Borrower wellbeing app, ilumoni听has officially launched and is now available to download on Android and iOS devices.
The app, which has received 拢1.63 million in investment since inception and gained FCA authorisation earlier this year, has successfully completed its Beta launch and is听now available to the wider market.
The free to use, AI-driven app helps its users to understand and manage their borrowing in four simple steps. It asks users to set their priorities and brings 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.
With a recent OnePoll study conducted by ilumoni revealing that 3 in 5听(58%) borrowers are not happy with how they manage their borrowing, and 9 out of 10 UK borrowers unable to work out the total interest payable on a three-year loan, it鈥檚 clear that more needs to be done to give borrowers the power to better understand their borrowing.
The launch of ilumoni means that users can now identify how to improve their borrowing, with the app showing them the benefits of making changes to repayments as well as alternative borrowing options, all based on what the user can afford and听the products they are eligible for. The AI-driven software provides unique insights to each individual user鈥檚 own experience, suggesting simple switches that are aligned with each user鈥檚 objectives. This insight then encourages users to stay on track to reach their goals, such as reducing the amount of interest paid and paying balances faster.
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Gary Wigglesworth and Jonathan Corner, founders of ilumoni, are strong believers in giving borrowers the power to have full financial confidence and competence, in turn reducing finance-related stress, something which the newly launched app enables.
Gary Wigglesworth said, 鈥渋lumoni 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.
鈥淭op of our priority list is giving people the tools and insight they need to make confident, better-informed decisions when it comes to their听borrowing.鈥�
Ilumoni is independent of any lenders and aims to help the millions of people across the UK that carry debt for longer than necessary to borrow better through its smart solutions. The app can be downloaded on both the听iOS听App Store听and听Google Play.
For more information visit听www.ilumoni.com.
