Powered by MOMENTUM MEDIA
the adviser logo
Lender

Loan Market adds personal lender to panel

by Ezekiel MacNevin5 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. 

To continue reading the rest of this article, create a free account
Already have an account? Sign in

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]



Loan Market adds personal lender to panel
loanmarket ta
TheAdviser logo
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

mark lewis fast ta llosc4

In Memoriam: Mark Lewis, 1963–2022

Mark Lewis passed away on Saturday (13 August). Mr Lewis was a well-known identity in the third-party broker...

READ MORE
anthony waldron mortgage choice ta ithtxm

Broker expertise key for securing right loan: Mortgage Choice

The data, which is derived from a June survey of 1,002 broker customers and conducted by Honeycomb Strategy,...

READ MORE
Mark Bouris new ifa

Brokers need to focus on the ‘value-add’: Mark Bouris

With competition among brokers increasing as the number of brokers rises – coupled with the fact that fewer...

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