Hitachi Personal Finance has shown its determination to lead change in the personal loan industry by putting borrowers in control of their monthly repayments.
Once accepted, borrowers can decide the length of their loan, to make monthly payments more affordable. The move, which covers its entire loan range, is an industry first.
This pioneering approach enables all customers applying for a Hitachi loan to flex the term and go beyond the usual ‘maximum’ advertised. This allows borrowers to tailor their monthly repayment and keep the headline APR.
As an example, if customers take their loan over the maximum term available (usually 60 months) they would be able to reduce their payments by almost £500 a year on a loan of £2,500, and £1,800 a year on a £25,000 loan.
While extending the term of the loan will increase the overall amount payable, borrowers will still be able to settle their loan early and make overpayments, at no additional charge, which has always been the norm with Hitachi. And unlike some finance providers, there are no set up fees, or hidden extras.
Gerald Grimes, managing director of Hitachi Personal Finance, said: “We’re proud that we were one of the first personal loan providers to offer complete transparency; no arrangement fees or hidden extras, alongside live customer feedback 24/7 online. Today we’re adding a new level of flexibility, letting the customer decide how much they want to pay and putting them in control of the term right at the start, making our loans more affordable.”