Login
ISCOVER
Peer-to-peer lender ThinCats Australia has announced changes to its commission structure that will reward brokers who arrange loans for the group.
ThinCats already paid brokers a commission of 25 basis points for a lead on settlement of a loan (without a fully completed application) and a trail commission of 15 basis points.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
However, the group will now pay a commission of 60 basis points for a lead with a fully completed application, with a trail commission of 15 basis points.
The group has also announced no clawback and borrowers are allowed to repay the full amount of the loan at any time without penalty.
“We are keen to develop our relationships with brokers and believe our commission structure will attract more of them to our platform,” ThinCats Australia CEO Sunil Aranha said.
The peer-to-peer lender, which launched in Australia in December 2014, revealed just days ago that it was seeking to expand its broker numbers through direct trade investment in the group and an initial public offer (IPO).
“We are in deep discussions with a number of parties about our platform, which specifically targets the more than two million SME businesses whose incremental financial needs are often ignored by the big lenders,” Mr Aranha said.
“We are also generating a lot of interest from finance brokers, who will be rewarded as they bring loans to the platform, and we are actively considering an expanded loan offering as well as higher interest rates to price for any perceived additional risk.”
