CompareLoans launches to offer choice and transparency to borrowers in South Africa with unparalleled transparency around interest rates, fees and terms in the personal finance market.
CompareLoans, launched by Financial Independent Press, aggregates and compares personal loans and vehicle finance from over 30 South African lenders and is independent and 100% free to use.
CompareLoans displays interest rates and estimated loan repayments for all major lenders without requiring users to submit their personal information. The aim of CompareLoans is to provide consumers with greater transparency and clarity when they shop around for a loan.
CompareLoans was created by the Australian firm Financial Independent Press, using a platform they developed for the Australian market; BestFind.com.au. It took several months to redevelop the website for the South African market and to source local product data.
According to Pierre Lintzer, Chief Operations Officer for CompareLoans, “We’re extremely excited to launch CompareLoans.co.za and for the opportunity to help the forty thousand plus South Africans who search for a loan each month.”
“There’s no other tool in South Africa that quickly and easily compares that many lenders, and I have no doubt that the service will become extremely popular.”
“When researching where to expand our operations after Australia, it was quite surprising to see how opaque the South African market for personal finance was. And we’re going to change all of that.”
Lintzer added that the immediate priority for CompareLoans is to establish working relationships with South Africa’s major banks and lenders and to consolidate the platform to provide the best possible user experience.
“In Australia, the popularity and dominance of financial comparison and aggregator websites has meant that most major financial institutions proactively inform us about upcoming interest rate and product changes.”
“As we initiated our launch in South Africa, the banks and independent lenders have been very cooperative in sharing their rates, fees and related data. They are very supportive in our endeavour to bring greater transparency into the lending market and that’s great for customers” Lintzer added.
Beyond data and relationships, CompareLoan’s other priority will be producing educational content focussed on money management and financial well-being.
“Knowledge is power. Providing accurate information and educational content to help South Africans better understand money and financial products will be our core focus.” Lintzer concluded.