RealTime IT News

Hey, Big Lenders! Says moneygator.com

[London, ENGLAND] European personal finance aggregator moneygator.com announced Thursday that Barclays, Bristol & West and Diners Club have all joined its network.

Launched in May this year, moneygator.com enables its users to make online applications for mortgages, loans and credit cards. It has 32 lenders on its sites who have loaned over $142 million as a result of their participation.

Henning Holter, moneygator.com's managing director, welcomed the new lenders and said they would widen the choice available to users.

"We believe we are succeeding in our ambition of creating an independent authoritative channel for personal financial services which gives control of the buying process to the customer," said Holter.

With 18,000 registered users and over 50,000 visits per month, moneygator.com claims to be one of the fastest-growing personal finance aggregators in the U.K.

The unique selling-point offered by moneygator.com is its pre-screening application process. This allows providers to associate specific criteria with each product -- criteria which moneygator.com then matches with the applicant's data.

As a result of using pre-screening, moneygator.com says it makes financial product comparison easier and more efficient. It also claims that its Internet distribution model is so effective that lenders can now offer products that would normally be uneconomic using traditional intermediaries.

Internet banking is making steady progress in the U.K., despite a consistently bad press. "First Internet Bank Robbery" was Wednesday's front page headline in the London Evening Standard -- referring to an inept bid by criminals to steal online from Egg. However, Egg itself now has 1.2 million customers while other brands are also attracting new business.

Among the brands on the moneygator.com site are: Halifax, Northern Rock, Yorkshire, Egg, Woolwich, NatWest, Nationwide, Scottish Widows, Paragon and Marks & Spencer Financial Services.