SocietyOne Car Loan Review
Society One is an online, unsecured personal loan provider offering loans up to $50,000. They have a unique peer-to-peer lending model, but have rates that are prone to changing later in the application process.
Competitive rate personal loans, with approvals and funding typically within 24 hours of application submission
No early exit fees - you can end your loan early without having to pay any additional charges
Difficult to get rate certainty up front - rates can change as you get later in the process with SocietyOne
Not available for business loans - the loan must be used for personal uses only
Since launching in 2012, SocietyOne has grown to be one of Australia’s largest personal loan lenders. To date, they have matched investors’ funds with more than 35,000 customers and recently passed $1 billion in loans provided.
As an unsecured personal loan lender, SocietyOne has a lower borrowing limit than many other providers at $50,000, but offers competitive rates and has relatively fast approvals and funding turnaround times (typically less than 24 hours). They also don’t charge any early exit fees, which is great if you decide you want to end your loan early. However, their rates are subject to change throughout the loan application process, so it’s difficult to be completely sure about your rate up front. SocietyOne offers rates between 5.99% and 19.99%, with the actual rate you receive largely based on your credit score and credit history. This means the better your credit score, the more competitive interest rate you’ll be able to access. If you’re looking to find out your credit rating, you can do so for free with our friends at Equifax.
Uniquely, SocietyOne offers an investing platform for customers looking to get exposure to their customers, with a target return of 4-7%. These funds are then used to lend to SocietyOne borrowers!
How to apply for a SocietyOne loan
To apply for a SocietyOne personal loan, you’ll need to be at least 21 years old with an Equifax credit score of 425 or above and a minimum income of $30,000 (more than 50% from employment). SocietyOne does not accept loan applications with co-applicants or customers who have unpaid defaults.
If you’re ready to start your finance application process, you can do so here.
See if you qualify for a SocietyOne loan in minutes
9.75% (11.49% comp rate*)
$2,000 to $50,000
2, 3 or 5 years
Secured & unsecured
$30,000 combined (more than 50% from employment)
- Establishment fee: $595
- Monthly: $0
- Early termination charges: None
- Brokerage up to $990
Big no-no's (automatic declines)
If you’re younger than 21 years old
If you’re not an Australian/New Zealand citizen or permanent resident
Driva tip: Your credit score is one of the main factors that affects how SocietyOne will price your loan.
Other hot tips
Society One only offer unsecured loans, so they’re great for older vehicles or loans for other purposes (e.g. debt consolidation)