Australia’s first peer-to-peer financing platform aims to offer a better deal to borrowers and investors alike.
Launched in 2012, SocietyOne offers a modern alternative to traditional lending. Usually with a loan whether it be hometown, car or private person, a bank or a lender provides funds to finance the loan. The difference between SocietyOne is that funding for a loan is not provided; Instead, it connects borrowers with willing investors. This is called peer-to-peer lending, or P2P.
In January 2021, SocietyOne surpassed the $1 billion lending milestone, and its success led to a merger with ASX-listed digital lender MoneyMe in early 2022. By leveraging MoneyMe’s diversified product offering and ability to deliver leading customer experiences, SocietyOne now aims to become the number one non-bank loan provider in Australia.
SocietyOne personal and car loans
SocietyOne offers both secured and unsecured personal loans ranging from $5,000 to $70,000 for a range of uses including:
Check out some of SocietyOne’s personal loan offerings below.
*Comparative rates are based on a $30,000 five-year loan. Warning: This comparison fare is for this example only and may not include all fees and charges. Different conditions, fees or different loan amounts may result in a different comparison rate. Rates are effective April 25, 2022. View disclaimer.
SocietyOne features for individuals and car loans
Individual interest rates
SocietyOne offers personalized interest rates, meaning borrowers receive interest rates tailored to their current financial circumstances, depending on factors such as credit history, creditworthiness, employment status, cash flow and loan amount. Borrowers who are classified as low-risk and have good credit and history can expect a lower interest rate compared to other types of borrowers.
Continue reading: Guide to risk-based personal loans
SocietyOne personal loans can be repaid every two weeks or monthly with terms of up to five years for unsecured loans and up to seven years for secured loans.
Monthly free of charge
Aside from a loan setup fee of up to $595, depending on the factors above, SocietyOne personal loans are free of monthly fees and early repayment fees.
Fees apply in the event of late or overdue payments, as well as the inability to process direct debits to your account.
SocietyOne is a digital platform, which means it uses digital technology as opposed to physical outlets to speed up the lending process. The application takes about five minutes and you will receive your personalized tariff in less than a minute.
Investors can review available borrower applications on SocietyOne’s secure platform. This is all anonymous and the platform is secure. SocietyOne simply minimizes risk by managing funds and servicing each loan.
Am I eligible?
To be eligible for a SocietyOne personal loan, the following requirements must be met:
Applicants 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 good credit.
Applicants are only allowed to use the loan for personal use.
What do I need to provide to get a SocietyOne personal loan or car loan?
In order to obtain a SocietyOne personal loan, you may be required to provide the following information and documents as part of your personal loan application:
Your personal information such as 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 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 required documents will depend on your ownership of the vehicle, but it’s helpful to have these things handy:
Image by Hannah Busing via Unsplash