Nemo launches loyalty scheme

Nemo Personal Finance is launching a loyalty scheme called Quarterback, which gives its secured loan customers a quarter of their interest back after 10 years.

Nemos latest offering will typically be taken out by customers wanting to consolidate their debts or make home improvements.

It works by giving customers who take out a secured loan over a period of 10 years or more 25% of the interest back.

Borrowers taking an average loan of 30,000 over 15 years could be entitled to a loyalty bonus of 5,023 from Nemo after 10 years.

The 25% payment is calculated on the interest rate charged at the time the loan is taken and is fixed for the 10-year period.

Sam Marshall, managing director of Nemo, says: Quarterback is an excellent benefit for customers looking to take out a secured loan. Customers are not only likely to be able to reduce their monthly outgoings straightaway, but they also have this nest egg waiting for them if they keep the loan for 10 years.

For families with young children now, the loyalty reward may go some way to help funding university fees for their kids. Customers with older children may need to finance their weddings in the future or may even decide that they want to put the funds away for themselves later on in life.