Fintech lender joins broker panel

A broking group has announced a new lender to its panel offering unsecured personal loans with personalised interest rates.

MoneyPlace explained to Australian Broker recently how sharing data through comprehensive credit reporting (CCR) has allowed them to reward good borrowers with great rates.

Through a new partnership with Mortgage Choice, the lender’s distribution network will grow by over 500 brokers.

MoneyPlace chief executive officer and founder Stuart Stoyan said MoneyPlace was founded to give Australians a more competitive deal than traditional lenders, and through this partnership, Mortgage Choice brokers will be able to get an indicative interest rate in just two minutes.

He added, “We’re seeing a real increase in the number of brokers providing their customers with access to personal loans to fund home improvements and enable debt consolidation.

“With our average borrower saving over $5,600 on a $20,000 loan versus a major bank, it’s a great opportunity for brokers to widen their offering and provide additional value to their customers.

“Mortgage Choice’s offering provides Australians with access to its full financial service offering which includes mortgage broking and financial advice. Their mission to help Australians improve their financial fitness, complements our own.”

Mortgage Choice chief executive officer Susan Mitchell said MoneyPlace was a logical addition to the company’s lender panel and provides its broker network with access to a wider product offering.

She said, “At Mortgage Choice, we are committed to providing Australians with access to more choice and cater to our customers’ evolving needs.

“In an increasingly complex lending environment where it’s getting tougher for some customers to borrow, we know how critical it is to provide borrowers with a wide range of lending solutions.

“Over the last 18 months, we have seen a strong growth in the uptake of personal loans and have identified an opportunity for our broker network to provide risk-based loan pricing to creditworthy customers.”

Liberty group sales manager John Mohnacheff said as one of the fastest growing fintech personal loan providers, MoneyPlace, was a valuable addition to the Liberty group of companies, earlier this year.

“We are pleased to help Mortgage Choice brokers diversify their offering through MoneyPlace which provides a swift, fuss-free personal loan solution with low rates,” he said.