One of Plenti’s signature products is to be offered to the broker channel for the first time, with the launch of their legal fee loans.
Legal fee lending is typically used by clients who are going through a divorce or separation, with the loan taken out to provide funding for the lawyers required.
The loan differs from the traditional personal loan product as it is not required to be repaid until the end of the loan, rather than on a rolling monthly basis, and is assessed against the expected divorce settlement, which allows those without income – stay at home parents, for example – to apply.
Previous legal loans were only available via accredited lawyers, but now they will be accessible for personal loan brokers to offer to their clients.
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“This product is well established,” said Nicki Olds, head of personal lending at Plenti. “We launched it back in 2016 and to date, we’ve accredited over 300 lawyers that have access to it. We felt that it was now at a level of maturity to launch it across the broker network.”
“We have access to 8,000 finance brokers and they’re the trusted financial professional for their clients.”
“What we’ve found in the past from broker feedback is that they have facilitated a home loan for customers that, in 24 months time, has their clients going through a breakup and they haven’t had a solution in order to address that next stage of their financial situation.”
“We feel like now is a really relevant time to bring that to the broker channel. There are a number of benefits for brokers to deepen their existing relationships with customers, finding new referral partners and retain more clients.”
“It’s a unique product solution that allows them to help customers transition to the next stage of their life. It’s exciting for us, and an additional revenue source for brokers.”
“When we came to the broker market with our personal loan and car loan products five years ago, our ethos was always around helping brokers build bigger, bulletproof businesses to have access to more products and to service more clients – at every stage of their financial lifecycle.”
“This legal product can play a role in that. It’s another product that allows the broker to fill a gap and provide a solution in a scenario where a lot of borrowers don’t really have an option.”
