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P2P lender extends loan terms for broker clients

by Reporter2 minute read
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A peer-to-peer lender has announced the launch of two new product features for car loans originated through the broker channel.

RateSetter has announced that it has launched two new product features for RateSetter Car Loan designed specifically for the broker channel.

RateSetter first launched the product 12 months ago, which it said has grown from 50 to 500 accredited brokers, with a 400 per cent increase in the average monthly loan volume between Q1 and Q3 2018.

The two new features would allow brokers to offer customers a seven-year loan term option (previously limited to five years) and a maximum loan size up to $100,000.

RateSetter CEO Daniel Foggo said: “Following the successful launch of our broker-only Car Loan product, we have had great feedback on what’s driving growth for brokers and how we can take RateSetter Car Loan product up a gear to offer customers more flexibility and better value.”

He added: “We’re excited to continue to grow our presence in the broker channel with our consumer car loans. We’re currently expanding our national sales and support team for car loans to meet the increasing demand we’re experiencing.

“As the industry undergoes a number of regulatory changes, we understand that it’s more important than ever that brokers have access to a simple, efficient, competitive car finance option so they can diversify their businesses and grow existing revenues.”

[Related: SMEs need brokers in current lending landscape]

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