After noticing a gap in the medical finance sector, Mr Boon’s credit service has gone from strength to strength.
3 min
What are Total Lifestyle Credit’s (TLC) goals for the consumer?
TLC’s goal for the consumer is to provide a quick and easy financial platform that allows them to break their upfront payment into smaller more manageable payments over a longer period.
This allows them to have their product or service now, rather than having to wait months or years by giving them an array of options and opportunities to choose a payment plan that suits their specific needs and personal goals.
Having a broader funding option also gives TLC a greater opportunity for the client to get the right approval result.
What makes it different from other finance providers?
With a range of underwriters, we are able to provide the best financial product for the client based on their personal situation. This is alongside real people who listen and talk to the client through the process at each step of the way. Making their otherwise uncomfortable transaction very comfortable and hassle-free.
Additionally, TLC has over 1800 professional partners on board, this gives clients the opportunity to get that extra reassurance and expert opinion before they make what can be seen as a life-altering decision.
A big invoice can be daunting for clients and can often be a deal-breaker. When funding is easily accessible and affordable it is a “win-win” for both business and client.
How did you build the business in its early years?
I am hugely passionate about the medical sector and noticed a lack of funding options available to the public, in 2004 I started MacCredit a patient funding platform and grew it to the largest medical loan business in Australia, successfully selling to a Private Equity firm in 2016.
It definitely was a very hard sell to the medical and cosmetic sector, however after 24 months a lot of businesses saw the service and integrity I was delivering. I started Total Lifestyle Credit (TLC) in 2019 my new consumer lending platform that commenced in 2019.
What’s the reasoning for the pillars of medical, dental, lifestyle and wedding?
At TLC we hold the utmost importance at looking after our clients in relation to their specific needs. For example a client who is looking at a financial payment plan for a wedding will have a very different needs compared to an individual who is seeking finance for a medical procedure that their child needs. This allows us to personalise our interactions with the client based on the service they seek. TLC aspires to help every individual that we can, if there is a client that is in need of funds for a dental procedure and their friend needs funds for a holiday, we are happy to say that we can help both of those individuals, with the same level of service and enthusiasm.
Roughly what percentage of the business does each pillar represent?
Medical – 60%
Broker – 10%
Lifestyle – 20%
Wedding – 10%
You’ve alluded to the fact that TLC goes beyond cosmetic procedures including IVF programs, eye surgery and more — you note a shift away from private health insurance. Why?
The reason individuals are shifting away from private health insurance is that they do not see the value in it anymore. Young individuals are less likely to choose to continue their private health insurance after their family coverage no longer applies to them. TLC offers the opportunity to receive funds almost instantly, rather than having to wait until the benefits of private health insurance kick in. We fund all treatment costs for all medical/cosmetic fees and with little to no early payout fees so the patient can control their repayment timeline.
Australian citizens are spending about $1 billion on cosmetic procedures every year — per capita, around 40% more than Americans do – why do you think it’s so high in Australia?
There is less of a stigma in Australia when it comes to having cosmetic procedures. Social media marketing in reference to cosmetic procedures are increasingly common, creating an inviting space for individuals to be able to seek professional advice on their personalised goal.
How has the market been affected by COVID (if at all)?
Covid has affected the industry quite significantly. Clients have had to opt to have their procedures within Australia instead of the choice of overseas treatment. It has also provided the time and space for patients to focus on themselves. This has increased the demand for TLC during Covid and people are able to have their procedures with minimum downtime from work.
What do you think the future of cosmetic procedures going forward?
TLC is excited to see the growth of the cosmetic world as we see great potential. Already in the past years, TLC has been operating we have seen a reduction of Brazilian butt lift procedures coming through and an influx of breast augmentation. Cosmetic procedures are evidently becoming more popular and desirable to individuals, with an array of talented surgeons coming on board. This ensures us to believe that the cosmetic industry only has one way to go and that’s up!
Gross domestic product was 0.1% lower in January than in the final month of 2024.
Rachel Zegler and Gal Gadot star in an awkward live-action attempt to modernize the 1937 animated classic.
Gross domestic product was 0.1% lower in January than in the final month of 2024.
2 minThe U.K. economy unexpectedly shrank in the first month of the year, the latest frustration for a relatively new government that has pledged to bring an end to a decade-and-a-half of stagnation.
Gross domestic product was 0.1% lower in January than in the final month of 2024, the Office for National Statistics said Friday, weaker than the 0.1% rise expected by a consensus of economists. It also marks a slowdown from the 0.4% recorded in December.
Despite the economy’s continued struggles, the Bank of England is expected to leave its key interest rate unchanged when it meets next week. The annual rate of inflation jumped to 3% in January and is set to rise further over coming months.
Weaker-than-expected growth means tax revenues are likely to be lower than the government anticipated, adding to the challenges facing Treasury Chief Rachel Reeves as she prepares to announce new budget plans later this month.
“The U.K. economy is stuck in the slow lane,” Scott Gardner, investment strategist at digital wealth manager Nutmeg, said. “This latest data just goes to show the mountain to climb for Chancellor [Reeves] to reclaim momentum and get Britain growing at pace in 2025.”
There appears to be little hope of respite soon. U.K. firms’ activity expectations for this year declined in February, in contrast with a mild improvement globally, according to an S&P survey published this week.
Private-sector businesses are set to shrink their workforces as profit outlooks darken, with S&P’s index of employment expectations turning negative for the first time in more than 15 years outside the pandemic lockdowns of mid-2020.
“It is also the only time aside from the pandemic where firms have forecast simultaneous cuts to employment, capital expenditure and research and development, demonstrating the gloomy outlook for U.K. business investment in 2025,” David Owen , senior economist at S&P Global Market Intelligence, said.
The BOE last month halved its forecast for economic growth in 2025 to 0.75%. However, since it currently expects 0.1% growth for the first quarter, the January data suggests the U.K. might have an even weaker start to the year.
The government’s fiscal watchdog is also set to cut its own forecasts later this month. Britain’s economy grew 0.9% in 2024 as a whole, compared to 2.8% in the U.S.
Adding uncertainty to the forecasts are new tariffs that the Trump administration could impose on both the U.K. and neighboring European Union, a move that would curtail growth further.
“The U.K.’s economic performance may have been similarly downbeat in February, with any boost from consumer spending amid strong wage growth and lower interest rates weakened by the brake on business activity from this torrent of global uncertainty,” Suren Thiru , economics director at the Institute of Chartered Accountants in England and Wales, said.
The economy was dragged in January by a 1.1% drop in manufacturing output, a sector that could bear the brunt of any trade barriers.
President Trump has already imposed 25% tariffs on all steel and aluminum imports, including those from the U.K. Exports of steel from the U.K. to the U.S. in 2024 was worth around 370 billion pounds, or around $480 billion, according to trade association U.K. Steel.
Prime Minister Keir Starmer on Wednesday said that the U.K. will “keep all options on the table” in response to the tariffs.
