Even Financial is a supply-side platform for online financial services, they have integrated with the top online lenders and affiliate partners to create a loan search, comparison and matching tool with real time analytics. They provide the power behind the affiliate, it’s an out of the box solution for anyone to integrate a comparison tool. Online lending partners include Avant, Discover, Upstart, Lending Club, SoFi and Ascend. The top affiliate partners are Credit Sesame, Bank Rate, Smart Asset, XO Group, CNN Money and MarketWatch.
They recently released their end of year statistics showing their industry leading API generated over 1.8B in loan requests, 100+ affiliate partners integrated, 12+ top online loan providers, and over 360,000 activated users. This article will take a look at Even’s affiliate lead generation business and what they see as the top five trends in lead generation today.
In reviewing Even’s program what you will find is that loan size on average is under $10,000 and the average age of borrowers in the top three loan categories is 44 years old. The top three categories for loans are debt consolidation, weddings, and home improvement.
Average loan size by credit score showed some interesting data points, top tier credit profiles on average received the highest loan amount and consistently requested the highest loan amount. The credit spectrum of borrowers ranges from 720 or higher for the top tier to under 600 on the lowest tier. Average self reported income showed that the fair credit score reported the highest income, with borrowers reporting over $6,000 more per year as compared to the excellent credit tier.
An increasingly important aspect when it comes to borrowers is time to fund, you can see below it is one of the top trends and this shows that the quicker a borrower can access capital the better chance they will use that originator. Over a third of borrowers selected their originator based on how quickly they could access funds, even over APR. Additionally, data from Even shows that the lenders with the fastest time to fund also had the fastest take rate. Average time to fund was about 4.5 days, with the fastest being same day and the slowest being 16 days.
As digital marketing continues to take off lenders are comparing the organic and inorganic borrower. Inorganic leads that come from display ads and search channels show a 30% higher rate of default in the first three months as compared to organic leads. The borrowers who come to a lender through credit education or cross promotion have shown to be a lot more reliable to repay the loan.
More and more borrowers are moving away from their desktops and using their phones to organize their financial lives. What the research shows is mobile earnings per click are less than half the cost as compared to the desktop. Having a strong mobile experience and strategy is not only a key for lenders it looks to be able to save them a significant amount of money. Here are the top five trends in lead generation from Brian Brauntuch VP, Partnerships and Operations, Even Financial.