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.
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]