Instalment loans are an incredibly popular type of loan solution, as they allow customers to spread their repayments over a longer period of time, making them more manageable. Sometimes referred to as a ‘payday loan alternative’, installment loans are another type of short term loan. Over our many years working in the financial services industry, we have built up an extensive network of instalment loan lenders, to provide the best service possible in terms of commission and conversion.
Unlike a payday loan, an instalment loan allows borrowers to pay back the money over several months, rather than in a lump sum. You can also borrow more money with an instalment loan when compared with a payday loan, as it’s easier to budget for weekly or monthly repayments.
Instalment loans can fall under a number of other categories, such as guarantor loans – the name just refers to the way you make repayments.
When passing leads into the system, you can go with the most common option, which is direct post, or with the slightly more complicated polling option. With direct post, you’d send your lead directly to us, and we’ll get back to you with a response.
In terms of polling, you’d need to perform a ‘GET’ request on the API after submitting a lead, repeating the process until you get an accepted, rejected, no buyers found or errors response.
When it comes to getting commission for your leads, you can choose to opt for a 90% commission or flat fee for each accepted lead, or a flat fee for every funded loan. And if you’re not sure which option would perform the best for you, you can experiment with a combination of these commission types, to see which is the most successful.
In order to help with conversion rates, we have also put a system in place that enables customers to state whether they are happy to be considered for a payday loan, should they be turned down for an instalment loan. This system allows more customers to access the funds they need, and improves conversion rates and commissions.
In terms of monetising your payday loan traffic, lenders either provide an instant or deferred response. The majority of lenders will give an instant response to your lead, and let you know how much commission you’ve earned. You can then easily see how well your campaign is performing in terms of lead conversion.
With deferred response lenders, you may not get a lead decision for up to ten days. However deferred response lenders generally pay more for converted leads than instant response lenders.