Latitude cuts key rate as it becomes number 3 in new personal loans
Latitude Financial Services has reduced the rate of its Low Rate Personal Loans to 9.99% p.a, bolstering competition and improving value for consumers.
This new low rate will be available for secured loans, complementing Latitude's existing 10.99% p.a. unsecured rate, and is lower than the rate currently offered by the big four banks (as at 6 August 2019).
Latitude is continuing to grow its share of the personal loans segment, recently becoming the third biggest lender of new personal loans, surpassing two of the four major banks in May and June 2019. Latitude's share of new loans grew to nearly 13% in June, up from just 8% two years earlier1.
Latitude's Managing Director and CEO Ahmed Fahour said, "While many lenders are pulling back, Latitude is open for business."
"It is pleasing to see consumers across Australia and New Zealand reacting so positively to Latitude's products and services, with our Net Promotor Score (NPS) reaching an all-time high of +45 and becoming the third largest lender of new personal loans in Australia, up from fifth place last year.
"We are committed to partnering with consumers across Australia and New Zealand to help them realise their financial goals.
"Consumers are finding it more difficult to access credit as a result of the major banks pulling back.
"Latitude is meeting some of this unmet demand but we want to do more, responsibly and in partnership with consumers.
"This is the first of a series of exciting announcements at Latitude that will deliver improved value for consumers," Fahour said.
Latitude is Australia and New Zealand's largest non-bank payments and consumer finance business, supporting more than 2.4 million customers and hundreds of retail partners, including some of Australia and New Zealand's largest retailers.
Latitude offers a range of payments and consumer finance products, including sales finance, personal and auto loans and credit cards, including its highly successful travel and shopping card, 28 Degrees.
Latitude's Low Rate Personal Loan applies to new customers borrowing at least $20,000, who have a mortgage or own their home and have excellent credit quality. The rate is fixed for the life of the loan for between one and seven years.
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1Personal loan business tracker (PLBT), June 2019, RFi