A personal loan provider has partnered with a mortgage group in order to accelerate its broker roll-out.
The MoneyPlace and Loan Market partnership will add more than 450 brokers to the personal loan group’s distribution network.
A fintech personal loan provider in third party space, MoneyPlace was acquired by Liberty this year and offers unsecured personal loans from $5,000 to $45,000.
Head of corporate development Matthew Santosa said partnerships with leading brokerages like Loan Market Group were helping to rapidly accelerate growth with thousands of brokers joining in the past quarter.
He said, “We’re thrilled to partner with high-quality broker networks like Loan Market to continue to offer our award-winning personal loans to a growing market.
“This is especially the case at this time when consumers are looking to consolidate finances before the end of the year and save money through a cheaper interest rate.
“Brokers have also gravitated to our rate estimate tool which gives borrowers an obligation free interest rate quote in just two minutes and, unlike other lenders, provides complete transparency of total loan cost upfront.”
MoneyPlace uses a risk-based pricing model to create a personalised interest rate for borrowers, which on average saves over $5,600 on a $20,000 loan versus loans and credit cards from a major bank.
CEO Stuart Stoyan said it was important for brokers to be able to access lenders leveraging Comprehensive Credit Reporting and Open Banking to stay ahead of the curve.
Stoyan said, “Fintechs like us are way ahead of the curve in using data to improve our loan offering to consumers, which is why we’re happy to be growing so rapidly in the third-party space so brokers can offer this to consumers.”
Loan Market Group, which was this year named Aggregator of the Year at the Australian Mortgage Awards welcomed the addition of MoneyPlace to its lending panel.
Loan Market group executive chairman Sam White, “MoneyPlace’s personalised product further strengthens our brokers’ service offering to their customers.
“We’re exceptionally proud of the calibre and diversity of opportunities on our lending panel, which is regarded as the best in the industry by our peers.”