Aggregator Loanstoday will concentrate more on the asset finance space as the business evolves to meet broker and consumer needs.
Loanstoday Director Craig O'Shannessy told
Australian Broker that the firm, which traditionally operated in the dual spaces of asset finance and personal loans, was now moving its attention to the former.
“Previously it was really more about personal assets – so car loans and personal loans in an individual’s name. Now, the asset is purchased through the company.”
Loanstoday has 13 lenders on its panel and is working at bringing on more, he said.
“We’re in talks right now with Suncorp. They should be on very quickly.”
The new focus will see also the firm utilise the asset finance capabilities of its existing panel of lenders, such as Macquarie, on a more regular basis.
“There have been a couple of additions. But more so it’ll be just using the existing lenders that we’ve got and accessing the products that we haven’t previously used.”
This move reflects the evolution of the business, O'Shannessy said.
“We’ve had clients requesting that service. Previously we’ve done that but we haven’t put much focus into it. We’ve grown the personal lending side of the business quite well in recent years and we’re just looking to expand. It’s another string to our bow.”
This change has been made along with a major website facelift, as well as the creation of a dedicated asset finance section that will provide a consistent experience to brokers.
The system currently in place is straightforward for brokers to use, he said.
“We’ve got a bespoke system that the brokers log into. They simply enter their client’s details and as they’re doing this in the backend, the system weeds out the lenders that won’t look at the deal. Brokers are then left with the lenders that will.
“This certainly isn’t a pre-approval by any stretch of the imagination but it’s so the broker can choose which lenders they like out of the ones that will look at the deal.”
This goes through to the firm’s four fulltime processing staff who contact the broker within two business hours and step them through the process.
Loanstoday is used by a lot of the major broking aggregators including
FAST, Vow and
Connective, O'Shannessy said. The firm was incorporated in April 2008 and currently has around 4,400 brokers registered on the system.
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