Short-term lender offers incentives

The vouchers can be used for a variety of activities, including skydiving, hot air ballooning, rally driving, and even helicopter flying lessons.

Andrew Way, director at Semper Capital, told The Adviser the offer is designed to reward their existing brokers and entice new brokers to their business.

“We just wanted to give them something with which to go and celebrate the end of what has been a tough year for many, with the election campaign running so long it slowed up commerce a bit,” he said.

Mr Way said short-term lending can help brokers better serve their clients when finance is needed in a hurry.

“Our clients are people who need money and need it faster than the bank can provide it.

“We get a lot of repeat business because our clients are often fairly entrepreneurial and need money quickly to take advantage of an opportunity,” he added.

There are also many benefits for brokers, including the opportunity for double commission according to Mr Way.

“If they introduce a client to us because they know the bank can’t get the deal done in time, then they get commission from us and it also gives the broker time to place their client with a bank where they then get a second commission - that’s not wrong, it gives the client the right solution and it gives brokers an added string to their bow,” he said.

Mr Way said misconceptions around the short-term industry often prevent brokers from entering the space when in reality it is a legitimate and sound business offering.

“Brokers ought to check with people who have written through the lender before.

“Check who the right people to deal with are and avoid the lenders charging excessive fees and you will be right,” he said.