Giving customers more certainty
With the interest rates for personal loans being a range, rather than a single fixed rate, customers found it difficult to estimate how much a loan would cost them and how much they could afford without knowing what their final rate would be. We wanted to give customers a higher level of certainty on their loan before they proceeded to application, by doing a soft bureau call that would give them a personalised rate based on their credit score, without impacting their credit report.
Once completed, the quote is locked in for 14 days and is honoured even if the interest rates change in the meantime, allowing customers time to plan out their finances with accurate loan information before they apply.