A peer-to-peer lender that has joined the panel of more than ten aggregators in the last year has just announced a partnership with yet another.
RateSetter’s personal loans and secured automotive offering will be made available to Australian Finance Group’s (AFG) broker network of over 2,900 from 22 July.
The P2P lender provides risk-based pricing for its personal loans, with interest rates starting at 5.49%. The loans range from $2,001 to $45,000 for terms between six months to five years. Creditworthy borrowers typically gain access to finance within 24 hours of filling out the five-minute application.
RateSetter has been recognised as providing Australia’s most highly reviewed personal loan, achieving a 4.8/5 rating on ProductReview.com.au.
AFG’s GM of commercial, Keiran Evans, welcomed the timing of RateSetter’s addition to the AFG panel.
He noted, “As the lending landscape faces structural change, personal loans are becoming a more integral component of customer solutions.”
With the current industry emphasis on responsible lending, personal loans are well-suited not only to address an individual’s cashflow concerns, but to be used as a tool for consolidating debt and positioning a borrower as more serviceable to lenders when pursuing a home loan.
RateSetter CEO Daniel Foggo praised AFG for helping its brokers diversify their income by broadening the scope of its lenders and their offerings.
He said, “Brokers can assist their clients well beyond their mortgage, supporting them through a life cycle of needs, from holidays, to home renovations, to car purchases and more. These are powerful opportunities that brokers need to take advantage of, and we are delighted to be able to deliver AFG brokers some seriously attractive options.”
“The broker channel is integral to our current operations and we are excited by this opportunity to expand our presence in the broker industry,” Foggo added.