Payday loan leads need a degree of understanding in the buying and selling and applications thereof. Knowing your market is super important, as local customer leads and applications can have a huge impact on your profits. Know the value of your customers, and take on board the information from this handy guide on payday loan leads and you’ll be good to go!
What Is A Payday Loan Lead?
This seems like a good place to start, no?
This loan, also known as a cash advance or PDL, is when a customer looks to get funding from an unsecured loan designed for limited short-term use. Leads are usually interested customers who have taken the time to fill out a loan application and have supplied all the information needed. This information includes:
• Full name
• Address
• Phone numbers, both landline, and mobile
• Personal ID (e.g passport, ID card, driving license etc.)
• Employment status
• Income
• Any references they have from previous and current employers
• Whether they have an active checking account
The Different Sources Of Payday Loan Leads
Of course, it’s natural to assume the ‘source’ of a lead is the original place the payday loan lead started. In marketing terms, the ways to identify different sources are through:
• SEO (Search Engine Optimization)
• PPC (Pay Per Click)
• Video, radio and tv advertising
Are Some Sources Better Than Others?
The short answer: Yes, of course!
Just like anything, depending on your situation and scenario, some sources are more beneficial than others.
Generally, the most popular way for customers to find their way to you is by typing something along the lines of, ‘Payday loan’ into a search engine.
While this may seem too simple, it’s one of the easiest and most common ways customers filter through and select which advertisements appeal the most to them.
Once they’ve found the service for them, they will then apply for their loan.
What Should You Be Keeping An Eye On?
As a buyer or lender, you need to be looking out for several different things. You need to decide which sources are the most relevant to the needs of your personal portfolio when you’re a buyer or lender.
You also need to be aware that one of the biggest issues in this industry is fraud. With this in mind, you should put more than a couple of verification systems in place so you can be 100% sure the identities of your applicants are legitimate.
If possible, try to implement a phone verification system for every transaction. You want to encourage a trust-filled relationship between buyer/lender and customer/applicant.
This way, you’re more likely to see better outcomes.
Avoiding Mistakes And Pitfalls
With technology comes lots of potentially unforeseen circumstances. You want to be prepared for everything, and the best way to do so is to work with a partner you trust, who also has lots of experience in the industry.
When it comes to you and your lead provider: communication is key! Share statistics of how your loans perform post-funding, which sources perform the best, and be honest about your expectations for the campaign to your lead provider.
You will also reap benefits by responding to feedback from buyers, and these benefits will reflect in the success of your campaign.
Here at List57, we have a list of payday loan leads just for you! Our list will put you in touch with people seeking aid alongside their slow cash flow.
Get in touch with potential applicants personally to provide the quotes and information they need.
Feel free to browse our website to find out more about us as a company, or get in touch to have your inquiries answered today!