RateSetter.com, the peer-to-peer finance website, has launched Loanbroker API, allowing finance brokers the ability to offer a RateSetter SmartQuote.
The Loans Engine is the first broker to implement the product, allowing it to provide instant personalised APRs without the user being required to visit the RateSetter website.
RateSetter COO Peter Behrens said: “Peer-to-peer lending is growing fast and the RateSetter lending model – with instant personalised quotes, fast and flexible loans and low APRs – is the perfect complement for brokers seeking simple and secure unsecured finance for their clients.
“Whilst a RateSetter loan isn’t available to everyone, this new interface enables a broker to find out instantly whether their clients are likely to be accepted.”
Steve Case, director of sales for The Loans Engine, added: “We are delighted to be the first broker to work with Ratesetter. Loanbroker API, which combines Ratesetter’s attractive customer interest rates and instant decisions, will be an excellent fit with our existing best-in-class broker proposition.”
Whilst limited to prime borrowers, RateSetter loans are rated for their low rates and flexible terms with no early repayment penalties.