Australian peer-to-peer lending platform SocietyOne has entered the secured lending market after crossing the A $ 1 billion (Â£ 558.8 million) milestone last month.
The new product will allow borrowers to access larger loans of up to $ 70,000 at a lower rate with loan terms of two, three, five or seven years, providing security like a vehicle.
The launch follows a successful pilot for the product in late 2020 and the platform saw a record month of creations in December.
“We are starting to launch in 2021 and are capitalizing on our strong growth momentum by diversifying our product offering through a range of new product launches and customer experience improvements,” said Mark Jones, Managing Director of SocietyOne . Australian broker.
âWith the launch of a secured loan product, we are able to increase accessibility and flexibility for our clients, while maintaining our high credit quality for our investors.
“This level of flexibility is one of the ways in which 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, she has granted all of her loans through her brokerage channel.
The Australian loan market has been busy lately.
In December, Australian P2P lending platform Plenti, which previously used the RateSetter brand, secured an A $ 100 million warehouse to expand its renewable energy and personal loan offering.
In November, small and medium-sized finance aggregator Swoop said it was growing in Australia and consumer lender Harmoney, which left the P2P space earlier in 2020, raised $ 92.5 million. Australian dollars in an initial public offering to increase lending in Australia and New Zealand. .