Squirrel to launch P2P service, offering up to $70,000 in loans

Mon, 10 Aug 2015

By Suze Metherell Aug. 10 (BusinessDesk) - Squirrel, the Auckland-based mortgage broker, will launch New Zealand's third peer-to-peer lender, after being licensed by the Financial Markets Authority. From next month, Squirrel Money will offer consumers secured and unsecured personal loans up to $70,000 via "person-to-person" loans, it said in a statement. Borrowing rates will be determined by an auction type bidding process, where the more bidders in an auction the lower the interest rate on the loan, and the return to the investor, will...

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