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Blog  /  Insights
Feb 23, 2024

Understanding Interest Rates and Borrowing Limits with Lenny.

Match Your Credit Profile for the Best Loan Rates
by Richard

At Lenny, we're dedicated to ensuring financial decisions are as fair and transparent as possible. That's why we've revolutionized the way we approach interest rates and borrowing limits, using a risk-based model and matching your credit profile with a panel of 12 lenders. This unique method guarantees the best rate match for your individual circumstances.

Lenny's Risk-Based Interest Rates

We embrace risk-based interest rates, a system that rewards lower risk with lower rates. This equitable approach means that your interest rate reflects your individual creditworthiness. It's a straightforward concept: the lower the lending risk, the lower your interest rate, and vice versa.

This system contrasts with traditional flat-rate models where everyone pays the same rate, regardless of their credit profile. By using risk-based rates, Lenny ensures that you're not overpaying on interest or being unfairly denied a loan.

Calculating Your Interest Rate

Lenny's interest rates are tailored to each individual. We consider various factors, including:

  • Your credit score, reflecting your credit history.
  • Employment stability.
  • Residence stability and type.
  • Financial behavior.
  • Demographic profile.

Our online quote tool allows you to easily see your personalized interest rate. Simply enter your financial information, and we'll provide an instant quote without affecting your credit score.

Your Borrowing Limits with Lenny

At Lenny, we establish borrowing limits based on our comprehensive credit risk assessment, which includes your ability to make monthly repayments. This ensures our loans align with Responsible Lending principles and don't lead to financial stress.

Our Personal Loan Calculator

To estimate your borrowing potential and repayment amounts, use Lenny's personal loan calculator. It's a great tool for planning your finances and understanding your loan options.

Understanding the Total Cost of Borrowing

To fully grasp the total cost of a loan, Lenny offers detailed breakdowns in downloadable Excel or PDF files. These provide a clear picture of total interest costs for various loans, considering different rates and limits over 3 and 5-year terms. This transparency helps you make informed borrowing decisions.

Choose Lenny for a loan experience tailored to your unique credit profile. With our panel of 12 lenders, we ensure you receive the best rate match, making your borrowing experience as fair and beneficial as possible. Visit Lenny today to find out more about our personalized loan solutions.

This blog is provided for general information purposes and is not a recommendation you enter or exit any particular loans or insurance policy. Information on the website does not consider your personal circumstances, including your objectives, financial situation or needs.

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The Annual Interest Rate (AIR) for Personal Loans is variable, ranging from 8.99% to 29.99% p.a. and loan terms from 1 year to 7 years. For illustration purposes, a Personal Loan of $10,000 over 5 years at 12.99% AIR results in monthly payments of $227.34, with a total repayment sum of $13,640.40, reflecting an Annual Percentage Rate (APR) of 16.00%. Quoted totals do not include optional Payment Protection Insurance or Lender Establishment Fees which range from $117 to $395. 

Credia Limited (FSP 1005124, trading as Lenny) is a Financial Advice Provider Licenced by the Financial Markets Authority (FMA) to provide financial advice and is a member of the Financial Disputes Resolution Service (FDRS), FM6548. Disclosure Statement. Our services are provided in accordance with our Terms and Conditions.

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