Quintessential, a financial affiliate technology firm, has unveiled a new version of its Pingtree platform that offers support for online personal loan lenders.
Just over a month after announcing an online life insurance comparison tool, Quintessential is set to give publishers and their respective consumers access to a wider range of lenders.
Consumer borrowing is evolving, according to Quintessential co-founder and chief executive Greg Cox. An increase in the lending of unsecured loans online as well as the growth of the market since legislation changes were factors in the platform refresh.
“The way in which people buy financial products, including how they borrow and save, has changed,” Cox said. “New technology is driving choice, and with it, increased competition.”
“Pingtree Personal Loans will give consumers more borrowing options, and it’s an obvious expansion of our technology and applications.”
The choice of loans available through Pingtree now ranges from £1,000 to £50,000 on terms from six to 60 months. Quintessential states that the offer revolves around a ‘whole of market’ proposition, catering for even those that might have difficulty paying it back.
Initially there will be 30 lenders on the personal loans platform, which will include various high street brands, in addition to new and non-conventional lenders such as Amigo and peer-to-peer lender, Rate Setter.
Lenders that use Pingtree will have access to a network of customer origination sources for boosting their own distribution.
To showcase Pingtree’s latest update, Quintessential is launching ukloans.co.uk that will help borrowers search for the cheapest loan possible.