Do you know that all of your borrowers have one thing in common? It’s a budget. Whether that budget is detailed or vague, we would be willing to bet that all of your borrowers have one. You can help your borrowers in the loan application process by doing the math for them! Allow us to explain how showing payment calculation up front to your customers may attract new prospects:
It calms your borrowers’ financial fears.
Taking out a loan – especially for a budget-minded person – may feel daunting, as if they are moving backwards. That feeling can cause them to exit out of your application. However, if they can see how much they’d pay per month for the loan, it would serve as a reminder that the total loan divided by monthly payments is not so overwhelming.
It eliminates a step for your borrowers.
If your borrower needs to do the math while deciding on whether to take out a loan, you are creating an extra step for him. By eliminating this step, you are enabling him to be one step closer to submitting his loan application.
It speaks to their budget.
For the budget-minded person, the loan they are pursuing with your company must speak to their budget. It must be attainable. By showing them the payment calculation up front, they can see right away how it can fit into their budget. Once they see that number, they can plug it into their own budget and will be more willing to pursue a loan with your company.
Allied Business Systems is Here For Your Company!
These tips can help make your customers have an easier time while applying for a loan with your company. We want to help make your workday easier by providing easy-to-use loan origination software! Check out our products, then give us a call with your questions: 800-727-7534.