Consumer lender Plenti has entered the buy now pay later market, launching an interest-free finance offering for the purchase of household renewable energy technology.
The company is already a player in the domestic renewables finance market. In the year to September, it originated A$167 million of loans, of which $28.5 million were for renewables purchases.
The company said it has funded the installation of more than $100 million of household renewables over the past three years.
Plenti chief executive Daniel Foggo said the addition of an interest-free offering would “materially increase” the size of the company’s market opportunity.
Foggo said a three-month pilot of the product with selected partners resulted in a significant increase in solar finance applications.
Plenti is offering up to $35,000 interest-free, with terms from three to six years.
The product comes with a monthly fee of $5.99, an arrears fee of $10 a month and a direct debit dishonour fee of $25. There are no establishment fees or early termination fees.