based on 7 SocietyOne banking product reviews as rated by Mozo community

SocietyOne personal loans

Established in 2012, SocietyOne is an online marketplace lender which provides Australians with an alternative borrowing solution to the banks. SocietyOne’s peer to peer platform enables borrowers to connect with investors and secure a personal loan for a range of purposes including debt consolidation, a new car, holiday or home improvement. Unlike banks that often have a ‘one rate fits all’ loan, SocietyOne has a tailored rate system, which rewards good quality borrowers with lower rates based on their individual credit history.

SocietyOne offers the following personal loans

Rates and fees verified as correct at 20 September, 2021. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee  
Car Loan - Excellent Credit (Fixed, Unsecured)

5.95% p.a.to 19.99% p.a.

5.95% p.a.to 21.0% p.a.based on $10,000
over 3 years

$595

Go to site
Unsecured Personal Loan (Average Credit, Fixed)

14.99% p.a.to 19.99% p.a.

18.41% p.a.to 21.7% p.a.based on $10,000
over 3 years

$595

Unsecured Personal Loan (Excellent Credit, Fixed)

5.95% p.a.to 10.49% p.a.

5.95% p.a.to 12.83% p.a.based on $10,000
over 3 years

$0

Go to site
Unsecured Personal Loan (Good Credit, Fixed)

11.99% p.a.to 15.99% p.a.

14.37% p.a.to 18.62% p.a.based on $10,000
over 3 years

$595

Unsecured Personal Loan (Very Good Credit, Fixed)

9.99% p.a.to 12.19% p.a.

12.05% p.a.to 15.03% p.a.based on $10,000
over 3 years

$595

SocietyOne personal loans overview

Unsecured fixed rate personal loan:

SocietyOne fixed rate personal loans are suitable for small to medium-sized ticket purchases such as a car or holiday because the maximum loan amount is $35,000. You can choose between two, three or five year loan terms, and fortnightly or monthly loan repayments. Even though SocietyOne loans have a fixed rate, you can still make extra repayments and clear the balance earlier without paying a fee. Just keep in mind you can’t dip into them via a redraw facility. Something else to factor into the budget is an establishment cost which gets calculated from your credit ranking.

SocietyOne personal loan features at a glance

How do you apply for a SocietyOne personal loan?

SocietyOne personal loans are all conducted online, so the turnaround is quick. Just fill out your details including info on what you are borrowing for, and sign up for an account with a username and password.

To apply for a personal loan with SocietyOne you will need:

How are SocietyOne personal loans rated?

Mozo users have rated SocietyOne personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of personal-loans
SocietyOne personal loans
Overall
Price
Features
Customer service
Convenience
Trust

7 Reviews

Recent SocietyOne personal loan reviews

SocietyOne Unsecured Personal Loan (Fixed)
Overall 1/10
Buyer be aware.

Absolutely shocking customer service and misleading quotes.

Read full review

Absolutely shocking customer service and misleading quotes.

Price
2/10
Features
2/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Michael, Victoria, reviewed 5 months ago
SocietyOne Unsecured Personal Loan (Fixed)
Overall 1/10
Avoid high charges. Look elsewhere.

Cons Don’t sign up through a third party only to be lugged with 900 sign up from brolli and then 1600 from society one... 2500 for fees to setup a loan at 9.9 percent interest rate. Home loan setup fees are less. They try and justify that you pay no fees over the life of the loan but this is terrible as other products charge less and the fees are tiny for a three year loan. They are sharks under the guise of peer to peer. Mobile website almost impossible to find sign in. I had to ring up to find out how to setup online banking and also emailed to ask for a statement. Pros - kind of fast payment. Where flexible if I had hardship.

Read full review

Cons Don’t sign up through a third party only to be lugged with 900 sign up from brolli and then 1600 from society one... 2500 for fees to setup a loan at 9.9 percent interest rate. Home loan setup fees are less. They try and justify that you pay no fees over the life of the loan but this is terrible as other products charge less and the fees are tiny for a three year loan. They are sharks under the guise of peer to peer. Mobile website almost impossible to find sign in. I had to ring up to find out how to setup online banking and also emailed to ask for a statement. Pros - kind of fast payment. Where flexible if I had hardship.

Price
1/10
Features
2/10
Customer service
5/10
Convenience
1/10
Trust
3/10
Less
Brendan, Western Australia, reviewed 3 months ago
SocietyOne Unsecured Personal Loan (Fixed)
Overall 10/10
Great, reliable debt consolidation.

SocietyOne is very reliable and a great bank to consolidate your debts. Highly recommended.

Read full review

SocietyOne is very reliable and a great bank to consolidate your debts. Highly recommended.

Price
10/10
Features
0/10
Customer service
10/10
Trust
10/10
Less
Marguerite, Victoria, reviewed over 1 year ago
SocietyOne Personal Loan
Overall 1/10
Deceptive advertising on interest rates offered.

Advertisements of SocietyOne promotes loan interest rates from 7.5% but once you’ve gone the ‘free quote’ process, the rate they present to you a rate of 14.5%, which is the same as my current bank’s offer. A pointless exercise to look into their product.

Read full review

Advertisements of SocietyOne promotes loan interest rates from 7.5% but once you’ve gone the ‘free quote’ process, the rate they present to you a rate of 14.5%, which is the same as my current bank’s offer. A pointless exercise to look into their product.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
5/10
Trust
1/10
Less
Matt, Queensland, reviewed over 1 year ago

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