Non-bank lending - Social followers and online reviews

Non-bank lending - Social followers and online reviews

This report examines the relationship between a social following and the effects of online reviews have on non-bank lending businesses. 

The study examines 22 companies from the non-bank lending industry, including: 

  • Debtor finance
  • Marketplace lending
  • Commercial lending
  • Personal lending

 

Total online reviews

Figure9 takes all online reviews and represents them in the one view. This includes Trustpilot, Product Review and Google reviews. The clear standout is Prospa (2006 reviews), silver goes to SocietyOne (1693) and bronze is taken home by Ratesetter (1651).

Moula (1035 reviews), the second-placed lender in the P2P business category has approximately half the reviews of Prospa.

Third place in P2P business and behind both Prospa and Moula is OnDeck with 376 reviews.

Timelio is the first placed Debtor finance company with 53 reviews.

Non bank8

          Figure9-Source: Showtime Digital/Total_reviews

Non bank9

Figure10-Source: Showtime Digital/SocialvReviews1

 

Social following v Online reviews

Here (Figure10) we see the correlation between social followers and online reviews. It is also worth mentioning people who initially are social followers will not necessarily become an online review.

As marketing and post-sale steps, both are separate operational functions. For most companies there does appear to be a strong relationship.

 

The standouts are –

Ratesetter –     For every 100 social followers a staggering 41 people leave online reviews.

MoneyPlace - For every 100 social followers an impressive 37 people leave online reviews.

Prospa –             For every 100 social followers 24 people leave reviews.

SocietyOne –    For every 100 social followers 14 people leave reviews.

OnDeck –           For every 100 social followers only 0.39% leave reviews.