Fintech Lumi Launches The 1st Rate-Reducing Business Loan For Those Who Need It Most
To alleviate the pain of high interest rates and its impact on SMEs’ cash flow and ability to borrow money, Lumi’s new product feature Rate EaseTM allows businesses that are paying a higher interest rate, due to their financial circumstances, to gradually drop their rate every month and save thousands in interest, simply by making their repayments on time.
Key benefits of the new Lumi Rate EaseTM feature include:
- Eligible customers can save up to 11% in interest.
- Rates automatically decrease monthly after 4 consecutive payments for up to 12 months.
- Partners can earn commissions of up to 6% on Lumi Business Loans with Rate Ease TM.
Here’s how Lumi Rate EaseTM works in action.
For a Lumi Business Loan of $100,000 on a 24 month-term and weekly repayments of $1,394, customers could save over $3K or 7% in interest.
Lumi is really committed to listen to their customers and partners’ feedback and adapt their products and services to their ever-changing needs in order to offer industry leading lending solutions. Lumi Rate EaseTM is a prime example of that, says John Clifford, Head of Third Party at Lumi.
For our broker partners this means they can finally offer their higher APR paying clients a market-first business lending product that rewards them with a rate decrease just for keeping their payment promises.
In this challenging market of rising inflation and reduced consumer spending, Lumi Rate EaseTM could be the financial catalyst SMEs need to access much needed funding, which they would otherwise not get approved for or could simply not afford, concludes John Clifford.
Lumi’s mission is to empower Australia’s SMEs that are experiencing difficulty securing finance from traditional lenders, to overcome those financial barriers by offering fast, fair, and flexible funding solutions, thanks to their innovative lending technology.
“At Lumi we fund potential, and we believe in rewarding long-term relationships with both our customers and partners. We want them to thrive, not just survive, so we think it’s only fair to reward good borrowing behaviour with a better price and that’s exactly why we launched Lumi Rate EaseTM.” Yanir Yakutiel Lumi Founder & CEO.