Finty
SocietyOne

SocietyOne Secured Personal Loan (Direct)

SecuredFixed rate

Secured fixed-rate personal loan from $5,000 to $70,000 over terms of 2, 3, 5 or 7 years, applied for directly with SocietyOne. 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.

Written byDavid Boyd
Interest rate a year, from
6.99%
Comparison rate, from
7.06%
Establishment fee
$645
Monthly fee
Not published
Borrow
$5,000 to $70,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 6.99%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$617
Total repayments
$22,228
Interest
$2,228

Loan details

Rates

Interest rate (a year)
6.99%–23.89%
Comparison rate (a year)
7.06%
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.

Comparison rate

7.06%

From 7.06%. A typical loan starts at 8.63%.

Cost of $20,000 over 5 years

$4,401

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 lower starting rate. Its comparison rate starts at 7.06%, below the typical 8.63%, and the comparison rate counts the standard fees too, so it's a fair guide to a lower overall cost.
  • 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 6.99% to 23.89%, 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.

Similar loans

Secured loans from other lenders that start at a similar comparison rate.