Lendermarket adds new originator

Lendermarket has added a new loan originator, Dineo, to its marketplace.

Dineo was launched in Spain in 2014 and providers consumer loans ranging from €50 (£43) to €600. It has an online platform as well as a physical presence in Cash Converters stores.

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Lendermarket, the Dublin-based peer-to-peer lending marketplace, is offering Dineo loans of up to 90 days to its investors, with interest rates ranging from 10 per cent to 15 per cent.

Investors will be offered a buyback guarantee after 60 overdue days, which is also covered by a group buyback guarantee.

Lendermarket said it was “delighted” to introduce its new originator, which has funded more than 1.4 million loans valued at €335m to date.

The announcement comes after Lendermarket told Peer2Peer Finance News earlier this year that it was looking for more originators.

“One of our top priorities for this year is to bring additional diversification to the platform for our investors,” said Lendermarket’s chief executive Endrik Eller at the time.

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“We believe that in order to have a healthy portfolio it has to be well-diversified, and we are striving to offer just that to our investors.”

In order to qualify for inclusion on the Lendermarket platform, originators should be able to offer double-digit returns to investors, with loan terms of no more than five years.