As of November 2021, selected users will be able to take out new borrowing via the ilumoni app. In this guide, you can find information about why this new feature has been introduced, how it will work and when/if you might see the offers.
At ilumoni, we know that borrowing is a part of life for many of us, and that people often borrow for a variety of reasons (to make home improvements, buy a car or even just to go on the holiday of a lifetime). So, having listened to feedback from our customers, we wanted to provide a method of borrowing well for those circumstances. We believe that borrowing well means making the best decision for you, based on clear, useful information and the options available. As ever, any action you take within the app is entirely your choice and we aim to help you feel confident making that choice.
When you use this new feature, you will see offers you’re eligible for, as well as the direct impact this new borrowing will have on your borrowing status overall. This means that you’ll be shown:
The total cost of the interest
How long it will take to repay
How it will impact your short term borrowing and repayments, including your overall debt to income ratio
Whether the lender charges for any early repayments
Alongside the amount and term you’ve selected to borrow, ilumoni will also highlight if borrowing a lower amount, or the same amount over a shorter term, would reduce the amount of interest you’d pay.
All this information has been provided to help you make an informed decision about your borrowing and explore if borrowing a little less or paying the loan back a little sooner might be a better option for you.
Whether you’re viewing a personal loan offer or a consolidation loan nudge, you will only ever see lenders that ilumoni currently partners with, all of which have been vetted by ilumoni. We're also adding to this panel all of the time. This means you’ll never be offered a loan from a payday lender or similar high-cost, short-term credit. However, there may be other deals available to you from lenders we don't currently work with, outside of the ilumoni app, so it's important to consider all your options when taking out new credit.
You will only see this new feature within the ilumoni app if you meet specific criteria such as; you are not considered to be financially vulnerable, your credit status is considered to be ‘fair’ or better, you appear to have manageable levels of debt and you have the income required to support the new borrowing.
If you meet the criteria, you will be able to access this feature via the app, however, you will only see notifications about this feature if you also have no consolidation loan nudges available to you within the app and taking new borrowing aligns with the goals you've shared with us.
Having access to the personal loan offers feature does not necessarily mean you will receive offers from our lenders. This is because, based on the information you’ve shared with the app, we believe you will be eligible for a personal loan offer. However, until you click through to the marketplace, the app isn't able to see what offers you might receive. If you don't receive any offers, this is most likely because you don't meet the lenders' criteria, as they might be able to see more about you than we can.
Nudges are triggered when the app determines that you could save money on interest or clear debts faster by changing your product or borrowing behaviour. Discover the different nudges available here.
Personal loan offers are not a nudge and are, instead, a form of new borrowing that you could take out via ilumoni, provided you meet the criteria set out above.
This new feature has been created to provide borrowers with the option to take out new borrowing in an informed and considered way. The feedback received from our customers stated that, while the information provided in the app was really useful, unless there was a need to improve borrowing, the app itself wasn’t helpful for ongoing borrower support. At ilumoni, we know that, for many, borrowing is a part of life and so, whatever your reason for taking out a personal loan, you can now continue to borrow well directly through the app.
When developing personal loan offers, we have built certain rules to ensure the feature is only highlighted when appropriate, based on the information ilumoni can see. This means, if you’re eligible for a consolidation loan nudge, you won’t see these notifications about these offers, though they will still be accessible within the app.
This feature has been designed for those who ilumoni wasn’t previously able to help (because the app couldn’t find improvements to be made) and who have the affordability for new borrowing, based on what we know about them. All actions taken within the app are your choice - borrowing well to ilumoni means making an informed decision that’s right for your circumstances - so this feature has been designed to provide you with as much information as possible upfront. You will not see this feature if we think you may have difficulty in repaying the loan but you will always know your circumstances best, so it’s important you make the right decision for you.
At this point, you're not able to opt-out of having access to the personal loan feature within the profile area of the app (if you meet the criteria), however, as with all aspects of the ilumoni app, there is no obligation to act on any of the information shown on your dashboard. Similarly, you'll only be able to access this feature if you meet the criteria set out in this post and you can also choose to 'snooze' the feature for 30 days at a time.
If you aren’t seeing personal loan offers in the app, this means that you don’t currently meet the criteria to use the feature. You can, of course, look outside of ilumoni to take out new borrowing, however, we would encourage you to first see if any improvements could be made to your existing borrowing before doing so, to make sure you’re in the strongest position possible and are borrowing well.
If you have any questions about this new feature or want to know more, please get in touch with our support team via the app or the contact form on our website, and they can provide you with further information.
Concerned about your finances or are struggling with debt? The organisations on our Debt Helplines page can offer you additional support or advice.
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ilumoni is a trading name of Monely Limited registered and regulated by the Financial Conduct Authority (928933 and 928681), registered in England and Wales (Company number 11886611), Registered Office: The Barnsley Digital Media Centre, County Way, Barnsley, S70 2JW