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Startup promises commission-free loans

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Australian Broker | 13 Feb 2018, 08:30 AM Agree 0
The online broker doesn’t charge upfront and ongoing commissions and instead takes a one-off fee through bidding
  • Paul Lewis - Lighthouse Financial Services | 13 Feb 2018, 08:42 AM Agree 0
    I’ll give them less than 12mths. Obviously can only offer a wholesale product from someone like Advantedge. Please let us know when they fold
  • dc | 13 Feb 2018, 01:25 PM Agree 0
    No upfront commission, but you pay an upfront fee to them? If it looks like a duck.....
  • DJC | 14 Feb 2018, 12:59 PM Agree 0
    looks like a data collection at best .. how many times have Brokers come to the rescue of borrowers who have had issues with online loan providers

    These online providers have no interest in looking after the borrower or build an ongoing client relationship ... they just want volume in the portal and if it the loan is too hard or complex they will just move on to the next easy one.

  • Doodlebug | 04 Jul 2018, 12:35 PM Agree 0
    Just a few things..
    I'm not sure why they have to mention upfront and ongoing commissions. In broker-land this is between the broker and lender and inconsequential to the customer.
    No annual fees? They advertise a product that has an annual fee of $345.
    What happens if the business goes bust?
    How is the interest rate determined and the discretion to increase rates?
    Here's the fun part - you choose how much you want to pay us. They don't qualify this statement because up until recently there was a minimum bid amount - $799 I think. You used to be able to see this but now you have to register to do this.
    You could also view the live auction but again, you have to register. I used to regularly check the live auction just before closing on Friday and never actually saw any bids which is strange because the buy it now price is a few hundred dollars higher than that the minimum bid amount. Again, how many loans have these guys actually sold?


  • jesscageorger | 10 Sep 2018, 04:02 PM Agree 0
    thanks for ur info
  • kristinejfisher | 25 Nov 2018, 09:35 PM Agree 0
    Thanks a lot for your valuable information.
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