Following the product’s successful pilot in the tail end of 2020, marketplace lender SocietyOne has officially brought its first secured loan offering to the larger market.
According to CEO Mark Jones, the small group of brokers involved in the trial all provided “extremely positive” feedback; paired with the strong growth figures recently charted by the group, with December 2020 marking a record month of originations and January 2021 the passing of the $1bn in lending milestone, it was clear the time was right to take the product to market.
“We’re hitting the ground running in 2021 and building on our strong growth momentum by diversifying our product offering through a range of new product launches and improvements to the customer experience,” Jones said.
“With the launch of a secured loan product, we’re able to increase accessibility and flexibility for our customers, while maintaining our high credit quality for our investors.”
SocietyOne’s secured personal loans are currently available only through the broker channel, but will soon be released to applicants seeking finance directly through the lender’s website as well.
Through the group’s new offering, borrowers will be able to access a larger loan amount up to $70,000 and loan terms of 2, 3, 5 or 7 years, along with obtaining a cheaper rate, by pledging security such as a new or second-hand vehicle or boat.
“This level of flexibility is one of the ways that SocietyOne continuously seeks out solutions for the benefit of its borrowers and investors,” said Jones.
The CEO also emphasised that the security only needs to cover a portion of the loan amount for the borrower to access the listed benefits.
