The partnership is thought to be the first of its kind between an airline and fintech lender in Australia.
Qantas Loyalty Chief Executive Officer, Olivia Wirth, said the alliance with Symple would offer frequent flyer members more ways to earn points and redeem them on flights, hotels, and holiday packages.
“We’re always evolving and innovating to help our 13 million members earn even more points towards their next dream trip, whether it’s on their groceries, buying petrol, paying bills or now, accessing personal loan services," Ms Wirth said.
Symple Loans is a Melbourne-based fintech offering personalised personal loans, with comparison rates ranging from 6.47% p.a. to 29.20% p.a.
It boasts a seven-minute application time with a 60-second response and funds transferred in 24 hours, on amounts up to $50,000.
Bob Belan, co-Founder & CEO of Symple Loans, said the partnership with Qantas would support the fintech's growth and provide a further point of difference from other lenders.
“At Symple, we are continuously looking for new and innovative ways to reinvent the personal lending experience and to offer Australians a better, faster, and more rewarding lending experience," Mr Belan said.
"In addition to our market-leading interest rates and easy digital application process, our partnership with Qantas allows us to further differentiate Symple’s proposition and offer even more value to our customer base.
"We are very pleased to be partnering with Qantas — clearly a premium brand and category leader – and we are excited to be working with them closely going forward.”
In the market for a personal loan? The table below features personal loans with some of the lowest interest rates on the market.
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The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.
Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of November 21, 2024. View disclaimer.
Launched in January 2019, Symple said it wanted to address what it saw as unnecessarily high-interest rates being paid by credit-worthy Australians.
It uses digital lending technology, advanced analytics and proprietary risk scoring techniques to create a more complete picture of a borrower's financial position.
Symple Loans are available to Australian citizens or permanent residents over 18 years old who are employed and earning over $25,000 per year.
Loan terms range from one to seven years and can be used to purchase a vehicle, consolidate debt, cover medical expenses, or for holidays or renovations.
There are no early repayment fees but there may be an establishment fee from 0-5% of the loan amount and a $10 monthly administration fee.
The fintech raised $15 million in capital funding in February that valued the company at $100 million.
At the time, it said it was on track to hit $100 million in new loan originations in the coming months.
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For home loans, the base criteria include a $400,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 loan over 5 years. These rates are only examples and may not include all fees and charges.
*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Monthly repayment figures are estimates that exclude fees. These estimates are based on the advertised rates for the specified term and loan amount. Actual repayments will depend on your circumstances and interest rate changes.
Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you.
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