SocietyOne Secured Personal Loan (Broker)
SecuredFixed rate
Secured fixed-rate personal loan from $5,000 to $70,000 over terms of 2, 3, 5 or 7 years, available through accredited brokers. Asset collateral is required. Rates are personalised to your Equifax OneScore credit band and chosen loan term, determined at application time via SocietyOne's credit assessment.
- Interest rate a year, from
- 7.49%
- Comparison rate, from
- Not published
- Establishment fee
- $645
- Monthly fee
- Not published
- Borrow
- $5,000 to $70,000
Monthly repayment
$20,000 over 3 years
What it would cost
At the lowest published rate of 7.49%. The rate you are offered depends on your circumstances, and the establishment fee is not included.
- Monthly repayment
- $622
- Total repayments
- $22,393
- Interest
- $2,393
Loan details
Rates
- Interest rate (a year)
- 7.49%–23.39%
- Comparison rate (a year)
- Not published
- Rate type
- Fixed
- Security
- Secured
Limits and fees
- Loan amount
- $5,000 to $70,000
- Loan term
- 2 years to 7 years
- Establishment fee
- $645
- Monthly fee
- Not published
How it compares
Against the other secured personal loans we compare. Typical means the middle half of them.
Cost of $20,000 over 5 years
$4,685
Interest and fees at its starting rate. Typical is $4,624.
Setup fee
$645
A typical setup fee is $250.
Most you can borrow
$70,000
Typically you can borrow up to $100,000.
Longest term
7 years
7 years is the usual longest term.
Pros and cons
Pros
- A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
- Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
- No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
Cons
- Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 7.49% to 23.39%, and only some people get the starting rate.
- A higher setup fee. $645, above the typical $250. It's usually added to the loan, so you pay interest on it too.
- A lower limit. Up to $70,000, less than the typical $100,000, so it may not cover a larger purchase.
- Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.
- A $35 late payment fee. Setting up automatic repayments avoids it.