A freewheeling bicycle loan

Every single year CANSTAR highlights economic innovations inside Australia that we think represent excellence in their field. An revolutionary solution ought to be a 1st in the market – even perhaps open up a new marketplace. The degree of innovation ought to also be adequate to have a true impact for each buyers and competition. And, of course, one thing that’s genuinely revolutionary can not help but have that “wow” issue and the all round effect the solution could have.

In 2015, CANSTAR is please to congratulate Transport Mutual Credit Union for winning an Innovation Excellence award assisting customers get back on their bikes with a FreeWheel bicycle loan.

What is Transport Mutual Credit Union’s FreeWheel Bicycle Loan?

The expanding attraction of riding bikes to perform, as effectively as involving the complete loved ones in 2-wheel enjoyable at the weekend, is behind the push to get much more men and women into the saddle for less. Sydney-based Transport Mutual Credit Union has launched a genuinely distinctive scheme to encourage a wholesome active lifestyle. It is a FreeWheel Bicycle Loan exactly where you spend no interest and no fees. No joke, it genuinely is entirely cost-free, apart from paying back the principle borrowed.

Transport Mutual has financed thousands of cars with their low-rate loans more than the years and now they acknowledge there is an environmental expense attached to motoring. Financing bike acquire for no additional cost to the customer is a perfect match for Transport Mutual’s values and social duty.

With the obtain costs of bikes ranging from $ 100 to $ 1,000 – a lot more, if you want to hit the velodrome – Transport Mutual provides you the opportunity to spread your repayments out more than 2 years and not spend one particular additional cent in charges or interest. You can not get a a lot far better deal than that.

Feel about minimizing your commuting expense, as you zip into the workplace on the ever-expanding ne2rk of bicycle lanes. Then there is the weekend recreational enjoyable to be had by the weekend warrior. This loan opens up a complete new planet of 2-wheeled possibilities.

Standout functions of FreeWheel Bicycle Loan

Some standout characteristics of the FreeWheel Bicycle Loan include:

First for Australia. There is other bicycle finance in Australia but with a catch – a short period of interest-totally free, after which interest kicks in, a requirement to take out a credit card and ongoing month-to-month fees.

Cost-powerful. Transport Mutual’s FreeWheel Bicycle Loan is fully free of charge of interest and charges.

Swift approval. Simply because there are no catches, the loan application is a very swift method and customers acquire conditional approval inside a day.

Upscale to a much better bike. Because you can pay the loan off over 2 years, if you want you can take the opportunity to buy a much better high quality bike that enhances your enjoyment of riding.

Bike shops on board. The FreeWheel item has been eagerly embraced by Bicycle NSW, bicycle retailer and bicycle user groups.

CANSTAR’s verdict …

While it’s a reasonably niche solution and offer, the Transport Mutual Credit Union FreeWheel Bicycle Loan has a definite wow factor. Even though some retail outlets across a variety of item categories offer you their own interest free of charge consumer credit packages when goods are bought, the FreeWheel Bicycle Loan does not tie consumers into getting a particular solution from a specific retailer.

With the majority of Australians needing a small a lot more exercise, we also felt that it was a terrific instance of neighborhood engagement.

A freewheeling bicycle loan