This week Plenti^ passed an important milestone: $100 million in loans funded in Australia.
When we established Plenti in Australia, we set out to build an alternative to the traditional financial system – an alternative that delivers real value to both investors and creditworthy borrowers.
In reaching this milestone, it’s clear we’re making real progress towards our objective. We’re also delighted to be helping our ~6,000 valued investors achieve attractive returns through consumer lending, whilst we together help thousands of creditworthy individuals achieve their goals with our low-interest personal loans.
With loan volumes now approaching $10 million per month, we expect our growth to accelerate over the coming year. Although even when expanding rapidly, we remain focused on credit performance. Actual bad debts currently represent less than 0.50% of loans funded, whilst our Provision Fund has ensured that every lender has received every cent of scheduled principal and interest due, and today holds over $3,950,000 to help protect investors from late payments and defaults.
So, our sincere gratitude to our supporters in helping us to reach this $100 million milestone. Together we can continue to build a fairer, more efficient alternative for investors and borrowers.
^Plenti was known as RateSetter prior to August 2020.
This information does not constitute financial advice and you should consider whether it is appropriate to your circumstances before you act in reliance on it. Any opinions, forecasts or recommendations reflect the judgement and assumptions of Plenti as at the date of publication and may later change without notice.