In a first for borrower wellbeing, ilumoni the brand new, fully FCA authorised app, helps its users to understand and manage their borrowing better and is now available for free through its private beta.
ilumoni provides users with rich insights into how they borrow and repay, including how much they owe, how long it will take to repay their borrowing and how much their borrowing will cost in interest, all based on their current borrowing behaviour.
The app then helps users to identify how they can improve their borrowing, showing them the benefits of making changes to repayments as well as alternative borrowing options, all based on what the user can afford and products they are eligible for. This insight encourages borrowers to stay on track to reach goals such as reducing the amount of interest paid, paying balances off faster or reducing payments to free up cash in the best way.
ilumoni has a mission to raise awareness to borrow well, bringing together financial information from credit reports, credit cards, personal loans, mortgages and bank accounts to give users independent insights and options for their borrowing, supporting financial literacy, education and wellbeing. The app is independent of any lender and is not a lender itself.
This couldn’t have come at a more important time, since the pandemic began, almost 40% of people have seen their financial position worsen, where just 14% have seen an improvement, with almost 1 in 4 having increased their unsecured debt and 19% expecting to borrow more in the short term. Upwards of 25% of credit card holders are only paying the minimum repayment on their borrowing, which would take on average around 25 years to clear. What’s more, over a third of people worry about money every day and a recent report revealed that over 50% of people would rather go without essential spending, such as for food or heating, than talk about their debt.
Gary Wigglesworth, CEO at ilumoni explains, “We founded ilumoni because we could see that while it is often easy to borrow, it’s harder to borrow well. There is very limited independent support for consumers in making the right decisions about their borrowing, unless they are in difficulties. While there are products for money management and price comparison sites, nothing exists to make sense of what borrowing means for an individual without an agenda and on an ongoing basis. We decided it was time this changed.”
Gary goes on to say, “Over 50% of people now use money management apps with the rate of take up accelerated by the pandemic. Since we began building ilumoni, the need to support borrowers has become more necessary than ever. While some have been able to pay down debt, many more are now relying on borrowing to make ends meet. Being able to manage this in the best way will be critical to both their financial and mental wellbeing.”
The app has been in development for well over a year, with full FCA authorisation in January 2021, giving the green light for consumers to use the app. Beta customers are now invited to sign up for access at https://www.ilumoni.com/, with the general App and Play Store release planned for later in the year.
Photograph shows Gary Wigglesworth (left) and Jonathan Corner, co-founders of ilumoni.