In line with the changes to the National Credit Act, Bayport Financial Services has lowered its lending rates which will aid its customers with their monthly money management. The interest rate on its primary loan products has reduced from 34% to 28,5% and on short term loans from 5% to 3% per month.
Although the new rates will alleviate some financial stress and will leave Bayport customers with more cash at the end of the month, Deputy CEO Mark Young reminds consumers that responsible money management is critical to remaining on the journey to financial stability. While other lenders may offer increased loan amounts as a result of the reduction in interest rates, Bayport is passing this savings directly back to customers in the form of lower instalments. “We encourage our customers to responsibly use the money they will be saving by paying down existing debt, or setting some funds aside for those rainy days.
The rate decrease is one of many steps taken by Bayport to reshape its customer experience, increase customer engagement and increase its focus on financial wellness and literacy. While other financial institutions are reducing the number of retail branches, Bayport is increasing its footprint. It is training sales staff to have more relevant conversations with customers by focusing on the need for borrowing. ”We want to move away from the commoditisation of the loan sales process, to one where the customers understands their purchasing decision” says Young.
Bayport is currently contacting all existing customers to inform them of the reduced rates, so that they can take advantage of lower monthly instalments, giving them more money in their pockets each month.
In addition to lower lending rates, Bayport has also launched the My Budget Boosters product to assist customers to manage their budget by providing access to regular cash-flow for those unexpected expenses.
The My Budget Booster works alongside an approved loan to address an unexpected financial problem or meet on-going obligations, and stay on track with meeting financial goals. The additional services have been introduced specifically to help consumers manage their financial needs, and are available to all qualifying Bayport customers.