A Lender’s Guide to Improving the Borrower Experience: 6 Tips & Tricks


28 September 2021



Virtually everyone will need a loan at some point in their life, whether it’s finding a home, a car, a business, or a passion project. The ubiquity of loans in today’s market means that lending is as stable as it is competitive. So as a lender, you’ll always be looking for that extra advantage over your competition and focusing on improving borrower experiences.

Borrowing is often a complicated and stressful experience for consumers. If you can make your lending process as painless as possible, you’ll be able to draw higher caliber clients. As the adage goes, you catch more flies with honey than vinegar, and your loan business could be the next honeypot. Here are six tips and tricks for enhancing your borrowers’ experience and closing more deals. 

6 Tips To Improve The Borrower’s Experiences

Borrower experiences and the good impression of your services are bringing more consumers to your business. Consumer connections are like a chain system: one single consumer’s good feedback brings back at least two more clients for your business.

Here are the six easy tips to improve your borrower’s experiences.

1. Enlist A Mobile Notary

A mobile notary makes the loan signing process a cakewalk. Mobile notary services find the closest mobile notary near you and send them to your office. By using this service, you and your client can avoid those frantic lunch-hour runs to the notary public’s office. 

These notaries carry a two-fold benefit: they cut back on your borrower’s stress and make your agreements more legally secure. These clearances on the legal issues are directly improving borrower impression for your business.

2. Build A Close Working Relationship With Clients

2. Build A Close Working Relationship With Clients

Work at building a good relationship with your clients. Ask about your clients’ lives and make sure you go the extra mile in understanding their needs. Doing that will help them feel more comfortable about taking a loan from your institution. 

Most financial institutions come equipped with a dull and business-like atmosphere. You leave a better impression if your customers feel like they’re people rather than numbers. Your borrower and clients will come back to do more business with you, and they’ll also be comfortable enough to refer their friends and family. 

3. Have An Uncomplicated Application Process

Cumbersome is often the name of the game when it comes to loan approval and collections processes. However, you can change the narrative by creating a less complicated procedure for your borrower. 

Create a list of necessary documents and other necessary steps for the approval of loans. Then create a straightforward system that your clients can follow. If customers can survive a meeting with you without needing their financial dictionary, it’s sure to leave an excellent impression. 

4. Use Online Loan Applications

4. Use Online Loan Applications

One way to improve the borrower experience is to use online platforms. Having to queue in an office and filling forms is a turn-off for most people. Your clients should not have to come to a physical office before they gain access to top-notch service. 

Create a website or application that allows online loan applications. Your online platform should allow virtual payments and account access. 

5. Have A Precise Payment Plan

As a financial institution, you have to dot your Is and cross your Ts. It would help if you made the loan application and collection process as straightforward as possible. Your clients should also understand the payment plan, whether weekly, bi-weekly, monthly, or yearly payments. 

Communicating clearly and effectively will create a lasting relationship between yourself and your borrowers. 

6. Have An Open Communication System

Clients experience a lot of uncertainties when they want to take out a loan. Consumers want to know the organization’s policies, interest rates, and other specific information. Always be transparent with every lead so that clients know what to expect and never feel cheated. 

Be available to answer questions, give advice, and provide any explanation they may need to improve the experiences of your borrower.

Parting Shot

The growth and longevity of every business depend on its clients. A gold-standard borrower experience is a water you use on your blooming client relationships. More you focus on building up the relationship with your clients. You can make positively massive growth in your business. 

Read Also:

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *


B Corps Vs Public Benefit Corporations

B Corps Vs Public Benefit Corporations: Understanding Ethical Investing

With threats like global warming and inhumane practices frequently making headlines, consumers' desire to support positive social reform is growing. While the sentiment is positive, not all businesses are truthful about their efforts to promote a better world or working environment.Now that people are paying attention to the impact of their consumer and investment choices, businesses attempting half-truths and public manipulation is a big deal. Stunts like this are not surprising; it's just business, after all. But is it?As more and more news stories emerge about the suffering caused by corrupt business practices, consumers are becoming increasingly adamant about supporting businesses that stand by social and environmental protection.Indeed, people are becoming more informed about the social and ecological impacts of the businesses they support. Preserving the genuineness of ethical investing is possible with some insight into the differences between the two main types of benefit corporations.Despite titles that officialize these corporations, things are not as they seem. To stress the importance of ethical investing, we did some digging. Read on to learn about B Corps vs Public Benefit Corporations and how to spot the red flags within both for-profit structures. B Corps vs Public Benefit Corporations Businesses that strive to optimize their profits while promoting as much positive social impact as possible are called Benefit Corporations.To understand B Corps vs Public Benefit Corporations, you’ll need to make sense of the terms behind both structures. For a business to be considered a Benefit Corporation, it must do either of the following:Obtain B Lab certification. Businesses taking this approach are referred to as "B Corps." Become registered under a state government with the title of a Benefit Corporation. Companies that take this route go by Public Benefit Corporations.In comparing B Corps vs Public Benefit Corporations, you’ll find that both have socially-conscious implications, but it is important to note that the PBCs came after the start of B Lab. Legal limitations interfere with a company's goal to become either type of benefit corporation. PBCs: Are They Good Or Bad?The Public Benefit Corporation structure allows businesses to remain protected regardless of social impact. PBCs must meet specific guidelines to maintain social consciousness, but ultimately, businesses can fully realize themselves without worrying about the significance of public benefit efforts.PBCs may be perceived negatively by socially-conscious consumers aware of these preconditions. Debating B Corps vs Public Benefit Corporations leaves PBCs in the dust for these consumers.At the same time, B Lab is not without its scrutiny. B Lab requires that B Corps pay a yearly fee depending on revenue. Some believe that B Lab looks the other way against public deception if it means accumulating more in annual charges. Do Your Research The amount of heart behind B Corps vs Public Benefit Corporations is challenging to identify. Ultimately, both approaches are questionable, suggesting that people involving themselves with such companies should do their research before following through on purchases, partnerships, or investments.Read Also:Benefits of Investing in City Centre Property Is Investment Managers A Good Career Path In 2021? Top 5 Investment Decisions You Need To Make In Your Thirties

Health Insurance

Self-employed Health Insurance: Best Types for Every Freelancer

Working as a freelancer can be a rewarding experience, but you can’t ignore the importance of health insurance. Some people consider it a drawback because they have to manage their health insurance plan. There is no need to worry because you can get some good plans. Fortunately, some online platforms like carefulcents.com help you to pick a suitable self-employed health plan. Here are some good options that may work for you: Federal/State Marketplace: The marketplace for health insurance provides you with excellent coverage option. If you are working as a freelancer, you can enroll through an appropriate plan. A freelancer, consultant, independent workers, and other contractors can get several options. Fortunately, several categories are available with low premiums. Your savings may depend on the projected net income. Plans with Higher Deductible and Lower Premiums: These types of plans can be an excellent option for people who need something affordable. While paying a lower premium, you can get the advantage of higher deductibles. It can be beneficial to work with this type of plan in your good health. If you are not prone to traumas or unexpected accidents, these plans are great for you. Medicaid: Millions of Americans can get the advantage of free coverage and low cost through Medicaid. These options are suitable for families with low income, seniors and people with disabilities. You can get suitable Medicaid as per your income. Make sure to consider the regulations of your state to pick appropriate insurance. This program is free from open enrollment periods so that you can apply without any restriction. Plan for Family Coverage: A few states allow you to get the advantage of a domestic partnership without a legal marriage. If you are sharing a room or house with your partner, you can get the benefit of family coverage. You will be eligible for this plan until you or your partner is not married to anyone else. Consolidated Omnibus Budget Reconciliation Act (COBRA): COBRA guarantees you stipend to remain under the health insurance plan of your employer provisionally. Some plans are associated with a decrease in your employment. As per the U.S. Labor Department, you have to follow some eligibility requirements. COBRA couldn’t be a wise option if a person were not formally employed. Private Insurance: Some people need special healthcare coverage for chronic illness and other problems. If you need a particular insurance plan, make sure to check the details of a policy to find a suitable cover. A private insurance company can help you in the selection of a strong cover. Make sure to figure out important details before finalizing health coverage. Interest Groups: The national association for self-employed may provide excellent support to freelancers. You can access life insurance policies and health saving accounts after getting your membership. The fee for annual membership may vary between $25 and $120 for students and general members. Freelancers can save money at famous stores, such as QuickBooks and Office Depot. Moreover, the health association for underwriters represents more than 100,000 insurance agents. They can help you in the selection of an affordable healthcare plan.Read Also:Everything You Need To Know About Term Insurance Plan Premium A Little On The Side…Or Not? Your Guide To Supplemental Insurance Ready To Take The Leap Into Self-Employment? Here’s How To Set Up An Awesome Home Office Have You Paid Enough Attention To Liability Insurance When Launching Your HHA Business?

how to choose stocks

Investments 101: How to Choose a Smart Stock

There are less than 4,000 publicly traded companies in the US today, down from the 1997 high of more than 7,000. Such a limited pool doesn’t make it any easier to pick stocks these days, though.In fact, one of the first questions new investors ask is about how to choose stocks. The stock market is a big gamble, and if you choose right, you can win big time.In this guide, we’ll go over the steps you should follow to pick a good stock. You may not be the next Wolf of Wall Street, but selecting the right stocks will put you on firm financial footing. Assess Your Goals:It’s easy to ask how to find good stocks. The problem is that “good” is relative to what you want from investing.The very first thing you need to do is to take a look at your own goals. Why are you investing? What do you hope to get out of buying stocks?Answering this question will provide the underlying “investment theory” for your stock-picking strategy. If you want to maximize your returns and get out of the market, you’ll need one strategy. If you plan to be in it for the long haul, you’ll likely use a different strategy. Start with Index Funds: Index funds, like mutual funds or exchange-traded funds (ETFs), are a great place to start. First, they make good beginner investments. You can buy into one of these funds to gain exposure to the market.With mutual funds or ETFs, you don’t need to buy every individual stock in the fund. They also have low management fees.For those of you wondering how to pick a stock, they're also a great place to start your research. These funds contain most of the large companies in a given industry. They also collect information on the performance of their holdings.You can then narrow down the list to the individual stocks you’re interested in. The index fund can tell you that industry is on the rise. It can also tell you which companies are outperforming others in the same industry. Evaluating Financial Health: After you’ve picked some individual companies, you’ll want to evaluate their financial health. The next question you should ask is what to look for when buying stock.Information about performance and profits is easy enough to come by. You’ll also want to look at more intangible factors, such as the company’s staff. What makes them unique?A good way to collect some of this information is to look at investor presentations. They often share details that will help you learn how to pick good stocks.Another thing you can do is check forecasts. For example, you can look at the Valeant stock forecast to see how a certain company is recovering from a major scandal. No Magic Formula for How to Choose Stocks: Keep in mind that there’s a human factor involved in the stock market. You can do careful research and invest in what you think is the best stock. Key personnel could then leave the company, and the stock underperforms.The long and short if it is there’s no magic formula for picking good stocks every time. Understanding your goals and doing careful research will help you make better choices. Start Building Your Financial Future: This quick guide should give you some more ideas about how to choose stocks that support your goals. As you continue to invest, you’ll be able to refine your strategy.Interested in diversifying your portfolio? Check out our blog for more informative articles. We have advice that can help you work toward a brighter financial tomorrow.Read Also:Buying Stocks For Beginners: A Guide How Businesses Can Use Stock Trading 5 Awesome Facts About CryptoCurrency Main Factors That Affect Trading Decisions Top 9 Forex Trading Tips For Beginners That Save You Money