Digital bank for essential workers, 'Hiver', launches personal and car loans

Digital bank for essential workers, 'Hiver', launches personal and car loans

Digital bank, Hiver, has today announced the launch of personal and car loans. Putting the needs of Australia’s busy essential workers first, the application process can be completed within 15 minutes and an initial decision will be provided in under 30 minutes^[1] once the application has been submitted.

To promote a frictionless application process, applicants have the ability to upload supporting documents through Hiver’s secure message feature, as opposed to the traditional email or mail process. Further, rather than waiting for loan contracts to arrive and be returned via post, electronic contracts and electronic acceptance can be managed with a few clicks on the digital bank’s app.

Chief Digital Bank Officer, Carolyn Murphy, said: “Hiver’s research^[2] has found that 76% of essential workers want a bank that understands the nature of their industry. That’s why we’ve built in a range of benefits to our personal and car loan offering that are catered to the busy lives of Australia’s essential workers.

“We’re focused on delivering convenient and innovative banking services that meet the needs of the Australians who have been on the frontline of the pandemic. Our nurses, doctors, teachers, paramedics and police do so much for society, and they deserve a bank that understands them. We’re very excited to be releasing personal and car loans with a 30-minute decision^[1] today, and are just as excited about our home loans via the third and first party channels coming soon.”

Hivers who have their loans unconditionally approved will receive same day funding when their contracts are electronically accepted before 1:00PM (AEST) on business days^[3].

Hivers looking to take out a personal or car loan can borrow between $4,000 - $50,000 unsecured, with the loan term ranging from six months to six years. The offering has built in flexibility including the option to make monthly, fortnightly or weekly repayments.

Hiver’s personal and car loans will incur no application fee for a limited time and no ongoing fees (including monthly service fees)^[4]. This comes after Hiver’s research into Australia’s essential workers found that 76% of essential workers said low fees were important when choosing a bank.

The offering also includes the flexibility of unlimited additional repayments and fee-free redraw on variable rate loans. According to Hiver’s research, 92% of essential workers are saving towards a goal, making flexibility in repayments and redraw an essential benefit.

Staying true to its purpose to support essential workers, as an added bonus Hivers using their Hiver branded Visa debit card will receive 5% cashback on essential purchases like groceries, public transport and bills for a limited period of time^[5].

Media Contacts

Natalie Sobiesiak: [email protected]

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[1] Outcome of application is an indicative approval only. It is not an offer of a loan. To gain a formal approval you must provide evidence of income and we have satisfactorily verified your income and expenditures and loan suitability to meet responsible lending obligations.

[2] Hiver’s survey captured the responses of more than 1,000 essential workers across Australia, representative of the geographic and professional breakdown of people working in healthcare, education and emergency services. The survey was conducted from 12 to 17 September 2021 and results are tracked against an identical survey in May 2021 (also over 1,000 essential services workers).

[3] Clearance times are subject to your bank.

[4] Other service fees may apply.

[5] See website for full T&Cs.