MoneyPlace charts over 500% growth year on year

Group's flexible offering ideally suited to meet the influx of COVID-19-driven consumer demand

MoneyPlace charts over 500% growth year on year


By Madison Utley

The COVID-19 pandemic and ensuing surge in demand for financial aid has helped highlight the true value of one specialist lender’s flexible offering, according to the non-bank’s head of broker.

“MoneyPlace’s unique business model allows us to personalise each individual loan to fit the customer’s profile,” explained Moneyplace's Alf Vasta.

“This can be incredibly helpful in supporting customers who may not fit traditional lending criteria and who may otherwise be locked out of the market.  

“In the last year, demand for personal loans has been huge – and MoneyPlace has experienced over 500% growth year on year. This tells us loud and clear that there is a need for the products we offer. And that now, more than ever, customers are looking for flexible solutions.”

Vasta highlighted the many ways personal loans can assist individual borrowers and therefore help restart the economy on a larger scale as Australia eases out of COVID-19 restrictions.

"Whether for gap funding, debt consolidation or a specific asset purchase, personal loans can be used for a variety of purposes," he said. 

“Personal loans also work well within the mortgage cycle.

“That’s where I’ve seen a big shift in broker behaviour. We’ve not only seen brokers looking at personal loans as a viable solution from a transactional point of view, but also as part of the holistic home loan planning process.”

Vasta partially attributes the group’s success to its ability to be agile and adapt in the face of constant change. In addition to drilling down on fast turnaround times, the group has continued to invest in creating the best possible customer and broker experience.

“As a fintech lender, we have embraced technology and hosted virtual sessions with brokers since the very beginning. So, when we shifted to having most of our team working from home, we were on the front foot with digital processes,” he said. 

“The experience we provide is truly second to none. After completing their first MoneyPlace loan, brokers are often amazed at how our service and technology can lead to such favourable customer outcomes.

“Being a fintech, speed is important – but we’ve also prioritised flexibility. Where we differ from our competitors is that our service is more personalised to the broker, but most importantly, to the customer,” the head of broker concluded.

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