Home Compare Personal Loans lenders SocietyOne Personal & Car Loans Review

SocietyOne Personal & Car Loans Review

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

First published on 20 Apr 2022

Launched in 2012, SocietyOne offers a modern alternative to traditional lending. Normally with a loan whether it be home, car or personal, a bank or lender will provide funds as finance for the loan. Where SocietyOne differs is that doesn’t provide the finance for a loan; instead, it connects borrowers with willing investors. This is called peer-to-peer lending, or P2P.

In January 2021, SocietyOne surpassed the billion-dollar loan originations milestone with its success leading to a merger with ASX-listed digital lender MoneyMe early in 2022. Using MoneyMe’s diversified product set and ability to deliver leading customer experiences, SocietyOne now looks to become the number one non-bank credit provider in Australia.

SocietyOne Personal & Car Loans

SocietyOne offers both 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 costs
Medical bills
Education fees

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

Loan duration

Loan amount

Update results Update

Compare

Filters

Lender	Car Loan	Interest Rate	Comparison Rate*	Monthly Repayment	Interest Type	Secured Type	Early Exit Fee	Ongoing Fee	Upfront Fee	Total Repayment	Link	Compare
SocietyOne	SocietyOne Low Rate Personal Loan (Excellent Credit) (2 Years)	8.20% p.a.	8.27% p.a.	$629	Fixed	Unsecured	$0	$0	$0	$22,629	More details	Compare
SocietyOne	SocietyOne Low Rate Personal Loan (Excellent Credit) (5 Years)	8.20% p.a.	8.27% p.a.	$629	Fixed	Unsecured	$0	$0	$0	$22,629	More details	Compare
SocietyOne	SocietyOne Low Rate Personal Loan (Excellent Credit) (3 Years)	8.20% p.a.	8.27% p.a.	$629	Fixed	Unsecured	$0	$0	$0	$22,629	More details	Compare

Important Information and Comparison Rate Warning

Rates correct as of . View disclaimer.

Important Information and Comparison Rate Warning

SocietyOne Personal & Car Loan Features

Personalised interest rates

SocietyOne offers personalised interest rates, meaning borrowers will receive interest rates tailored to their current financial circumstances depending on factors including credit history, credit score, employment status, cash flow and loan amount. Borrowers deemed to be low risk with a good credit score and history can expect a lower interest rate relative to other types of borrowers.

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.

Monthly fee-free

Aside from a loan establishment fee of up to $595 depending on the factors mentioned above, SocietyOne personal loans are free from monthly fees and early repayment fees.

Fees do apply in the case of late or overdue payments as well as the inability to process direct debit on your account.

Digital-only

SocietyOne is a digital platform meaning it utilises digital technologies as opposed to physical outlets to speed up the lending process. Applying takes around five minutes and you’ll get your personalised rate in under a minute.

Direct lenders

Investors are able to look through available borrower applications on SocietyOne's secure platform. This is all anonymous and the platform is safe. SocietyOne simply minimises risk by managing the funds and servicing of every loan.

Am I eligible?

To be eligible for any 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 annum from employment (Centrelink cannot be your main source of income).
Applicants must be an Australian citizen or permanent resident.
Applicants must have good credit history.
Applicants must must use the loan for personal use only.

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

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

Your personal details including name, address and date of birth.
A drivers licence 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 about your day-to-day expenses, and any other debts.

If you’re applying for a secured personal loan, you’ll also need to provide details of the asset to be used as security as part of the verification process.

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

Registration certificate
Proof of insurance
Invoice or proof of private sale if you are purchasing a vehicle

Image by Hannah Busing via Unsplash

Jacob Cocciolone

Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

Email Articles

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the InfoChoice Group. In the interests of full disclosure, the InfoChoice Group are associated with the Firstmac Group. Read about how InfoChoice Group manages potential conflicts of interest, along how we get paid.

Savings.com.au Pty Ltd ACN 161 358 363 operates as an Australian Financial Services Licensee and an Australian Credit Licensee Number 515843. Savings.com.au is a general information provider and in giving you general product information, Savings.com.au is not making any suggestion or recommendation about any particular product and all market products may not be considered. If you decide to apply for a credit product listed on Savings.com.au, you will deal directly with a credit provider, and not with Savings.com.au. Rates and product information should be confirmed with the relevant credit provider. For more information, read Savings.com.au's Financial Services and Credit Guide (FSCG). The information provided constitutes information which is general in nature and has not taken into account any of your personal objectives, financial situation, or needs. Savings.com.au may receive a fee for products displayed.

Explore the InfoChoice Group network: InfoChoice · Your Mortgage · Your Investment Property · Performance Drive

Our company, Savings.com.au, has obtained accreditation as a data recipient for the Consumer Data Right (CDR). You can view our CDR policy by clicking on this link.

Important information

Savings.com.au provides general information and comparison services to help you make informed financial decisions. We do not cover every product or provider in the market. Our service is free to you because we receive compensation from product providers for sponsored placements, advertisements, and referrals. Importantly, these commercial relationships do not influence our editorial integrity.

For more detailed information, please refer to our How We Get Paid, Managing Conflicts of Interest, and Editorial Guidelines pages.

Editorial Integrity

At Savings.com.au, we are passionate about helping Australians make informed financial decisions. Our dedicated editorial team works tirelessly to provide you with accurate, relevant, and unbiased information. We pride ourselves on maintaining a strict separation between our editorial and commercial teams, ensuring that the content you read is based purely on merit and not influenced by commercial interests.

Learn more about our commitment to editorial integrity in our Editorial Guidelines.

Advertiser Disclosure

Our service is free for you, thanks to support from our partners through sponsored placements, ads, and referrals. We earn compensation by promoting products, referring you, or when you click on a product link. You might also see ads in emails, sponsored content, or directly on our site.

For more details, see How We Get Paid.

Product Coverage and Sort Order

We strive to cover a broad range of products, providers, and services; however, we do not cover the entire market. Products in our comparison tables are sorted based on various factors, including product features, interest rates, fees, popularity, and commercial arrangements.

Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes.

Additionally, certain products may present forms designed to refer you to associated companies (e.g. our mortgage broker partner) who may be able to assist you with products from the brand you selected. We may receive a fee for this referral.

You can customise your search using our sorting and filtering tools to prioritise what matters most to you, although we do not compare all features and some results associated with commercial arrangements may still appear.

For more details, visit How We Get Paid and Managing Conflicts of Interest.

Comparison Rate Warning and Base Criteria

For home loans, the base criteria include a $500,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 loan over 5 years. These rates are only examples and may not include all fees and charges.

*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Monthly Repayment Figures

Monthly repayment figures are estimates that exclude fees. These estimates are based on the advertised rates for the specified term and loan amount. Actual repayments will depend on your circumstances and interest rate changes.

Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you.

Related Brands

Savings.com.au is proudly part of the InfoChoice Group, which includes InfoChoice.com.au, YourMortgage.com.au, YourInvestmentPropertyMag.com.au, and PerformanceDrive.com.au. The InfoChoice Group is associated with the Firstmac Group.

We may include products and services from loans.com.au, CarLoans.com.au, OnlineAuto.com.au, and YourMortgageBroker Pty Ltd, all associated with the Firstmac Group. Importantly, these brands are treated like any other commercial partner.

Learn more about how we manage conflicts of interest.

General Advice Disclosure

The information provided by Savings.com.au is general in nature and does not take into account your personal objectives, financial situation, or needs. We recommend seeking independent financial advice before making any financial decisions. Before acquiring any financial product, obtain and read the relevant Product Disclosure Statement (PDS), Target Market Determination (TMD), and any other offer documents.

Rates and product information should be confirmed with the relevant credit provider. For more information, read Savings.com.au’s Financial Services and Credit Guide (FSCG).

SocietyOne Personal & Car Loans Review

SocietyOne Personal & Car Loans