Peer to peer lender SocietyOne sees personal loan boom

Peer to peer lending at SocietyOne is set to reach the $200 million dollar mark this year, thanks to an investing and borrowing spike at the young startup.

“We are experiencing real momentum in both demand for personal loans from consumer borrowers and the amount of money that our investor funders are now willing to advance to support those customers,” said SocietyOne’s Chief Executive, Jason Yetton.

In the company’s latest financial update, September alone brought its lending to a $150 million dollar milestone. According to Yetten, SocietyOne has “started to loosen the stranglehold of the Big 4 banks and traditional lenders on the $20 billion personal loans market”.

SocietyOne has a slightly different lending model to your average financial provider, where personal loans are funded by “investors” in a marketplace, and interest rates reflect the credit score of applicants.

It also has a partnership with Uber where ride-sharing drivers can take out personal loans ranging from $5 and $35k for new vehicles, and drive to pay them off.

“Our mission is to be the leading, most trusted, people powered lending marketplace in Australia. Our proposition is simple and compelling – if you are good with credit we want to reward you with a better lending rate,” said Yetten.

The comparison rate of a SocietyOne fixed rate personal loan starts from 9.58%, accounting for just one among hundreds of products we compare here at Mozo.