Soar helps loan applicants access benefits

24 May 2021

Glasgow based fintech Soar has announced a new feature to alert loan applicants of potential benefits and help them track their entitlements.

In the UK in 2018/19, almost 8m low-income households were missing £16bn in means-tested benefits.

In a Scottish fintech collaboration, Soar has partnered with Edinburgh based Inbest to integrate Inbest's benefits calculator into its banking platform, to compare the actual benefits that customers receive with the benefits they are entitled to. The service notifies customers about any unclaimed benefit and guides them on benefits applications. This new feature will help loan applicants to top-up their salaries with their benefits entitlement, reduce their bills, repay their loans more comfortably and build savings in the future.

Soar helps loan applicants access benefits

Andrew Duncan, CEO of Soar, (pictured) said: "We are helping our clients, often credit unions, provide additional ways to improve their customers' financial well-being and there's no doubt that this is one of them."

Soar makes credit unions and community banks accessible and convenient for consumers with its white-labelled mobile banking platform that automates the handling of loan applications and makes access to affordable credit easy for everyone. It's a modern cloud banking platform for the fair finance market, including mobile, web and cloud apps.