G.P.O. Box 5175, Sydney, 2001, Australia
Opening Hours
- Monday 08:00 – 18:00
- Tuesday 08:00 – 18:00
- Wednesday 08:00 – 18:00
- Thursday 08:00 – 18:00
- Friday 08:00 – 18:00
- Saturday – Closed
- Sunday – Closed