4 Tactics Lenders Can Use in Social Media

Finance Tips

Social media is now the breeding ground for lenders. Every now and then, a new lender will pop up, offering different payday loan products for all borrowers. Creating a presence in social media is vital or any lender. Every day, thousands of borrowers stay in social media looking for solutions. They are like gold mines waiting to be capitulated. Despite the competition, lenders can use various tactics in social media in order to gain an upper hand.

 

These are popular social media tactics used by lenders:

 

Infographics Sharing

Infographics are useful social media materials that can attract many potential borrowers. There are many reasons for this. First, infographics are filled with aesthetic figures and data-driven points. People love these things because they convey results. Second, infographics are relatively easy to read because only bullet points or ideas are included. Infographics can also lead borrowers to the lender’s website.

 

Witty Page Commenting

Automated page commenting is slowly going off the highway. Nowadays, people want authentic people responding to their posts. Lenders maintain connection with borrowers through witty commenting. In this way, borrowers will feel more at ease and they will trust the lenders more. Posting witty page comments is not easy. Sometimes, people assigned for the job must undergo several trainings before engaging with borrowers.

 

Valuable Content Creation

Content will never be displaced as long as the cyberspace is up and running. Lenders use all forms of content to build long-lasting relationships with all of their clients. This is a useful tactic as long as the content is evergreen, timely, and leaves value to borrowers. Great content can also tap on the underlying emotions of all borrowers, thus converting them into long-term clients.

 

Social Media Events

Social media events are getting popular nowadays. From time to time, lenders will hold small Facebook or Twitter contests. This is meant for short-term or long-term exposure. The effectiveness of this strategy relies on the borrowers’ excitement for rewards and incentives. In the long run, this will lead to greater branding for lenders. Other events also prompt borrowers to solve easy puzzles which can yield small rewards like vouchers, certificates, and lots of freebies. The wise borrower can take advantage of these events to learn which lenders are ready to offer new options.

 

Have you personally witnessed these tactics in play? Don’t worry – lenders, just like other businesses, are legally sanctioned for all of those tactics. What you should focus on is the product line that the lender is offering. Also, you can rely on firsthand borrower reviews.

4 Changes Borrowers Want from Online Lenders

Finance Tips

Borrowers will never be satisfied – they will always look for more and will find areas for improvement. This is why lenders should work hard in satisfying the requests of their borrowers. Otherwise, lenders won’t have the capabilities to stay in the market. Basically, all borrowers want change. They may think only for their best interests, and that’s the whole point of the game.

What are the key changes that borrowers want from online lenders?

 

Low Interest

Every borrower wants a low interest rate, yet not all lenders can grant this due to risk assessment. This is the main reason why borrowers often go for personal loan in singapore offered by licensed moneylenders online. Bank loans are a big no-no because of their variably high interest rates and complicated processes. If you want a loan that has low interest, you can never go wrong with personal loans. However, make sure that the lender you chose has a good reputation.

 

Higher Amount Ceiling

Aside from low interest, borrowers are looking for lenders that can offer higher standard amounts. Small loans can help because they can be repaid quickly. But what if the borrower has an important expense to cover? On top of that, his credit rating is not at par with what banks allow. In this case, banks should create new loan options that have higher amounts. Perhaps other conditions can be applied instead, such as additional background investigation.

 

Higher Approval Rate

A lender’s approval rate depends on many factors such as personal background, employment, and the reasons for the application. Some borrowers who gained pre-approval were denied the loan because of attitude problems. Others are denied because of shady credentials. Nevertheless, online lenders and banks should raise their approval rates to gain the support of more borrowers.

 

Lesser Requirements

Banks are notorious for their plethora of requirements. This is part of their risk assessment process because a small percentage of borrowers have tricked numerous banks such as metrobank direct and rcbc bankard in the past. Banks should lessen the requirements for people who are somehow near the poverty line. Online lenders should do the same.

 

Implementing all of those changes will take time. Besides, some lenders have already applied one or two of the changes, but not all. As a borrower, you must understand that lenders are running businesses. Each business must have a system necessary for its survival. By following the system, the money lender sg can operate and offer its loan products easily.