An aggregator has added a peer-to-peer (P2P) lender to its panel, reflecting the increasing demand for lending alternatives.
The partnership will make RateSetter’s unsecured personal loan product available to Choice Aggregation Service’s network of more than 1,600 brokers, in line with the trend towards servicing a more diverse array of client needs.
Stephen Moore, CEO of Choice said, “We believe the future for broking includes managing the broader finance needs of customers. This includes deepening existing relationships and helping to attract a broader range of new customers.
“I am delighted to partner with RateSetter. Their innovative model and competitive rates for personal loans aligns with our strategy to deliver a strong panel of lenders who can meet the diverse needs of brokers and their customers.”
Over the last 12 months, RateSetter has joined the panel of more than ten aggregators, with plans to raise that number yet further.
“With RateSetter’s competitive personal loan offering, Choice brokers can unlock the potential of holistic client service. Versatile and affordable consumer finance should be core to a broker’s growth outlook and their clients’ financial wellbeing,” said Daniel Foggo, CEO of RateSetter.
There are more than 8,000 brokers currently accredited with Ratesetter.
By cutting out intermediaries, P2P lenders can not only provide customers better value than traditional lenders by offering personalised rates, but they do so more quickly and through a simpler application process. Meanwhile, the investors funding the loans generally enjoy a higher rate on their returns, when compared to other investment options.