Year: August, 2011
SocietyOne is Australia’s Peer-to-Peer(P2P) lending platform connecting savvy investors and creditworthy borrowers.
It facilitates two types of P2P loans – unsecured personal loans and secured livestock loans.
SocietyOne now eyes for partnership with Banks like Westpac.
- SocietyOne leans on a simple & fast model to secure a 2-3 per cent share of the $100 billion unsecured lending market.
- SocietyOne provides borrowers with a creditworthy reward system, working on a strict sliding scale of loans based on borrowers’ tracking records, with interest rates varying from 7.75% to 24.25%. Comparison rates vary from 9.10% to 27.94%
- For investors, SocietyOne offers 3 ways of investment: marketplace/ personal loans/ livestock loans. In marketplace model, total investment amount is allocated to smaller fractional parts of a much larger loan portfolio; for personal loans & livestock loans investors, they choose the credit grade and the maximum investment amount and let the allocation engine bid for loans.
- Only sophisticated & wholesale investors can take part in marketplace lending rather than retail investors. The purpose is to keep platform systems and overall return stable.
- SocietyOne relies on ClearMatch™ technology for day-to-day operations to assist with credit assessment, loan origination and loan portfolio management.
- Fast: 100% online loans application and immediate obligation-free quotes. Once the loan application is approved, usually the borrower will receive the funds directly into his/her bank account within 72 hours.
- Low cost: The platform offers a simple fee structure – no monthly fees, no early repayment fees and no break costs.
- Tailored and lower interest rate: SocietyOne rewards good quality borrowers with lower rates according to their credit history. Its interest rate for creditworthy borrowers starts from 10.57% p.a., while the comparison rate is 12.28% p.a.
- Fixed Repayment: To protect clients from market fluctuations and enable them to budget repayments in advance.
- Stable & Secure: SocietyOne remains the purely P2P lending model which means no business lending provided and no secondary market involved, aiming to keep the whole system and overall return stable. Proven track records from both investors & borrowers mitigate lending risks as well.
How to use it
- Set up a borrowing account to get an instant obligation-free quote
- Choose the personalized rates and repayment plans
- Submit application and list the loan in marketplace
- Receive the funds within 72 hours once the loan is finalized