SocietyOne Loan, how to apply, SocietyOne Interest rate, fees & charges, SocietyOne credit score, customer contact details
Applying for a loan is becoming easier and easier nowadays due to various digital platforms available in the market. You need not to depends on the bank or your relatives to get the money. you may have to pay a higher rate of interest as compared to the former but getting money will be also fast. Today we have brought SocietyOne Reviews | How to Apply for a Personal Loan With SocietyOne for you.
| Loan App Name | SocietyOne |
| Loan Amount | $5000 to $70000 ( depending on the loan type) |
| Loan Tenure | 2 years to 7 years |
| Interest Rate | 4.95% to 19.99% |
| Establishment Fee | $0 with a maximum establishment fee of $595 |
After going through the article you will know everything about SocietyOne and thus it will help you to decide if you can opt for this platform for your loan requirement.
Let’s begin…
Contents
What is SocietyOne?
SocietyOne is an Austalia digital lending platform that helps borrowers and lenders to achieve their goals and provide both an excellent deal.
It has started its services in the year 2012 and currently, it has provided a fund to over 35000 customers.
Its application process is 100% online so that you can enjoy applying for a loan while sitting in the comfort of your home.
SocietyOne has various awards and recognition as well in the field of personal loans. It offers both Secured and Unsecured personal loans.
SocietyOne Financial Services
It provides various types of loans to the customers such as Personal loans, Debt Consolidation loans, home renovation loans, car loans, etc.
Today we will learn mainly about SocietyOne Personal Loans.
SocietyOne Personal Loans
Personal loans are generally loans that are taken for any purpose. it’s not specified for any particular things. It means you can use the fund as you want.
Most personal loans come with two options, as a secured or unsecured loan. Let’s understand both very quickly.
- Secured Loan: With a secured loan, you will need to provide an asset as security, such as a car ,property, home etc. Secured loans can benefit from lower rates, longer loan terms, and the ability to borrow larger amounts.However, if you don’t repay the loan on time, the lender has the right to seize and sell your asset.
- Unsecured Loan: With an unsecured loan, You do not have to put up an asset as Collateral. The benefit of an unsecured loan is faster, simpler application and assessment, so you could get the money faster.
You can use personal loans for a variety of things like financial emergencies, or for paying your Debt, renovating your home, buying a car, etc.
SocietyOne Personal Loan Features
- The loan application process is online.
- It provides both short term and long term loan.
- At SocietyOne, the personal loans with Annual percentage rates range from 4.95% (4.95% p.a. comparison rate) to 19.99% (21.70% p.a. comparison rate ).
- It offers Personalised interest rates based on your credit history/credit profile.
- Most loans are approved and money will be deposited to your bank account within 24 hours.
- If you opt for unsecured personal loan, you can borrow from $5000 to $50000. However, if you choose secured personal loan option, you can borrow up to $70000.
- At SocietyOne you can repay a loan in 2, 3 or 5 year terms with unsecured loans, and up to 7 years with secured personal loan.
- Getting or creating loan Quote won’t impact your credit score.
- You can pay out your loan early in full or make additional lump sum payments during the life of your loan with no extra fees or penalties.
SocietyOne Loan Eligibility & Requirements
- Be an Australian citizen or permanent resident.
- Be at least 18 years old with government issued photo ID.
- Have good credit.
- You must earn more than $30000 p.a. from employment (Centrelink may be used as supplementary income).
- A driver’s licence or passport.
- Proof of address like utility bill.
- Most recent pay slip or bank statements, as a proof of income.
- 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 asset details as part of the verification process. keep the below things handy if you are putting collateral as Vehicle.
- Vehicle must be yours and registered on your name.
- Registration certificate.
- Proof of insurance.
- Invoice or proof of private sale, if you are purchasing a vehicle.
How to Apply for a Personal Loan with SocietyOne
It provides an easy and fast loan application process. you can complete the loan application in less than 5 minutes. Just follow the steps below.
- Visit SocietyOne official website and click on the button Get my Rate on the top right-hand side.
- On the next page choose the answer to the question What is the loan for from the drop-down, enter the loan amount you required, select loan type (secured or unsecured), enter your personal deails, your address and click on the Next button.
- Next, Fill your Employment Information, including your Employment Status and submit the application.
- Once the application is submitted, you need to wait for SocietyOne email or call if your loan amount gets approved.
- If your loan amount is approved, you need to enter your bank details and other additional information to get the loan amount to your bank account within 24 hours.
How Does a SocietyOne Personal Loan Work?
- Apply: Complete the loan application process by sharing basic information about your income, employment, personal details, address etc.
- Lending Decision: Once the application process is completed, SocietyOne will process your application and provide you a lending decision quickly.
- Sign Documents: If your selected loan amount is approved, review it and sign your loan agreements.
- Get Funds: After signing the loan agreements, you will receive cash to your linked bank account via Direct deposit within 24 hours.
SocietyOne Loan Interest Rates & Fees
- Interest Rate: SocietyOne offers a Annual percentage rates (APR) range from 4.95% (4.95% p.a. comparison rate) to 19.99% (21.70% p.a. comparison rate ).
- Establishment Fee: Establishment fees start from 0% with a maximum establishment fee of $595. It is one time fee included in your loan amount.
- Late Repayment Fee: A late fee will be payable at 5, 14, 21 & 30 days after the payment date. The Late Repayment fee will be $35 per late payment.
- Direct Debit Dishonour Fee or Non Sufficient Funds: Ensure that there are enough funds in your account on the due date to avoid dishonour fees. if it is not maintained you have to pay Dishonour fee as $15 per dishonour.
| Types of Charges or Fee | Rate or Payable Amount |
|---|---|
| Interest Rate | Annual percentage rates (APR) range from 4.95% (4.95% p.a. comparison rate) to 19.99% (21.70% p.a. comparison rate ) |
| Establishment Fee | Establishment fees start from $0 with a maximum establishment fee of $595. It is a one-time fee. |
| Direct Debit Dishonour Fee | $15 per dishonor if SocietyOne is unable to process the loan repayment on the due date from your account. |
| Late or overdue Payment Fee | A late fee will be payable at 5, 14, 21 & 30 days after the payment date. The late Repayment fee will be $35 per late payment |
How SocietyOne Loan Repayment Works?
Since the process is completely online, Your regular scheduled payments will be automatically withdrawn from your bank account when your payments are due so you will never have to worry about missing a payment.
Personal loan repayments can be made in either fortnightly or monthly installments by direct debit.
Just make sure to maintain a sufficient balance in your bank account on the due date to avoid any Direct Debit Dishonour Fee or NSF (Non-Sufficient funds) penalties or charges.
SocietyOne Credit Score
A credit score is a number that decides your financial health in case you want to borrow money from any lender.
Your credit score is determined basically by how you manage your loan or the card dues payment. The better your credit history is, the higher your credit score will be.
Features Of SocietyOne Credit Score
- You can improve your credit score by tips and tricks provided by SocietyOne.
- The credit card score progress can be tracked over time.
- You can check your credit score whenever and whereever you want.
- With SocietyOne you can check your credit score for free.
How SocietyOne Free Check Credit Score Works?
In order to check your free credit score, you have to create your account with SocietyOne.
Once you create an account successfully you will see the full insight of the banks and financial institutions about your credit score. You can see your payment history or anything that you need to improve.
Improve your score with the help of SocietyOne tips and resources.
Is SocietyOne Safe and Legit?
Below are some points and their achievements that make SocietyOne a genuine and trustworthy platform for getting a loan. go through them and then decide.
SocietyOne has had a good experience as it is offering personal loans to Australians since 2012.
SocietyOne takes responsibility for protecting and maintaining the personal information of individuals.
Much of the information SocietyOne hold about you will be stored electronically in secure data centers located in Australia and owned by either SocietyOne or external service providers.
It has recently passed $1 billion in lending in January 2021. this shows people’s trust in the SocietyOne platform.
Moreover, it has a strong backup from its shareholders or investors who sees huge potential growth in SocietyOne fintech. It has also various awards and recognition in its basket.
SocietyOne Pros & Cons
| Pros | Cons |
|---|---|
| Approval is Quick. | High-interest rates may apply if the credit score is poor or bad. |
| Transparency is good as all the fees are disclosed on the website. | A lot of fees are involved with the loan like Establishment fees, Direct Debit Dishonour fees, Late or overdue Payment Fee. |
| Flexible repayment terms. | A minimum income of $30000 is required p.a. |
| Requirements can be qualified easily. | |
| The Loan Amount is High. | |
| The interest rate is very competitive. |
SocietyOne Personal Loans Reviews & Feedback
Trustpilot shows 91% are happy with the SocietyOne services and it has an excellent Review with a rating of 4.5 out of 5.
Productreview shows 2216 reviews on its website with 1951 reviews having a 5* rating. It also shows an overall rating of 4.8 out of 5.
SocietyOne Contact Details
It provides excellent customer service by categorizing the service Department. you can check out the below details as per your queries.
Difficulty making repayments? contact below:-
SocietyOne Contact Number = 1300 950 345 , 02 8397 9703
SocietyOne Email Address = customercare@societyone.com.au
Customer Support for General Enquiries:-
SocietyOne Contact Number = 1300 144 221 , 02 8397 9700
SocietyOne Email Address = customercare@societyone.com.au
SocietyOne working hours: Mon-Fri, 9 am – 5 pm AEDT
SocietyOne Registered Address: G.P.O. Box 5175, Sydney, NSW 2001, Australia
Conclusion
In this article, we have done SocietyOne Reviews | How to Apply for a Personal Loan With SocietyOne in detail. I hope the information will be useful.
SocietyOne is 100% an online lender, It can suit borrowers who want to go for it as an alternative to the traditional form of banking.
When you apply for a loan at SocietyOne it is important to understand what rate you are being offered as it offers personalized interest rates, which means different borrowers get different interest rates, depending on their credit history, loan amount, etc.
Do not forget to check out all the fees & charges involved with the SocietyOne personal loan. If you are satisfied and you can manage to go for a SocietyOne personal loan.
Read Also
- Safe Financial Reviews | How to Apply for a Personal Loan with Safe Financial
- Harmoney Loan Reviews | How to Apply for a Personal Loan with Harmoney
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FAQs
For repayment issue = 1300 950 345 , 02 8397 9703
For General Issues = 1300 144 221 , 02 8397 9700
Once your loan amount is approved, the funds will be transferred to your bank account, usually within 24 hours.
An unsecured personal loan, you can borrow from $5000 to $50000. However, if you choose the secured personal loan option, you can borrow up to $70000.
There are a number of credit bureaus in Australia, Experian, Equifax, and illion. SocietyOne uses the Experian credit score to provide you with the score insights.
Yes, you can get the loan with bad credit provided that your interest rate will be high. specialist lenders are there that cater to people with bad credit.
