Canon Australia is to commence offering finance to its Canon store online shoppers via ‘marketplace lender’, SocietyOne.
Marketplace or ‘Peer-2-Peer’ lenders such as SocietyOne provide online platforms enabling customers to borrow directly from private investors via an online platform, bypassing banks. SocietyOne’s rates range from around 9 percent for those with excellent credit records through to 20+ percent for poor credit records. Terms are 2-3 years and 5 years, and loans are from $5 – 35,000.
Canon says the initial application, which will be available on Canon’s online store, takes about 8 minutes to submit. When a customer chooses to purchase an item from Canon by borrowing from SocietyOne, they are given a personal loan quote using their credit profile, and will know immediately if they are likely to qualify, before going through a formal application process. Society One promotes its loans as being less expensive than borrowing from a bank.
‘High-value purchases often need to be financed, as credit card balances either don’t fit the purchase or, if they do, they are likely to cost you dearly at over 21 per cent per annum,’ said SocietyOne co-founder and chief operating officer, Greg Symons. ‘Using the simple logic of SocietyOne’s personal loan, the higher your credit score, the better your rate, so marketplace lending can now help consumers finance goods at a much better rate.’
This is the first time Society One has partnered with an online retailer.
The Canon online store is much more a fully-optioned, pure play photo store than other camera brands’ online operations. Canon has expanded the range on offer to include leading accessory brands such as Crumpler, Manfrotto, Verbatim, Phottix, Sennheiser and Rode. The provision of retail financing is another big step towards competing head-on with its retailing customers.
‘We’ve put a lot of time into helping our community members advance in their photography journey through inspiration and skills development, and helping them get the right equipment in their hands at the right time is critical to their advancement,’ said Canon Australia director of consumer imaging, Jason McLean.
‘With this new e-payment solution, as people advance in photographic skill, they can now purchase what they need and avoid the frustration of having to wait,’ he said.
‘Delivering more than expected is something we strive for in everything we do, so we’re proud to provide Canon Store consumers an additional payment option that is quick, convenient and doesn’t interrupt the shopping experience.’