Poll
Behind the Moneio rebrand
One of the UK’s largest loan brokers, Moneio Limited, has rebranded to Freedom Finance Limited. Loan Talk discovers the reasons why from Managing Director Nicola Georgiou…
We feel that our new corporate identity will be less confusing for customers and will also allow us to benefit from the enhanced profile of the Freedom Finance name. The Freedom Finance brand – our direct consumer proposition – has been going from strength to strength and unifying the company behind that brand was a logical next step for the continued growth of the business.
In October, we are on course for a record month, signalling growing consumer confidence. We are expecting to complete £13 million worth of loans through Freedom Finance’s soft search loan system, consolidating its place as the UK’s largest loan broker. Our year-end results for financial year 2013 also revealed a 40 per cent increase in profits compared to the previous year.
In the past year, we have been investing in marketing our unique technology, which allows customers to shop for a loan and get accurate quotes for both unsecured and secured loans before committing to buy. As we do this using a ‘soft quotation search’ where customers can look at what a lender can offer them without affecting their credit rating.
Customers are attracted to this proposition as traditional comparison sites only show headline rates - not actual quotes based on borrowers’ credit profiles. This, combined with a strong marketing campaign, has driven new customers to our proposition who are keen to explore a better way of comparing and buying a loan.
Our broker technology solution, The Lending Wizard, has also been growing, as we see more brokers and advisers turning to secured loans as an alternative for their customers. In fact, we recently surveyed a number of intermediaries and found that 88 per cent felt that secured loans should be considered alongside re-mortgages under “best advice” when they fall under FCA regulation in April 2014.
From our perspective, this regulation can’t come soon enough. We think it will make loans – secured loans in particular – much more accessible products. As a business we have already adopted many of the principles that we believe will be set out by the FCA and I am confident that we will easily be able to adapt to the requirements of working in a regulated environment.
There are some challenging times ahead but with new lenders entering the market and consumer confidence improving, we hope to continue our growth trajectory under the new Freedom Finance corporate umbrella. We took on 12 new members of staff in September and are currently looking to recruit new talent in order to meet this increased demand whilst extending our Manchester offices – particularly the recreational areas with a pool table! Ultimately, we will continue working to constantly improve our processes, ensuring that our customers have the best experience on their journey towards a loan.
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