Pre-approved loans
Leveraging pre-approved offers to increase loan conversion
Company
Project category
Lending
Context
Pre-approved loan offers are one of the most effective lending levers Credit Unions have, converting up to 3x better than traditional pre-qualification offers. However, the experience of surfacing and managing these offers is often fragmented, inconsistent, and reliant on expensive third party vendors
For Clutch, this project was a key opportunity to extend our lending platform, offer more value to Credit Unions, and position ourselves as a true end-to-end solution
As the main designer on the project, my challenge was to translate a highly technical and compliance-heavy process into a clear, frictionless experience for members
On the home screen, cards were the UI elements chosen for their ability to highlight the main advantages of Credit cards, Auto and Personal loans
The cards also were able to create a clear hierarchy between Pre-approved, main pre-qualified and other tertiary loans
Same visuals were applied to refinance opportunities cards
Interactive
Pre-approved amount:
This is a pre-approved offer. Skip the application process and receive your funds today!
The slider is a way of nudging applicants towards high converting applications and clearly communicating about their low chances of approval in case they decide to choose different amounts while respecting fair lending regulations
The regulatory copy had a big body of text and was placed in a low priority space of the UI but had to be seen before the final CTA for application submission, keeping a good balance between conversion oriented decisions and compliance good practices
impact
With the new solution, members have the ability to claim the best offer possible with clear understanding of what they’re eligible for. Credit Unions can now run their pre approval campaigns directly through Clutch, ensuring compliance is handled seamlessly, while benefiting from a consistent experience and strong conversion performance
Look to book conversion Compared to 30% on regular loans
Total funded in first pre-approval campaign
Applications at the end of the first campaign
This is just a short version of the process, results and impact. If you want to know more about this project, get in touch and we can talk ;D