SocietyOne expands its broker distribution network

by Madison Utley24 Sep 2020

Marketplace lender SocietyOne has been brought onto the panel of specialist finance providers at Australian Finance Group (AFG), meaning its personal loan offering will now be made available to the group’s network of approximately 3,000 brokers.

The strategic partnership comes as part of SocietyOne’s broader efforts to expand its broker distribution network. 

The lender opened to brokers just 16 months ago, but has already written over $70m in personal loans through the channel.

In that same period of time, the SocietyOne broker team has achieved a net promoter score of 85.5 and established an efficient approval process which sees more than 80% of broker-assisted loan applications assessed in three hours or less. 

The lender has also reported receiving positive feedback from brokers regarding its rapid quote process which provides a final – not indicative – rate brokers can provide to their customers without affecting their credit score.

“We view this partnership as a critical component of a broader strategy to increase our strength in the broker channel, and we look forward to seeing our loan volumes continue to increase as a result,” said SocietyOne CEO Mark Jones.

“We strongly believe in the strength of AFG’s network, and that our loans will readily complement other loans offered.”

Jones highlighted the group’s debt consolidation loan offering as one such example, emphasising how it can be put to use for customers wishing to apply for a home loan through the broker channel down the track as well.

AFG head of sales and distribution, Chris Slater, welcomed SocietyOne to the AFG panel. 

“Society One provides an innovative alternative to the major lenders and their addition to our panel helps drive a competitive lending market,” he said.

“I look forward to working with SocietyOne as they deliver greater choice for our brokers when structuring finance solutions for their clients.”