Salt&Lime secures $100m private credit facility

Personal lender and debt consolidation specialist Salt & Lime has completed a deal with private credit provider iPartners for a new $100 million private credit facility.

According to Salt&Lime, the deal will go towards supporting its growth in lending through mortgage and finance brokers along with direct-to-consumer channels.

Co-founder and CEO of Salt&Lime, Will Kiln, said the new private credit facility is an “endorsement of Salt&Lime’s unique business model”.

“This new private credit facility will support future growth and deliver the Salt & Lime loan experience and education to more Australians,” Kiln said.

The lender offers reducing interest incentives for customers to complete financial learning modules. According to Salt&Lime, 80 per cent of its customers access rate-reducing loans by completing these educational modules.

“Our socially responsible business model is working, and customers and brokers are responding positively,” Kiln said.

He added that the lender is “proud to extend its partnership with iPartners which has a successful track record in supporting innovative businesses.”

iPartners Group co-founder and CEO Travis Miller praised Salt&Lime’s devotion to socially responsible lending practices.

“Salt&Lime exemplifies the essence of social responsibility in the lending domain, affirming the critical importance of financial education in achieving holistic wellbeing,” Miller said.

“We are proud to support Salt&Lime’s endeavours, as they align seamlessly with our commitment to invest in innovative businesses that not only promise attractive returns but also contribute positively to society.”

Salt&Lime’s loans are primarily distributed through brokers and are on the lending panels of Connective Asset Finance, COG Financial, Finsure, Purple Circle, and Fintelligence.

Earlier this year, Salt&Lime conducted research that found a lack of understanding from clients on credit scoring and how lending works.

The research found that 65 per cent of Australians are unaware of their credit scores despite 79 per cent holding at least one credit loan product either personally or with others.

According to Kiln, broker clients are “increasingly looking for alternative loans as banks make it harder and harder to access consumer credit”.

“It’s a great opportunity for the broker to help their customers sort out their finances in a socially responsible way,” Kiln said.

“Non-prime consumer finance is a tricky area and Salt & Lime gives brokers a socially responsible alternative that will help their clients and ultimately deepen the relationship.”

[RELATED: Salt & Lime joins Connective Asset Finance lending panel]

Adrian Suljanovic is a journalist at Broker Daily with more than two years experience reporting on all facets of the third party distribution channel.

Adrian has written for a range of business and finance titles including IFA, Investor Daily and Lawyer’s Weekly before joining the mortgages team in 2022.

He graduated from the University of Wollongong in 2021 gaining a Bachelor of Communication & Media with a major in Digital & Social Media.

E-mail Adrian at: This email address is being protected from spambots. You need JavaScript enabled to view it.