Borrower wellbeing app ilumoni has launched, designed to help UK consumers ‘borrow better’ by avoiding paying too much interest or carrying debt for longer than necessary.
The free borrower wellbeing app, which has received £1.63m in investment since inception and gained Financial Conduct Authority (FCA) authorisation earlier this year, has completed beta testing and is now available to the wider market.
Users set priorities, and the app pulls together financial information from credit reports, credit cards, personal loans, mortgages, and bank accounts to give users visibility of what they owe, along with additional information on things such as interest costs and payment timeframes.
Following a OnePoll survey, ilumoni revealed that 58% of borrowers are not happy with how they manage their borrowing, and nine out of 10 UK borrowers are unable to work out the total interest payable on a 3-year loan.
The poll also found that more than one in four Brits regularly lose sleep over their borrowing, and 29% feel stressed, down, depressed or anxious about their borrowing a few times a month or more.
Gary Wigglesworth, chief execuitve of ilumoni, said: “ilumoni provides the impartial financial support that borrowers crave.
“Our research reveals over half of UK borrowers feel nervous talking to financial service providers about their borrowing, and 58% of people prefer using an app to chat about such topics.
“Top of our priority list is giving people the tools and insight they need to make confident, better-informed decisions when it comes to their borrowing.”