Young lenders like SocietyOne have often been told by sceptics that because they've never been through a recession, it's not known whether they can make decent decisions about credit risk. It's a version of the old banking adage: it's easy to make a loan, harder to collect it.

But as Australia enters its first recession in thirty years, the critique no longer holds true. As an unsecured personal lender, SocietyOne is on the financial frontline of the crisis; its investors have put a laser-like focus on the quality of its lending.