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 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.
“Alternative lenders typically offer far simpler and faster application processes, more competitive rates, and greater access in general for many Australians needing credit. These are all characteristics of our personal loan product, so it’s encouraging to see such a market leading brokerage as Loan Market recognising the benefit of a SocietyOne personal loan for their customers,” concluded Mr. Jones
The Royal Commission public hearings extended for more than nine months, during which time SocietyOne recorded a 100 per cent increase in monthly loan originations, and concluded 2018 and began 2019 with seven successive months of record lending figures.
This level of consumer confidence in SocietyOne personal loans was a key drawcard for Loan Market Group.
“Loan Market’s lender panel is recognised as the best in the industry*,” said Sam White, Founder and Executive Chairman of Loan Market Group. “The breadth, quality and diversity of products Loan Market brokers have access to is as diverse as the needs of our customers.
“Reputable, personal loan solutions are in growing in popularity and we’re pleased to welcome SocietyOne to our lender panel as part of the answer to this demand,” concluded Mr. White.
According to Greg Neilsen, SocietyOne’s Head of Broker Distribution, “Society One has an industry-leading platform that gives brokers and customers certainty on interest rates and repayments without affecting customers’ credit scores. This is important in today’s environment, as brokers require certainty for their customers, and customers should not be penalised for making educated decisions about their finances.”
Founded in 1995, Loan Market currently works with a panel of more than 45 lenders and supports a network of over 650 brokers across Australia and New Zealand.
Society One launched its broker channel in mid-2018 with outsource financial, and currently receives over 300 broker-originated loan applications each month. Its aim is to steadily increase this number during the course of 2019.