Designing a Clearer Loan Offer Experience

Role

Design Lead

Team

  • Product Owner
  • Engineering Lead
  • Lead Developer

Project Summary

After a company-wide rebrand, it was time to advance our offers experience and give the user more clarity, control, and understanding over what loan they should choose.

TL;DR

12%

Increase in loan offer accept rate

19%

Decrease in support inquiries related to loan terms

  • Existing loan offer cards were needing a brand refresh
  • Multiple loan offers meant confusing layout scenarios and a lot of cognitive load put on the user to choose which offer was right for them
  • Only surface the details that users are most looking for

Problem

The offers page is one of the most important moments in the customer flow for Best Egg. The user is excited that they’ve been approved and can choose a loan that can help them along on their financial journey. However, the current experience creates heavy friction for the user.

These issues resulted in a 40% drop off rate at the offers page, and increased customer call-in volume for our agents.

Key Insights & Competitive Research

Marcus
Marcus loan offer interface
Happy Money
Happy Money loan offer interface
Upstart
Upstart loan offer interface

We combined user research, customer feedback, and competitive analysis to understand where borrowers struggled and how best-in-class financial products approached similar decisions.

  • Users think in monthly payments; let's make this clear up front
  • Simplify the interface and prioritize the information users actually use to decide.
  • Instead of overwhelming users, competitors reveal deeper financial details only when needed.

Refined Problem Statement

How might we help borrowers quickly understand their options and confidently choose the right loan?

Solution

We elevated the monthly payment to the primary element.

Results

  • 12% increase in loan offer acceptance
  • 7% decrease in support inquiries related to loan terms
  • 9% increase on month-to-month loan originations

Takeaways

  • Financial products require clarity above all, designing for financial decisions means prioritizing confidence and comprehension.
  • Small hierarchy changes drive big impact, elevating the monthly payment dramatically improved decision speed.