- Fintech company Propell Holdings (PHL) has launched its 12-month line of credit in-house lending product
- Propell developed the product on the platform during the last half following the ongoing success of the 6-month line of credit product
- The product trial has contributed to the company’s strongest lending month on record, with total new loans up over 210 per cent in January
- The company expects to formally launch the product above the line this month
- Shares in Propell were down 2.5 per cent to 7.8 cents each at the close of trading on Tuesday
Fintech company Propell Holdings (PHL) has launched its 12-month line of credit in-house lending product.
Propell developed the product on the platform during the last half following the ongoing success of the 6-month line of credit product, as well as consistent customer feedback on providing a longer-dated and larger facility.
The new, longer-dated loan product has been built off the back of Propell’s leading credit decisioning engine and broader loan management system.
It includes an unsecured, line of credit facility for loans from five thousand to $250,000.
With simple pricing, a flat rate monthly fee and no application or account charges, the new product also offers a 12-month duration with flexibility to repay the loan at any time.
All customers gain access to the Propell platform benefits, including access to all the company’s expanding range of small-to-medium enterprise (SME) finance tools such as payments, lending and insights.
Following development, Propell launched the initial trial last December and for the entire month of January.
The product trial has contributed to the company’s strongest lending month on record, with total new loans up over 210 per cent in January compared to the previous month, eclipsing the entire second quarter of FY22.
The company has experienced record key metrics including over $800,000 in new loans for the month and over a 40 per cent increase in total approved facilities to more than $7 million.
Encouraged by the results of the trial, the company expects to formally launch the product above the line this month.
Propell CEO Michael Davidson said the launch has been some time in the making and he is extremely excited by its performance.
“All research pointed to this as an important addition to the platform, and the early results support that insight,” he said.
“This product is important to our core proposition as it addresses a burning need of small business, giving access to capital, but also with each product addition our platform gets stronger and positions us as our customers’ core finance provider.”
Shares in Propell were down 2.5 per cent to 7.8 cents each at the close of trading on Tuesday.