Consolidating your clients’ debts into one monthly repayment has never been easier, thanks to our handy new feature that automatically identifies your client’s existing liabilities.
Quick poll: do you look for debt consolidation opportunities when you're writing personal loans?
Now, our system automatically finds client debt consolidation opportunities for you.
If existing liabilities are found, you can choose to offer your clients a bundled loan, which includes the original amount they applied for, plus additional funds to consolidate their existing debts.
How does it work?
During the application process, you may see a screen appear that tells you we’ve found an opportunity to consolidate your client’s debt. This screen will only appear if your client is likely to be approved for their original loan amount.
If it seems like a good fit for your client, you can select ‘continue to debt consolidation’ to see a quote that includes the original loan amount, plus enough to consolidate the identified debts.
On this page, you’ll see the debts that may qualify for consolidation. To continue, just enter the estimated balance and interest rate of the loan, then select ‘Consolidate debt’
From there, you can see the combined amount for the debt consolidation and the original loan.
At the next stage you can choose to consolidate as little or as many debts as you like. You can also amend the loan term here if required.
Why should I use the feature?
Clients with simplified finances are happy clients.
By enabling your clients to consolidate their debts, they can enjoy the peace of mind that comes with having just one monthly repayment to plan for, plus an end date to work toward to pay off debt. In addition, consolidating your client’s debts could put them in a better position to service a home loan, putting them in a better financial position overall.
Keep in mind:
Selecting a bundle loan will not require you to provide us with extra documents, the requirement remains for an ID and three months personal bank statements.
Leveraging this smart feature is a great way to get the conversation going about existing debts and opportunities to simplify them.