Chill Money eyes entering mortgage market after launching credit card
Chill Money, the lending business of Chill Insurance, has launched a credit card and is considering entering the mortgage market within the next 12 months.
Chill Insurance, whose ads feature Jennifer Zamparelli, launched its personal loan business in February with the promise of a quick and easy application process. It has received more than 15,000 inquiries to date.
Fergal Lynch, general manager of Chill Money, said it hoped to write business totalling €80m this year, with an average amount of €11,500 being lent.
In keeping with the promise of a quick decision on personal loans, the credit card will be approved "within minutes" and a card delivered within five working days.
Lynch said: "We've had a phenomenal response. What we were trying to do from the outset, much like we did with the insurance industry, is becoming a disruptor. Like any industry, technology is changing the way we do business."
The credit card is being offered in partnership with Avant Card, which took over the MBNA business.
"The credit card industry has been a sleeping bear," he said. "For people under 30, a credit card is kind of alien to them. They are using debit cards, so we saw an opportunity of a non-bank offering of a credit card and there are benefits to having a credit card."
The rate is 16.8pc and APR of 22.9pc, which Lynch described as "competitive, not the most competitive" in the market. However, there is a 0pc transfer rate for nine months.
In terms of other products, Lynch said: "Mortgages would be on the radar. As we see it, it's anything we can simplify and make the process better for the customers.
"Most definitely we have other product verticals in mind," he added. "We'd have it in our minds that within the next 12 months that we would be introducing other products."
Lynch said Chill was looking at potential partners for new products.
Sunday Indo Business