RateSetter is ramping up its point-of-purchase activities.
The consumer lending platform has announced a partnership with eMoov – one of the UK’s top online estate agents. eMoov allows homeowners to sell properties online – and typically charges an up-front fee for the trouble. From now on, however, RateSetter will be providing the option of point of sale finance to users of the eMoov network, effectively delaying the fee until the property sale completes. The move is designed to offer eMoov users greater control over the inevitable costs of selling a property.
RateSetter doesn’t charge early repayment fees, which provides eMoov sellers with a good deal of flexibility. eMoov claims to have saved home sellers an average of £4k per sale in 2014. The disruptive eMoov fits the mould of the prototype P2P partner company. RateSetter already offers funding to the users of CommuterClub and mobile phones provider giffgaff. CommuterClub, giffgaff and eMoov are built up around the principle of providing a fairer and more flexible service to customers – and the P2P lending model chimes nicely as a means of making funding available to those customers.
Indeed, similarly styled partnerships have also been struck by rival lender Zopa over the past couple of years. The platform offers personal loans in conjunction with the innovative energy company Flowgroup, and more recently to Uber drivers.
For RateSetter, partnerships of this manner are an important part of breaking further into the mainstream – as well as, of course, serving as a potentially lucrative source of loan origination. RateSetter Finance will be offered up to eMoov clients at checkout, and applicants can supposedly expect an instant decision.
“Partnerships like this are a perfect fit for RateSetter. The whole process is simple and hassle free, and we allow borrowers to repay early with no extra fee, which is crucial for people selling their houses who don’t know exactly when the sale will complete. Having two disruptive companies team up like this provides huge advantages for anyone selling a property, making it far easier for them to manage costs.”