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In a move that reflects the growing acceptance of alternative finance, an aggregator has announced the addition of a peer-to-peer (P2P) lender to its panel.
Vow Financial has partnered with RateSetter, now distributing the lender’s unsecured personal loan product via its network of more than 1,000 brokers.
“I am delighted to partner with RateSetter. Their innovative model and competitive rates for personal loans aligns with our strategy to deliver a strong panel of personal loan lenders,” said Clive Kirkpatrick, GM of Vow Financial parent company, YBR Group.
The announcement comes on the back of RateSetter partnering with ten aggregators over the past year.
According to Daniel Foggo, CEO of RateSetter, the new relationship with Vow will provide a “more diversified range of products outside of traditional mortgages.”
Because they eliminate intermediaries, P2P lenders are able to provide lower, more personalised rates on a faster timeline than traditional lenders.
Foggo said, “Our aim is to be the personal lender of choice for both brokers and everyday Australians. Partnerships like these are significant in providing more Australians with access to a better deal in personal finance.
“It’s more important than ever that we offer a comprehensive range of services for our customers, so we can deepen our existing relationships and attract a broader range of new customers,” he concluded.
