Asset finance provider Nodifi complemented its brokerage proposition by creating a line of personal loan products.
Nodifi followed suit after consulting with brokers, with the change within the channel that saw many mortgage brokers adding personal loans to their portfolios cited as a major factor in the decision.
“When we talk about asset finance, it sort of covers personal loans, because it’s the same type of request,” said Tim Wells, COO at Nodifi. “Although we say we do asset finance, it’s not a big change in our direction, it just adds to our platform and our quote tool on Nodifi. “
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“We always have, and now we have the ability for brokers to quote and help their clients decide which lender to go on the platform with.”
“The advantage of personal loans over assets, especially since Best Interest Duty and falling rates, is that we are seeing a lot more mortgage brokers exploring personal loans because there is no rate cut. in the personal space and there is always the possibility for brokers to make money.
“The difficult thing in the world of personal loans is that each lender has their own quotes. If I want to decide what is best for my client, I may need to log into a lender’s platform, do a quote, then another lender, do a quote, then a third and do another. quote to get three options to present to a customer. “
“On Nodifi now a broker has the option to put the app data and then we go through the API and do all the quotes for them and bring the results back. Then the broker can choose to save it, print it or process it in an app.
“In the new year, we will also be able to support the deposit with a lender. As a broker, I will be able to enter my clients’ data, I will quote all lenders, Nodifi will shut down and report the results, then it will take over the information submitted to this lender in the broker’s logins, so they don’t do not need to go back and re-enter the data in another lender system.
“This cuts down on the time it would take to make a personal deal versus mortgage deals in the app. “