Qantas customers can now earn one frequent flyer point for every $1 borrowed for a personal loan from Symple Loans, up to 50,000 points.
The partnership is thought to be the first of its kind between an airline and fintech lender in Australia.
Qantas Loyalty Chief Executive Officer, Olivia Wirth, said the alliance with Symple would offer frequent flyer members more ways to earn points and redeem them on flights, hotels, and holiday packages.
“We’re always evolving and innovating to help our 13 million members earn even more points towards their next dream trip, whether it’s on their groceries, buying petrol, paying bills or now, accessing personal loan services," Ms Wirth said.
Symple Loans is a Melbourne-based fintech offering personalised personal loans, with comparison rates ranging from 6.47% p.a. to 29.20% p.a.
It boasts a seven-minute application time with a 60-second response and funds transferred in 24 hours, on amounts up to $50,000.
Bob Belan, co-Founder & CEO of Symple Loans, said the partnership with Qantas would support the fintech's growth and provide a further point of difference from other lenders.
“At Symple, we are continuously looking for new and innovative ways to reinvent the personal lending experience and to offer Australians a better, faster, and more rewarding lending experience," Mr Belan said.
"In addition to our market-leading interest rates and easy digital application process, our partnership with Qantas allows us to further differentiate Symple’s proposition and offer even more value to our customer base.
"We are very pleased to be partnering with Qantas — clearly a premium brand and category leader – and we are excited to be working with them closely going forward.”
In the market for a personal loan? The table below features personal loans with some of the lowest interest rates on the market.
What is Symple Loans?
Launched in January 2019, Symple said it wanted to address what it saw as unnecessarily high-interest rates being paid by credit-worthy Australians.
It uses digital lending technology, advanced analytics and proprietary risk scoring techniques to create a more complete picture of a borrower's financial position.
Symple Loans are available to Australian citizens or permanent residents over 18 years old who are employed and earning over $25,000 per year.
Loan terms range from one to seven years and can be used to purchase a vehicle, consolidate debt, cover medical expenses, or for holidays or renovations.
There are no early repayment fees but there may be an establishment fee from 0-5% of the loan amount and a $10 monthly administration fee.
The fintech raised $15 million in capital funding in February that valued the company at $100 million.
At the time, it said it was on track to hit $100 million in new loan originations in the coming months.
Photo by Tim Shepherd on Unsplash