Powered by MOMENTUM MEDIA
the adviser logo
Lender

Loan Market adds personal lender to panel

by Ezekiel MacNevin4 minute read
Loan Market

Non-bank lender SocietyOne has become the latest lender to join Loan Market’s panel, enabling brokers to distribute the lender’s unsecured personal loans to customers.

According to SocietyOne, there is a growing trend in brokers using alternative lenders off the back of the banking royal commission, as consumers look to banking alternatives. 

The CEO of the lender, Mark Jones, noted that during the royal commission hearings, SocietyOne recorded a 100 per cent increase in monthly loan originations. 

As part of the lender’s plans to increase its broker flows, the lender has now joined Loan Market’s panel.

Advertisement
Advertisement

Mr Jones said: “The royal commission has uncovered a large number of issues within the consumer lending market, and both brokers and their retail customers have been equally exposed to the publicity surrounding this.

“This has driven many brokers to consider alternative forms of finance to those offered by banks and other traditional lenders, as a means to provide their customers with greater choice and a range of additional benefits the banks simply don’t provide.”

Mr Jones asserted that alternative lenders can offer more competitive rates, simpler and faster application processes, and “greater access” for Australian applicants.   

“[I]t’s encouraging to see such a market leading brokerage as Loan Market recognising the benefit of a SocietyOne personal loan for their customers,” Mr Jones continued.

Speaking of the partnership, Sam White, the founder and executive chairman of Loan Market Group, said: “Reputable, personal loan solutions are growing in popularity, and we’re pleased to welcome SocietyOne to our lender panel as part of the answer to this demand.” 

[Related: Lender expects to see ‘spike’ in early 2019]



loanmarket ta

Ezekiel MacNevin

Ezekiel MacNevin

AUTHOR

Ezekiel is a journalist on the mortgages, property investment and wellness titles at Momentum Media. 

Before joining the team in 2019, he was a freelance journalist for Vice Australia, Pulse Radio and the Sydney-based travel publication Global Hobo, among others. 

Ezekiel studies a double Bachelor of Communications and International Studies at the University of Technology, Sydney.

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

ABA finalists

Finalists for 2022 Australian Broking Awards revealed!

Run with the support of principal partner NAB, the Australian Broking Awards – which is now in its 12th year –...

READ MORE
Anthony Albanese new ta

Home owners in flood regions offered cash payments

Speaking at a press conference on Wednesday (6 July), Prime Minister Anthony Albanese confirmed that residents in the...

READ MORE
Sam Henley

Fifo invests further into BDM team

According to Fifo Capital (Fifo), Sam Henley joined the lender as its senior business development manager –...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more