$400B+
in consumer applications for financial services
Even Staff
2020-10-21
The lending ecosystem for personal loans experienced unprecedented disruption in Q2 of 2020, due to the COVID-19 pandemic and ensuing economic impact. In a swift reaction, peer-to-peer loan providers were forced to freeze acquisition efforts, both digitally and directly, as investor demand in the personal loans market came to a halt.
With quarantine measures easing up and lending performance data coming in for Q3, loan providers are taking back to the market with cautious optimism. Outstanding loan performance data, as reported by dv01, signals a 70% recovery (to pre-Covid levels) of loan impairments (i.e., a delinquency or modification of a loan’s original repayment terms). This suggests that a majority of borrowers have been able to pay/manage their outstanding loans and that investors can expect normal returns, which allows lending platforms to unpause and/or expand underwriting criteria.
Loan providers are adopting the following strategies to increase acquisitions during Q4:
We predict that the prevailing loan providers of Q4 will be digitally-focused, using alternative underwriting to identify previously disenfranchised consumers, while leveraging end-to-end digital experiences like Even over direct partnerships to scale and gain market share. Affiliate partners looking to monetize will see greater success in tailoring their audiences to align with the desired consumer populations of these foremost and optimized loan providers.
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"... generating some of the highest approval rates and conversion rates among our online acquisition partners. The transparency and focus on data have allowed us to drive consistent growth and success each month. "
"... a streamlined consumer experience, helping millennials with no collateral, budget, or saved money. Even’s impressive matching algorithms simplify the process of finding the best personal loans to meet your needs."
"... a truly modern and easy to use platform for the financial services marketing world. They make it easy to develop consumer friendly, innovative products in a space dominated by legacy platforms."
"... Their wide-reaching network and tech integrations bring in qualified, high-converting leads, and their team has been a pleasure to work with."
"... generating some of the highest approval rates and conversion rates among our online acquisition partners. The transparency and focus on data have allowed us to drive consistent growth and success each month. "
"... a streamlined consumer experience, helping millennials with no collateral, budget, or saved money. Even’s impressive matching algorithms simplify the process of finding the best personal loans to meet your needs."
"... a truly modern and easy to use platform for the financial services marketing world. They make it easy to develop consumer friendly, innovative products in a space dominated by legacy platforms."
"... Their wide-reaching network and tech integrations bring in qualified, high-converting leads, and their team has been a pleasure to work with."