As a lender in a busy, fast-paced marketplace, you’re likely focused on your day-to-day operations and not always on the big picture. On occasion, it’s helpful to step back to see the subprime trends in the market as a whole. Consumer behaviors, preferences, and habits can help decide your next business strategy.
Follow the Trends to Find Your Customers
The more you know about your customers, the better you can serve their needs. This is why trends matter. If you’re a storefront lender and you see the rapid growth in the online market, maybe it’s worth going online? On the contrary, if you’re an online lender who discovers the high repeat customer rate for storefront locations, you might consider opening a brick and mortar store.
Equally important is the type of products that consumers are using, and how they are using them. What is the profile of the consumer who prefers single payment loans, versus one who regularly takes out installment loans? Do they ever switch back and forth? Not only are these trends valuable to know from a prospecting standpoint; they can help you adjust your underwriting to suit the risk level of specific consumers.
Introducing the 2017 Clarity Subprime Lending Trends Report
Clarity understands the importance of this information to lenders and we’ve done the hard work for you. Our 2017 Subprime Lending trends report is full of market insights, consumer preferences, and lending and borrowing trends.
This is not your standard year-in-review. We share performance data on 16 million loans over a four-year period. We see subprime trends rise and fall during that time, while others simply continue to rise. Lenders need to know what these trends are to position themselves properly for what’s coming.
Download the report today to see how your business stacks up against the market and discover surprising lending trends that might change how you do business!