Nemo Personal Finance is launching Quarterback, a new loyalty scheme, which gives its secured loan customers a quarter of their interest back after ten years.
It 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 ten 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 Personal Finance, says: “Quarterback is an excellent benefit for any customer 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.”
When consolidating debt, homeowners can potentially reduce their short term monthly outgoings by repaying their borrowing over a longer term. By tackling debts with a secured loan from Nemo, customers also benefit from the Quarterback loyalty bonus on the tenth anniversary of their loan. Homeowners can borrow any amount from £10,000 to £100,000 and to be eligible for Quarterback, customers must take their loan out over a term of 10 to 25 years.