Simplicity takes the stress out of getting personal loans

SAN FRANCISCO – Insights from the November 2017 Personal Loan Digital Experience Benchmark

When it comes to getting a personal loan in the U.S, there are plenty of lenders who are more than happy to give one. From traditional banks such as Wells Fargo to loan-specific companies like LendingTree, customers are spoiled for choice. Considering how competitive the loan market is, what makes someone in need of cash in advance choose one lender over the other?

High level results from the Personal Loan Digital Experience benchmark

High level results from the Personal Loan Digital Experience benchmark. See the full results here.

In this Digital Sales Scan, WUA searched for the best online practices that allow lenders to distinguish themselves from the rest of the competition. Respondents in this study were told to go online and take out a personal loan of approximately $10,000 that best suits their needs. The study produced a number of insights into how lenders can give their customers a better, more well-rounded online experience.

Discover takes the stress out of getting a personal loan 

Getting a loan entails borrowing thousands of dollars with interest on top of it. Just the idea of applying for one and owing so much money sounds stressful, so lenders need to make the whole process seem as simple as possible. This is exactly what Discover does well. In the category ‘website uses clear language,’ respondents awarded Discover with the highest score by far.

Discover makes taking out a loan seem like the obvious thing to do. The heading found in the middle of the page asks the simple question “What are personal loans?” and follows it with a simple answer that also reveals its benefits. Discover’s approach impressed our respondents, with one lauding the page for “looking clear and crisp.” The use of clear language may also explain why Discover was tied best for usefulness when looking for a personal loan.

Respondents like the flexibility of Citi’s personal loan offer

Before anyone is going to dive into the application process, they need to know the details that come with getting a personal loan. Citi Bank provides a straightforward account of what customers should expect, provides a variety of different offers to choose from, and allows for an adjustable repayment period that ranges from 12 to 60 months. Respondents applauded Citi for having “lots of options” and “low interest rates,” giving the bank the highest rating for product offer.

Personal Loan Insights Update November 2017

Want more insights into the online personal loan market? We have a razor sharp image of the market position and results. For more information and results download the free WUA Personal Loan Insights Update November 2017.

In the update document you will find:

  • Free results & top scores per aspect of the Digital Sales Model in this study (November 2017)

  • Which providers are found most within the Personal Loan market? (November 2017)

  • Who do customers choose for most? (November 2017)

  • Conversion: of the respondents that find a provider, how many choose that provider as their top choice? (November 2017)

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QuickenLoans gives customers a preview of how easy it is to apply for a loan

Let’s be honest: No one is ever in the mood to spend a lot of time filling out an application form. QuickenLoans knows that, which is why they make the application process on their personal loans affiliate website RocketLoans seem as quick and easy as possible. One way they do that is by placing a graphic that displays the four easy steps for getting a loan, with the last one being ‘Receive Money.’

It’s no wonder QuickenLoans stands atop the rankings for providing a ‘smooth’ and ‘easy’ application process. After filling some basic information, all a customer needs to do is choose the loan option they want and verify their account. The webpage keeps it simple, avoiding the use of pop-ups, graphics, or any unnecessary information.

WUA’s Digital Sales Scan

 The results of our Digital Sales Scan revealed how essential it is for lenders to keep the entire process of getting a loan simple. Still, while simplicity is key, there are a number of different details our data tells us that can work to boost the digital sales of lenders. WUA independently measures the customer journey of online markets to discover who provides the best online customer experience and the best practices across industries. Based on this data, WUA’s digital experts can create a custom-tailored report for your website to improve the customer journey step-by-step.

Each Digital Sales Scan report includes market best practices both inside and outside your industry, recommendations and customer feedback on each step of the customer journey, and screenshot analysis to help your team create a better website and drive conversion. Read more about the Digital Sales Scan here.

The Custom Report: Digital Sales Scan Personal Loans November 2017

WUA can create custom-made report including all Digital Sales theme scores and recommendations on problem areas for your website. It gives direct insight how to optimize the customer experience and increase conversion. Additionally, each report includes:

  • Discover all the providers that consumers are finding in your product market.

  • Know where you stand relative to consumer-expectations and experience that others in the market.

  • Know your major improvements and highest priorities for conversion optimization

  • Learn from best practices within and outside your industry and learn from the best

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Ivar Laanen

Ivar Laanen is a Digital Sales Analyst at WUA. He searches through the benchmark research results to find golden nuggets to improve the online customer experience.