Founded in 2014 by Leo Tyndall, Marketlend is a P2P solution for working capital and invoice finance for small businesses. Marketlend brings businesses with capital needs together with investors who are able to help fund their cash flow problems. This solution allows investors to read through a company’s finance application and decide if they want to fund the entire request or partially fund or not fund at all. The investor is covered by risk insurance. The borrower is able to get funds through a non-traditional financing option.
Marketlend Reviews in Numbers: 2020
|Australian Business Number (ABN):||19 602 720 856|
|Australian Credit License:||602 720 856|
|Loan amount:||$2,000 to $1,000,000|
|Loan term:||From 3 years to 5 years|
|Unsecured Loans Offered?||Yes|
|Easy Online Application:||Yes|
|Response Normally Within:||Typically, less than 3 days|
|Documents Required to Apply:||Unknown|
|Requirements to Apply:||Provide personal information to begin application process such as: Email, Home address, Complete Name, Date of Birth and Any other relevant personal information|
|Minimal Interest Rates:||Application fee of $300 + 2% of requested loan amount, there is a closing fee which is dependent on the total amount borrowed and your businesses rating through Marketlend|
|General Feedback from Clients Online:||According to Google reviews Marketlend has a 5 star rating|
|Awards and Recognition:||In 2015 Marketlend was listed as one of the SMART 100 and was again listed in the 2016 SMART 100. In 2018 Marketlend was listed as a finalist for FinTech Business Award for Crowdfunding Innovator of the Year, they were one of 5 finalists. They were also listed in 2018 as one of seven finalists for FinTech Business Award of Lending Platform Innovator of the Year.|
Marketlend offers a platform for borrowers and lenders to meet in order to facilitate investment transactions. This platform allows businesses with capital fund needs to request funds via Invoice Financing similarly to Speedy Finance and other Business Loans. The applicant applies for an account with Marketlend, which has a $300 application fee and then there is a 2% fee for the requested loan amount.
Applicants can request payment terms typically up to 5 years. There is no penalty to the borrower if they are able to repay sooner. They can request $2,000 up to $1,000,000 for their capital fund needs. Borrowers are not required to secure the loan with any assets, however the borrowers are given a risk assessment by Marketlend and the investors are able to review their funds request and see their risk assessment and determine if they want to fund the request or partially fund the request.
The bottom line is that for the borrower, Marketlend is quite similar to other financing companies operating in Australia, and unlike newcomer Marketlend they have far more user reviews available online to attest for their quality of service.
Marketlend Alternatives for Working Capital in Australia
Marketlend Founder Leo Tyndall saw an opportunity in being able to bring together small businesses that needed funding and people and small businesses that wanted to invest and earn higher returns on their investments. Tyndall was able to facilitate a platform to enable an online market place for borrowers to present their request for funds application and qualified investors are able to review the application and decide if they want to invest in the request. Investors are able to mitigate their risk through insurance for default and non-payment of the loans and even with the added cost of insurance Marketlend is able to navigate the system and provide investors with a higher rate of return than traditional bank investments. Borrowers are able to access non-traditional financing options for fulfill their working capital needs.
Tyndall saw an opportunity and was able to deliver a peer to peer lending platform that both benefits investors and borrowers at a lower cost than traditional investment and financing options. This financing platform of peer to peer financing with Marketlend has been listed as innovative. What is fascinating about Marketlend it offers investors a platform to make risky investments with high yield with small amounts at a time. Instead of throwing $100,000 into an investment, investors can invest $100 at a time into each capital funding proposal by borrowers. This allows small investors to take control over their investments, where they wouldn’t have been considered for only a mere $100 loan before. Now they can earn high yields and support other small businesses to grow the small business economy through Marketlend Australia.
Marketlend prides itself on their transparency. They are bringing capital to those who need it without the hoops of working with a bank, which traditionally has hidden costs, like overhead, commissions, and shareholders to keep happy. Marketlend takes the excessive fee structure out of the equation and strictly shows borrowers a low rate to borrow funds and is able to provide investors with a higher rate of return for investing in other small businesses.
This review of Marketlend will help you better understand your finance options when it comes to borrowing working capital for your business needs. When you have hit a brick wall with banks and other financial institutions you are able to present your request for funds to Marketlend and potential investors are able to review your capital needs and decide if they want to fund your request. This transaction can save the borrower on high interest bank loans and provide the investor a higher rate of return for their investment.
Marketlend Client Reviews
Blogger on Aussie Firebug was testing out peer to peer investments and chose Marketlend as a target to review. Aussie Firebug opened an investment account with Marketlend and started with $10,000 to invest, Firebug found that the process was easy and that allowed to have control over its investments. One of the cons listed was that there was no notification when a loan had been repaid early.
Client Reviews – Data:
Google: 7 Reviews, 7 Positive Reviews, 0 Neutral, 0 Negative – Average Score 5.0 / 10
Analysis of Client Reviews:
Based on the blogger review of Marketlend and Google Reviews by both borrowers and investors show that Marketlend is a good place for both parties. Borrowers apply for an account and are able to continue borrowing ongoing and can get funding fast to help with their working capital needs.
- Startup: Yes.
- Bad credit: Yes, credit is applied when considering the borrowers risk assessment for investors to review.
- Sole trader: Yes, Marketlend will work with Sole Traders.
- Minimum Monthly Turnover: No minimum monthly turnover required.
- Established business: Yes, Marketlend works with all established businesses.
- Business Purchase: N/A.
- Maximum Loan Amount: 90% of Invoice amount up to $1,000,000 for business loans.
Marketlend Review Summary
Credibility - 85%
Ease of Registration - 90%
Website - 90%
Compatibility - 85%
Client Reviews - 90%
Investor Experiences - 95%
Marketlend is a great P2P platform that is valid for both small businesses looking for medium to large scale financing and investors. The business lending P2P have been gaining tremendous success in both the UK and USA for many years now and it is a proven model that can boost economy significantly. Marketlend specifically is respected by borrowers and investors, has a great looking website with a very smooth sign up process, and is usually fair with its interest rates. It’s only (major) downside is the $300 fixed + 2% they take for each loan application even if it wasn’t fulfilled entirely.