Fast-growing SocietyOne offers larger loans
Marketplace lender SocietyOne has increased its maximum personal loan size from A$35,000 to $50,000 in response to growing demand.The company's total originations since it launched four years ago have hit $200 million, after starting the year at $70 million.Its loan book is currently worth around $130 million, with a default rate of 1.1 per cent. Customer numbers stand at 7800.SocietyOne chief executive Jason Yetton said in a media release that available funding from investor/lenders had averaged $22 million a month over the past six months.Yetton said the effective annualised rate of return on invested funds across the portfolio of two, three and five-year personal loans was 10.66 per cent in the period from January 2014 to November this year.SocietyOne has about 45 investors, including the mutuals Regional Australia Bank, Beyond Bank, G&C Mutual Bank and Maritime, Mining and Power Credit Union.