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Launch of new financial wellbeing app ilumoni

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ilumoni, a new financial wellbeing app for borrowing, is now available through its private beta, following its initial fundraising round and FCA authorisation in January 2021.   

The free to use, AI-driven app, helps its users to understand and manage their borrowing. It brings together financial information from credit reports, credit cards, personal loans, mortgages and bank accounts to give users full visibility of what they owe.   

ilumoni provides users with insights into how they borrow and repay, including how long it will take to repay their borrowing and how much their borrowing will cost in interest. It then helps people to identify how they can improve their borrowing, showing them the benefits of making changes to repayments as well as alternative borrowing options, all based on what the user can afford and products they are eligible for. This insight encourages users to stay on track to reach goals such as reducing the amount of interest paid, paying balances off faster or reducing payments to free up cash in the best way.    

Gary Wigglesworth, CEO at ilumoni says: “We founded ilumoni because we could see that while it is often easy to borrow, it’s harder to borrow well. There is very limited independent support for consumers in making the right decisions about their borrowing, unless they are in difficulties. While there are products for money management and price comparison sites, nothing exists to make sense of what borrowing means for an individual without an agenda and on an ongoing basis.”   

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