Following the successful pilot of the product at the end of 2020, market lender SocietyOne officially launched its first secured loan offering to the wider market.
According to CEO Mark Jones, the small group of brokers involved in the trial all provided “extremely positive” feedback; Combined with the strong growth figures recently recorded by the group, December 2020 marking a record month of creations and January 2021 the crossing of the milestone of $ 1 billion in loans, it was clear that the time had come to launch the product on the market .
âWe are starting to launch in 2021 and are capitalizing on our strong growth momentum by diversifying our product offering through a range of new product launches and customer experience improvements,â said Jones.
âWith the launch of a secured loan product, we are able to increase accessibility and flexibility for our clients, while maintaining our high credit quality for our investors. “
SocietyOne’s secured personal loans are currently only available through the broker channel, but will soon be made available to applicants seeking funding directly through the lender’s website.
Thanks to the group’s new offer, borrowers will be able to access a larger loan amount of up to $ 70,000 and loan terms of 2, 3, 5 or 7 years, as well as obtain a cheaper rate, by pledging security such as a new or used vehicle or boat.
âThis level of flexibility is one of the ways in which SocietyOne continually seeks solutions to benefit its borrowers and investors,â Jones said.
The CEO also pointed out that the collateral should only cover part of the loan amount for the borrower to access the listed benefits.