The growth suggests P2P lending is gaining traction with brokers
RateSetter Australia has vastly expanded its brokerage channels.
RateSetter Australia has hit a new milestone, with 2,000 brokers now accredited on its platform. The growing accreditation suggests P2P lending is gaining traction with brokers.
“We have built relationships with more than 500 separate broker firms, all of which have been attracted to our great rates, the simplicity of our processes and the speed of our service,” said Daniel Foggo, CEO of RateSetter Australia.
“The growth in our lending through the broker channel also reflects the growing appetite for personal loans as credit cards fall out of favour and putting more on the mortgage becomes more difficult.”
Connecting with brokers has been important for RateSetter’s growing loan volumes.
In particular, RateSetter’s car loans and home improvement loans have been popular among brokers’ clients. So too have loans to help unwind credit card debt which often carries high interest rates.
Small businesses have also been impressed. Broker clients wanting small business loans have borrowed an average of $28,390 – the highest of any type of loan by far.
The average loan size brokers are bringing to RateSetter is $16,871. The average annual interest rate is 8.4 percent.