Nodifi launches personal loans on origination platform

Asset finance technology and services provider, Nodifi, has added a string of personal loan products to its loan origination platform, signaling broker feedback and consumer demand as the main drivers to the release.

This latest development follows the fintech’s decision to provide mortgage brokers with set rate options for consumer asset finance, following the introduction of best interests duty.

SocietyOne, NOW Finance, Plenti and Wisr will make up the first group of personal lenders to launch on the platform, allowing mortgage brokers to run quote comparisons and process applications.

Nodifi says the latest addition is a sign of the changing economic climate, with broker and consumer demands at the forefront of the decision.

Tom Caesar, Nodifi chief executive officer, commented, “What we’re seeing is a shift from the traditional mortgage broker, whereby home loans were once a broker’s only true product offering.

“Nowadays, brokers are demanding a wider-breadth of finance solutions for their clients, which is being driven by consumer demand – personal loans is one such product increasing in popularity amid the changing economic landscape.

“Typically, this has been a product overlooked by many fintech service providers, and this is something we want to rectify.”

Nodifi users will gain access to the personal loan products via the platform from 1 December, while a future white label release providing brokers with direct to customer personal loan journeys is also scheduled for early 2022.

“In this day and age, generic service offerings are severely outdated. Everything we’ve done to date – and will continue to do in future – is to better align with increasing expectations and to leverage new technologies.

“That’s a key reason why we’ve decided to roll out the white label solutions. It’s about giving mortgage brokers the best tools to satisfy ever-evolving client needs.”