Consumer needs and preferences are always in motion, changing as their unique financial situation evolves. Consumers expect lenders to cater to these needs with a broader set of lending options as well as more flexible and convenient funding and repayment options. Recently, Payliance looked at data about consumer trends in the lending industry (see infographic below).
Consumers want fast funding and convenient repayment options. Faster funding puts cash in the hands of consumers quickly and when they need it most. Flexible repayment options improve your repayment outcomes. It’s a win-win.
It’s no surprise that consumers make decisions based on speed and convenience; 63% of those surveyed said that speed of funding is a key driver for choosing an online lender. In addition, the majority of consumers prefer to use electronic bank account transfers and debit cards to pay back debt at 45.7% and 44.8%, respectively.
Payliance offers ACH, RCC (electronic check) and debit card processing to lenders, helping them meet consumer demands for faster funding and easy repayment. Is your business ready to meet the evolving payment demands of consumers? Contact us to learn more about our payment solutions, built specifically for lenders.