An accountant’s guide to comparing Fintech business loans
How can you objectively compare the loan pricing metrics between the different online business lenders and make the most informed decision possible? Assisting your small business clients with finance can be challenging with so many options out there from both banks and newer alternative finance providers. As traditional lenders have tightened their credit conditions and pulled back on SME lending, the rise of online, fintech lenders is providing small businesses with new opportunities to fund their growth. However, how can you objectively compare the loan pricing metrics between the different online business lenders and make the most informed decision possible? The answer is with SMART Box™. The SMART Box™ Loan […]
SocietyOne and Loan Market collaborate to broaden customer offering
Australia’s leading marketplace lender, SocietyOne, and Australasia’s largest family owned mortgage brokerage, Loan Market Group, have joined forces in a new partnership through which Loan Market will distribute SocietyOne personal loans. The partnership indicates a growing trend of brokers embracing alternative lenders in the wake of the banking Royal Commission, according to SocietyOne, as consumers are increasingly requesting banking alternatives in order to access a better deal. “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,” said Mark Jones, CEO of SocietyOne. “This has driven many brokers to […]
Fintech unveils mortgage under 3.5%
Fintech and online lender loans.com.au has unveiled its newest home-loan offering for owner-occupiers with a low interest rate of 3.48%. Dubbed the Smart Home Loan, the mortgage product is a principal-and-interest loan that has no ongoing fees and has a comparison rate of 3.5%. The product has a maximum loan amount of $1m and has several features such as redraw facilities and the ability to split and make additional repayments. Homebuyers can borrow as much as 80% of the value of their targeted property. Loans.com.au managing director Marie Mortimer said the new home-loan product aims to drive competition in the mortgage space and provide other options for borrowers who are […]
Power has shifted from banks to consumers: Bendigo Bank MD
A fundamental change in banking has occurred in a relatively short period of time: power has shifted from large financial institutions to consumers. In response, banks need to rethink how they serve their customers. That’s the view of Marnie Baker, managing director, Bendigo and Adelaide Bank. “The times are gone now where the power sits with the financial institution. The power is absolutely in consumers hands and they are dictating what they expect to see in an experience,” Baker told Which-50. Notably, the days of going to see a bank in their time and at their instruction have passed, Baker said, and today financial services need to be embedded into […]
SocietyOne hits $600M in loans after record holiday season
Australia’s leading marketplace lender, SocietyOne, has sped past $600 million in loan originations after a record holiday period, with $64.9 million in total originations over the past three months, compared to $39.5 million over the same three months last year. The milestone comes just six months after the appointment of Mark Jones as CEO, who oversaw the launch of a broker channel in June, an improved credit assessment process in July, a marketing campaign beginning September, and an improved online customer quote and application experience from October. “We are thrilled to be growing so strongly as it’s a sure sign that Australians are increasingly turning away from one-size-fits-all options and […]
Fintech reveals $250m funding boost
In a bid to compete head on with the traditional banks, a fintech lender has secured an additional $250m to fund Australia’s small businesses. In addition to the new funding, Moula has extended its loan terms from 24 to 36 months and doubled its maximum loan value from $250,000 to $500,000. Pricing starts from 15.95% APR and is said to be “unprecedented” in the online unsecured business lending space. CEO Aris Allegos said, “Until now, online business lenders have competed with banks on speed, ease of application and customer service. However, competition based on pricing has been largely absent. “Injecting a quarter-of-a billion dollars into Australia’s businesses and making our […]
SocietyOne: Peer-to-peer lending offers a “better deal than the banks”
CEO Mark Jones reflects on six months in charge of Australia’s biggest peer-to-peer lender. SocietyOne became the first Australian peer-to-peer lender to cross $500 million in total lending in August last year. Since then, the company has enjoyed 6 months of consecutive record months for lending and is now about to pass the $600 million lending mark. After taking over as CEO in June 2018, Mark Jones has seen Australia’s first peer-to-peer lender go from strength to strength, and it remains on track to reach break-even point in March. “Over the last six months, we’ve really taken the business forward. We’re probably writing triple the business today that we were […]
SME fund legislation will “fill the void”
The government introduced the legislation last week to establish a $2bn securitisation fund to help small and medium businesses get better access to finance.
