Who Offers Peer-To-Peer Lending In Australia?

Ever since launching in Australia in 2012, peer-to-peer (P2P) lending has become more and more popular, with ASIC reporting a total of $300 million in loans being written in the last financial year. Here is a quick rundown of some of the key current providers of P2P lending in Australia.

Who offers peer-to-peer lending in Australia?

The number of P2P lending platforms – where individuals can seek loans from private lenders (their peers) rather than using a traditional lender – has certainly increased over the past few years. Below we list some of the key P2P lending platforms available for borrowers in Australia.

Society One

SocietyOne claims to be the first P2P lender to launch in Australia back in August 2012. Since launching, SocietyOne says it has connected borrowers and investors to over $600 million worth of loans.

Investors provide SocietyOne with an investment mandate to select individual loans for their portfolio based on:

  • Their personal risk-return horizons
  • Stated loan purpose, borrower risk grade
  • Income
  • Demographic
  • Geographic and other credit criteria

Investors can also offer secured and unsecured loans; SocietyOne recommends investors diversify across more than 100 loans. Currently, there minimum investment amount is $100,000, attracting wholesale clients. Borrowers can apply for a loan of up to $50,000 to be repaid over a loan term of two, three, or five years, and there are no monthly or early repayment fees attached.

The following table displays a selection of SocietyOne’s personal loan products on Canstar’s database, sorted by Star Rating (highest to lowest). The results and Star Ratings shown are based on a $20,000 unsecured loan for three years taken out in NSW. Click here to compare more personal loans tailored to your preferences. Before committing to a personal loan product, check upfront with SocietyOne to confirm what the rates and fees will be for your personal circumstances, and whether the product suits your needs.

MoneyPlace

MoneyPlace has a large range of P2P personal loans to choose from depending on your circumstances. MoneyPlace states its loans can be used to finance car loans, medical loans, holiday loans, debt consolidation and home improvement.

MoneyPlace offers P2P loans with comparison rates starting from 7.65% p.a.** at the time of writing. Borrowers can apply for an unsecured P2P loan of up to $45,000, and there are currently no monthly service fees for using the MoneyPlace platform.

MoneyPlace also claims to have a group of experienced financial experts at its disposal, to help consumers and investors with their loans.

The following table displays a selection of MoneyPlace’s unsecured personal loan products on Canstar’s database, sorted by Star Rating (highest to lowest). The results and Star Ratings shown are based on a $20,000 loan for three years, taken out in NSW. Click here to compare more personal loans tailored to your preferences. Before committing to a personal loan product, check upfront with MoneyPlace to confirm what the rates and fees will be for your personal circumstances, and whether the product suits your needs.

Plenti (formerly known as RateSetter)

Arriving in Australia in November 2014, Plenti is part of the international RateSetter group, which launched in the UK in 2010 and states it has since attracted more than 700,000 customers and over $5 billion AUD in loans.

Plenti currently offers personal loans of up to $45,000 for a minimum of six months and a maximum of five years. If you are looking to invest with Plenti you can do so with as little as $10. Interestingly, Plenti claims to be the first P2P lender to release its loan book data in Australia, which it said demonstrated its commitment to developing real trust with borrowers and lenders. Plenti was also the first P2P platform to win a 5-Star rating for Outstanding Value for personal loans from Canstar back in 2015.

The following table displays a selection of Plenti’s unsecured personal loan products on Canstar’s database, sorted by Star Rating (highest to lowest). The results and Star Ratings shown are based on a $20,000 loan for three years, taken out in NSW. Click here to compare more personal loans tailored to your preferences. Before committing to a personal loan product, check upfront with Plenti to confirm what the rates and fees will be for your personal circumstances, and whether the product suits your needs.

Harmoney

Harmoney claims to be Australasia’s leading P2P lender; it moved across to Australia in December 2015 after a successful launch in New Zealand. Harmoney currently offers personal loans ranging from $2,000 to $50,000.

Harmoney is 100% managed online, which can mean relatively fast sign ups and applications. Harmoney loans can offer the following benefits:

  • Unsecured – so borrowers don’t have to declare assets you own as collateral
  • Tailored interest rates starting from 6.99% (comparison rate 7.69% p.a)*
  • Flexibility – loans can be used for any legal purpose
  • No early repayment fees

The following table displays a selection of Harmoney’s unsecured personal loan products on Canstar’s database, sorted by Star Rating (highest to lowest). The results and Star Ratings shown are based on a $20,000 loan for three years, taken out in NSW. Click here to compare more personal loans tailored to your preferences. Before committing to a personal loan product, check upfront with Harmoney to confirm what the rates and fees will be for your personal circumstances, and whether the product suits your needs.

OurMoneyMarket

OurMoneyMarket allows borrowers to obtain a low rate personal loan based on individual unique circumstances. The personal loan offers competitive fixed rates starting at 8.00% p.a. with varying rate tiers depending on your credit score. With their catchphrase to “give credit where credit is due” they’re committed to rewarding Aussies with good credit scores by offering a low rate. The platform offers flexibility with a choice of weekly, fortnightly, or monthly loan repayments, and loan terms ranging from 1 to 7 years.

To be eligible for an unsecured personal loan with OurMoneyMarket you must at a minimum satisfy the following:

  • You are an Australian citizen or permanent resident;
  • You are aged 18 years or older;
  • Your gross income is greater than or equal to $25,000 per annum;
  • You have an acceptable credit history with OurMoneyMarket’s credit bureau of choice, as determined at OurMoneyMarket’s discretion;
  • You are not in hardship with another financial provider;
  • There are no undischarged bankruptcy listings on your credit file

While there are no fees for service, exit, or early repayment, the Low Rate Personal Loan does have a $250 (minimum) upfront fee and a $35 late payment fee, so consider your ability to pay the application fee and try to avoid late payments.

The following table displays a selection of OurMoneyMarket’s unsecured personal loan products on Canstar’s database, sorted by Star Rating (highest to lowest). The results and Star Ratings shown are based on a $20,000 loan for three years, taken out in NSW. Click here to compare more personal loans tailored to your preferences. Before committing to a personal loan product, check upfront with Harmoney to confirm what the rates and fees will be for your personal circumstances, and whether the product suits your needs.