Coles is now offering personal loans to consumers, adding to its existing financial offerings of credit cards, prepaid cards and insurance products. For consumers who qualify for a personal loan and apply before October 31, 2018, Coles is giving away a bonus of 20 000 Flybuys points. To receive the bonus points, consumers must activate their account within the first thirty days of the loan approval date.
According to RFi Group data, 7% of prospective borrowers who are intending to take out a loan in the next 6 months would consider their first-choice lender because of a promotion. This suggests that close to 1 in 10 consumers may be more inclined to take out a personal loan with Coles due to this current incentive.
Indeed, 20 000 Flybuys points can give consumers $100 off their next grocery shop and for current Flybuys members it can be added to their existing points, potentially allowing them to be eligible for different rewards.
Current Flybuys members who take out a Personal loan with Coles will receive lower interest rates, with rates ranging from 11.99% to 17.99%. Comparatively, consumers who are not Flybuys members will be charged an interest rate between 12.99% and 19.99%.
Consumers who apply for a personal loan can borrow between $5000 and $50 000 and can choose a loan term between three and five years.