Work – Simple Finance
To further Simple's mission of making people confident with their money, we decided it would be useful to offer personal loans to help customers pay off their credit card debt. To achieve this, we partnered with Prosper Marketplace. Doing so helped us get to market quicker and meant that we could focus more on the pre and post application experience.
To market the new loan offering to customers, we exposed an action card to customers within their account. To supplement this and ensure there were other entry points, we also had an email marketing campaign and a fixed entry point within the profile section. Messaging was more narrowly based around paying off credit card debt as we wanted to promote healthy borrowing and ensure that getting a loan could help customers get out of debt.
Starting to apply
Since the loan industry can sometimes be shady and misleading, we wanted to be as transparent as possible with our customers. This involved making it known that we were partnering with Prosper and to explain that they charge an origination fee. The fee is deducted from the loan, so we made sure to let customers know how much money they would actually be receiving.
Since Simple was already storing personal info on our customers, they were able to bypass entering it again and able to check their offers early in the flow. Again, we chose to show that the offers were coming from Prosper, and added in a APR rating system to provide guidance to customers around how low or high the offers were. We also wanted to make it clear that, if they were to move forward with an offer, customers would have to finish their application through Prosper as opposed to Simple.
Once customers finish applying through Prosper, which only takes a couple minutes to complete, they are directed back to their account. Since it takes a few days for the application to process and the loan to deposit, we used dynamic action cards to keep customers up-to-date on their progress.
Tracking your payments
Once a customer's loan deposits into their account, we wanted to ensure that they would always be covered for their monthly loan payment. To do so, we integrated with our budgetting product, Expenses. We used the info from their loan to set aside the correct amount in time for their monthly payment.