A pingtree is a type of lead distribution software that is used in the online lead generation industry. There are many different sectors where this type of lead distribution software is useful. Here though, we will focus on how the pingtree model is used for the short-term, payday loan and personal loan industry.
With so many different loan lenders operating in the UK, it can be a minefield for customers deciding where to apply for a loan. Customers also don’t want to keep applying for loans with different companies as this can also hurt their credit score if they have too many searches. It also means it can take a long time to apply to borrow money.
Pingtrees are used to help customers applying for a loan find what they are looking for without the need to fill out multiple application forms and compare different lenders. A pingtree allows a customer to fill out one application form and for the details to be submitted to a large number of companies, which saves time.
Our pingtree will validate a customer’s details and based on the lender’s price and the rules they have in place, will accept or reject the leads in the quickest time possible.
Leads are generated for a pingtree through the owner of the pingtree and several affiliates via a variety of marketing channels. The affiliates will have their own expertise in how they are able to introduce leads to the lead management platform. Most affiliate marketing programs will have different channels available for affiliates to use. These include but are not limited to;
Each marketing channel in the financial services industry is subject to various obligations as set out not only by the network but also the FCA, ICO and the CMA. As a network, Leadtree Global has worked closely with lenders for over 7 years and can guide you on each channel and how it is best used to ensure compliance with the regulators.
An affiliate’s main goal with a payday loan pingtree is to drive traffic to what an advertiser is offering, with the intention for the customer to take out these products or services. In the short term loan industry, the goal is for the customer to be offered a loan that they have requested.
This is not just dependent on the customer’s wishes, however, as they will need to pass credit and affordability assessments in line with FCA regulations and the lender’s guidelines.
The process is simple. Using one of the marketing channels described above, a customer will land one of the broker’s websites and then fill out an application form, which will take a few minutes to complete. Once the customers hit the submit button, the lead will be sent into the pingtree and our real-time lead management software, where the lead will be sent to a number of lenders based on validation and filters.
If the lead gets accepted, the customer will be redirected to the lender’s landing page to complete the loan application. If everything goes well the customer will be approved for a loan.
For lenders that want to increase their leads, using lead generators through a pingtree is a great channel to add to their marketing mix. It ensures they are able to buy leads without doing the marketing themselves. One other huge benefit for lenders using a pingtree is that they are able to perform a number of checks before accepting a lead through a lead generator.
An affiliate network such as Leadtree Global will integrate with lenders via an API. This is what enables leads to be sent in real-time. The lender can then set a number of rules and filters to ensure they are only seeing customers that meet basic requirements. Once a lead comes into the system and is presented to a lender, they will assess the application and accept or reject the customer within a few seconds.
This method has advantages over other forms of marketing such as PPC because rather than paying per click, the customer is being assessed in real-time before an answer is given. Although the customer still needs to complete the application and go through more checks, this method has stronger conversion rates than most other forms of marketing. Many ping trees are also able to pre-populate the customer’s details into the lender’s application form, which also increases the conversion rate.
A cost per accept is when the lender accepts a lead through the pingtree. They will have predefined price points for leads which are agreed before they are set up in the pingtree. These price points will be based on how they want to purchase leads internally.
A cost per funded model is for lenders that wish to only pay for leads if they approve a loan for a customer. It is good to keep in mind that this model is less prevalent than cost per accept, though Leadtree Global works with lenders who use both models.
We have several ways that you can integrate with our lead management platform:
For anyone looking to join our affiliate network to generate leads for our pingtree, contact us today and we can help you with getting started. We only partner with responsible lenders authorised and regulated by the Financial Conduct Authority, so you can be assured that you’ll be working with reputable partners.