Asset finance specialists Nodifi to add personal lending products

by Mike Wood25 Nov 2021

Asset finance provider Nodifi has added to its broker proposition by creating a range of personal loan products.

Nodifi made the move after consulting with brokers, with the shift within the channel that has seen many mortgage brokers adding personal lending to their portfolio cited as a major factor in the decision.

“When we talk asset finance, it covers personal loans in a sense, because it’s the same sort of application,” said Tim Wells, COO at Nodifi. “Though we go out and say that we do asset finance, it’s no great shift in our direction, it just adds to our platform and quote tool on Nodifi.”

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“We’ve always done it, and now we have the option for brokers to quote and help their clients decide on what lender they go with on the platform.”

“The benefit of personal loans against asset, especially since Best Interest Duty and the dial down of rates, is that we’re seeing a lot more mortgage brokers exploring personal loans, because there’s no rate discounting in the personal space and there’s still the ability for brokers to earn some money.”

“The difficult thing in the personal loan world is that each lender has their own quotes. If I want to decide what is best for my client, I might have to log into one 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 clients.”

“On Nodifi now, a broker has the ability to put the application data in and then we go off via API and do all the quotes for them and bring the results back. Then, the broker can either choose to save it, print it or process to an application.”

“In the new year, we’ll be able to support lodgement to a lender as well. As a broker, I’ll be able to key in my client data, I’ll quote up all the lenders, Nodifi will go off and bring back results and then it’ll support the submitted to that lender in the broker logins, so they don’t have to go back and re-key data into any other lender system.”

“It reduces the time that it would take to build a personal deal compared to mortgage deals within the application.”