New peer-to-peer lender, ThinCats Australia has announced it will be launching a new commission structure for brokers.
Under the new structure, the P2P lender will be offering offering 25 basis points for a lead on settlement and 15 basis points trail. Commission will be upped to 60 basis points for a lead along with a fully completed application, with a trail fee of 15 basis points.
The company has also announced no claw back when borrowers repay the full amount of the loan at any time without penalty.
“We are keen to develop our relationships with brokers and believe our commission structure will attract more of them to our platform,” said ThinCats Australia CEO Sunil Aranha.
ThinCats Australia stated the company is in discussions with a range of credit unions, private equity funds and accounting firms, looking to enter the growing peer to peer lending sector through a strategic alliance with the company.
The company’s initial set of loans were delivered at interest rates ranging from 11.5% to 14% with monthly principal and interest repayments.
The global market for peer-to-peer lending is currently worth over $8 billion and doubling in value every year, as the concept gains broader understanding and acceptance.