If you’re an installment lender, payday loan (single pay) lender, a title loan lender or in the lead generation industry, you should be aware of these trends. Lenders are quickly gravitating away from lead generators and their ping trees. When it comes to lending, the “Big Boys” are pulling all their lead gen in-house. They’re hiring talent and building expertise.
Here’s a visual aid from Enova to help you grasp how serious this strategy has become for payday loan, installment lenders, car title operators, line-of-credit providers and more. CLICK on the image to enlarge it! (Note: the “direct mail.”)
Also, note the traffic sources for Enova leads. In 2009, lead purchasing was 67%. In 2014 it was 39%. Mobile stands at 48%!!
This is a common thread for lenders and does not bode well for Selling Source, T3 and the rest; at least regarding the payday loan, installment and car title lending industry. Of course, merchant cash advances are the newest trend; $300B loan potential!
NOTE: Click on the image to image it bigger.