Societyone, an Australian peer-to-peer lending service, presented a mobile app at Finovate Asia last week.
Previous apps offered by peer-to-peer lending services either optimised the display of website data for the mobile interface or offered basic bidding functions for investors. This one goes far beyond that. It promises the borrower a loan application and funding within three minutes.
If you look further than whether there is a need by consumers to apply for loans from mobile devices rather than PCs there are a some very interesting key take-aways from this App. The process is streamlined and does not require any offline steps. This enables the loan application to be really fast, allowing near instant user gratification (the loan request is approved and the money will be in his account soon). This is a big advantage over p2p lending services whose processes from application till loan amount is finally paid out might take several weeks.