Listed lender records 47% settlement growth

In a trading update, the group said growth in loan volumes continues with the number of settlements up 47 per cent on the prior month (September loan settlements were $782,548.00).

DirectMoney has now written to approximately 490 borrowers. The group affirmed its ongoing focus on stringent credit assessment processes and the new product distribution agreements.

“Month-on-month loan settlements are growing at pleasing levels and this is reflected in our strategy of working with strong loan origination partners and building awareness of DirectMoney’s products directly with consumers,” DirectMoney executive chairman Stephen Porges said.

“The quality of loans written is also an important benchmark for the company, with strong credit assessment processes critical in building a quality loan book," he said.

“This is a key measure for DirectMoney and fundamental as we build our position as a leading Australian marketplace lender.”