SocietyOne chief executive Matt Symons has defended the use of the term "peer to peer lender" to describe his business, despite the fact that only a small number of wholesale investors are able to use the company's lending platform.Speaking at the Finsia conference in Sydney on Friday, Symons said the description was not a misrepresentation because the wholesale investors using the platform were a legitimate group of "peers".SocietyOne does not provide information about lending volumes, borrower numbers or investor numbers. It has yet to open up its platform to retail investors. Symons said it was not constrained from doing this but would wait until it had more of a track record before taking the next step.According to the Australian Securities and Investments Commission, a wholesale investor is someone with annual income of at least A$250,000 or net assets of $2.5 million.ASIC's view is that a person meeting one of these criteria is more likely to be able to evaluate offers of securities and financial products without needing the protections of a regulated disclosure document.SocietyOne's value proposition for borrowers is that consumers with good credit scores will be offered cheaper interest rates through its platform, which uses risk-based pricing, than they would get from a financial institution.For investors, access to a portfolio of consumer finance assets offers the prospect of yields of ten per cent or more.In June, SocietyOne moved out of its "soft launch" mode with an aggressive offer of an unsecured personal loan for as little as 9.8 per cent. At this stage the company offers one product - a three-year unsecured personal loan for amounts between $5000 and $30,000.However, Symons said the company was looking at other areas where it saw mis-pricing in the finance market. One of those is agribusiness lending."We are looking at how we could get into funding livestock acquisition," he said.