SocietyOne enters secured lending market
Australian peer-to-peer lending platform SocietyOne has entered the secured lending market after hitting the AU$1bn (£558.8m) milestone last month.
The new product will allow borrowers to access larger loans of up to $70,000 at a cheaper rate with loan terms of two, three, five or seven years, by putting in place security like a vehicle .
The launch follows a successful pilot for the product in late 2020 and the platform achieving a record month of creations in December.
“We are entering 2021 and building on our strong growth momentum by diversifying our product offering through a range of new product launches and customer experience enhancements,” said Mark Jones, CEO of SocietyOne. Australian Broker.
“With the launch of a secured loan product, we are able to increase accessibility and flexibility for our customers, while maintaining our high credit quality for our investors.
“This level of flexibility is one of the ways SocietyOne continually seeks solutions for the benefit of its borrowers and investors.”
SocietyOne will open its secured personal loans directly to consumers through its website. To date, it has made all of its loans through its network of brokers.
The Australian loan market has been busy lately.
In December, Australian P2P lending platform Plenti, which previously branded RateSetter, secured an A$100 million warehouse to expand its renewable energy and personal lending offering.
In November, small and medium-sized business funding aggregator Swoop said it was expanding into Australia and consumer lender Harmoney, which exited the P2P space earlier in 2020, raised $92.5 million. Australian dollars from an initial public offering to increase lending in Australia and New Zealand. .