Lending Crowd launch unsecured loans of $2,000 to a maximum of $50,000. Unsecured loan interest rates will start at 5.66% p.a. Secured loan interest rates start from 5.03% p.a.
The Lending Crowd today announced that it has cut interest rates again and is moving away from solely being a secured lender to now also offer unsecured loans.
The Lending Crowd runs a peer-to-peer lending model and specialises in vehicle, personal, and business finance.
Effective immediately, Lending Crowd is offering unsecured loans of $2,000 to a maximum of $50,000. Interest rates for unsecured loans will start at 5.66% p.a., and if borrowers choose to secure their loan with property or vehicles, they will be rewarded with an even lower interest rate across all risk grades. Secured rates start from 5.03% p.a.
Learn more about the difference between secured loans versus unsecured loans.
Lending Crowd is a rate-for-risk model that caters to a wide spectrum of good credit risk customers. They have expanded their risk grades from just 4 risk bands to 16, and the interest rate range for unsecured and secured loans starts from a low of 5.03% p.a. to a maximum of 20.3% p.a.
“Unsecured lending is a natural extension of our service”, says Croad. “It’s no secret that better access to reliable data has assisted Fintech companies like ours to make more informed and faster lending decisions. It also speaks to the need for security over a physical asset is now not always being a necessity.”
“That said, larger loan requests of $50K plus to $200K will continue to have a mandatory requirement for property and or vehicles as security before being offered funding.”
Throughout the recent challenges of Covid19, Croad says he has been heartened by the response of all of its members. “This is peer-to-peer at its best, and it’s good to see every day NZ borrowers and investors working together to assist each other through a difficult time.”
“Investor support has been unwavering, it’s very unusual for a loan to be listed and not fully funded for borrowers within minutes.”
“We are very pleased to now offer investors more choice and borrowers a lower interest rate effective 23 November 2020.”