Sydney, Australia (PRWEB UK) 22 August 2012
The SocietyOne platform makes the personal lending market more efficient by removing the need for banks to sit between borrowers and investors. With a proven technology platform and a 100% online loan application and loan management solution SocietyOne is able to operate far more efficiently than a traditional bank. SocietyOne then shares these operating efficiency savings with borrowers in the form of better rates and with investors by opening up access to a new fixed-income asset class. Making SocietyOne simply a better way to get a personal loan.
"P2P lending is disrupting the traditional bank controlled personal lending market in countries like the UK and in the US. P2P lending is working in these countries because it offers borrowers access to better rates and provides investors with access to an asset class that has historically generated great returns for banks. We see no reason why P2P lending cannot shake-up the personal lending market here in Australia in the same way it has internationally," said Matt Symons, co-founder and CEO of SocietyOne.
By applying for a personal loan with SocietyOne, individual borrowers can access up to $30,000 in unsecured loan funds that are provided by multiple investors who have the opportunity to build a diversified portfolio of consumer loans by investing small amounts into many individual loans posted on the SocietyOne platform. SocietyOne handles member authentication, bank account verification, credit checking, credit reporting, funds transfers and collections.
SocietyOne is a responsible borrowing option. Instead of offering revolving lines of credit and variable lending rates, SocietyOne offers fixed monthly interest and principle repayments, no monthly charges and no early repayment fees. SocietyOne only list on its platform loan applications from borrowers who have good credit histories and low default risks.
SocietyOne generates revenue by collecting a one-time application processing fee from borrowers and a service fee from investors. SocietyOne has an Australian Credit License and employs borrower identity verification and borrower credit assessment techniques comparable to those employed by traditional banks.
“We believe SocietyOne shows that technology-driven innovation can bring real competition to the Australian retail banking market. The initial reaction to SocietyOne has been overwhelmingly positive and I think most people sense there has to be a better way. We believe that better way is to bypass banks altogether which allows us to offer borrowers a better deal and in doing so open-up a new asset class for investors,” said Matt Symons, CEO of SocietyOne.
The entire team at SocietyOne are driven by a desire to shake-up the personal lending market by offering Australian borrowers a better deal and investors a new opportunity. SocietyOne was co-founded by Matt Symons (CEO) and Greg Symons (COO) with the goal of using an online technology platform to disrupt the consumer lending market in Australia. Matt Symons brings to SocietyOne a proven track record in building and commercialising technology based businesses in both Australia and the US. Since 2007 Greg Symons has driven the development of the ClearMatch™ platform, capitalising on his experience running finance companies and his extensive experience building software applications for Financial Services organisations.
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