ilumoni: Borrow Well

ilumoni helps you to understand your borrowing, showing you alternative repayment and borrowing options that could save you money, reduce how long it takes to pay debt back and help you take control of your debt.

UNDERSTAND YOUR BORROWING
See your borrowing in one place with your credit score, debt to income ratio, how much you are paying in interest and how long it will take to pay off.

TAKE CONTROL
ilumoni analyses your borrowing and what you can afford to pay, giving you options for how to make changes to repayments or find alternative products that could save you money or simplify your borrowing. ilumoni could also help you make choices about new borrowing.

REACH YOUR GOALS
Whatever life brings, as your goals and priorities change, with ilumoni’s help, you can always Borrow Well.

DON’T JUST TAKE OUR WORD FOR IT
“It makes you stop and think. Many people will be surprised at how long they are actually paying off debt for, just by coasting along. The sections on interest and repayments are empowering. It is not only helpful but also based on the fact the app knows you can afford to make your money work harder for you. They are suggestions that you can actually put into practice.” Sharky

“Really liked the explanation of credit scoring and what this means, and the debt to income ratio calculations and how these also relate to lending.” Stephen

“It shows in an easy way what you are borrowing and how long it takes to pay back all of it. Most other apps just show you the balance.” bneapy

“It feels like some very experienced friends explain and help you to tidy up your life and debt. And no pushing or trying to sell you something.” Yuki

SAFE & SECURE
ilumoni verifies your identity when you set up your account and uses a password or biometric security to access the app. Your data is kept safe using the same security measures as banks. ilumoni is regulated by the FCA.

ALWAYS FREE
ilumoni sometimes provides options for appropriate products from reputable lenders. If a product is taken out through us, we receive an introduction fee from the lender. Not everyone who uses the app will or should switch products. Those who benefit from a switch help us to help everyone.

HOW IT WORKS
ilumoni connects your credit report and credit/bank accounts with open banking. You can choose which accounts to connect and add or remove them at any time.

ilumoni then builds a picture of what you owe and how your borrowing habits impact how much your borrowing is costing you. The more information ilumoni can see, the better it works. But the choice is always yours.

ilumoni only shows you options that could improve your borrowing, in line with your goals, and uses a panel of lenders that is growing all of the time. But you don’t necessarily need to switch products to improve your borrowing. You are always free to decide which (if any) options to take and you can change your goals at any time.

If ilumoni detects that you are either in or approaching financial difficulties, you will no longer see products to switch to and we’ll let you know that you could benefit from seeking independent, free debt advice from a charity designed to help you deal with problem debt. ilumoni does not offer debt plans and debt solutions.

IS ILUMONI A BUDGET PLANNER?
Budgeting apps often just track spending. ilumoni provides personalised insights into your borrowing, as well as how changes to repayments and/or the products you use can have a positive impact on your borrowing. All aligned with the goals and priorities that you've shared with us.

STAY ON TRACK
Upcoming features, such as repayment trackers and debt fit challenges, will help you stay motivated and keep track of your progress. You can also learn more on our website about techniques such as the avalanche method and snowball method of paying down debt.