Loan eligibility check welcome screen

A loan eligibility check is an offer at the top of the funnel for many lending companies in the UK.

Borrowers land on eligibility checks from different sources.

From a lender driving paid ads.

From referral partners introducing a lender.

From word of mouth.

And so on.

The problem is that borrowers landing on the eligibility check flow have a different context level about where they're now and what to expect.

This results in some borrowers leaving and never completing the eligibility check.

Welcome screen

The welcome screen in a loan eligibility check form solves this problem.

The welcome screen is the first step in the flow and sits right before the form.

It sets the context, handles objections and primes borrowers to complete loan eligibility checks.

So, more borrowers complete eligibility assessments, regardless of the traffic source and level of context.

Welcome screen requirements

In the case of the information screen, the questions the user is looking to answer define the design.

When they land on the flow, what questions do borrowers have given that they have zero context about a loan eligibility check, and where are they now?

With a bit of pondering, here are some of the questions we identified likely to cross the mind of a prospective borrower:

• Where am I now? Am I at the right place?

• What is it about, and why should I submit it?

• Will it affect my credit score?

• How much time is it going to take to complete?

• How long will it take to hear back from them?

Welcome screen design

Here's a wireframe of a loan eligibility check welcome screen, with the rationale behind each element:

Layout

The layout is mobile-first.

Because most top-of-funnel traffic comes from phones, especially in consumer lending.

People often research loans on their phones.

So, making sure the loan eligibility assessment flow is user-friendly on a phone is crucial.

Even in business lending, where desktop use is more common, a mobile-first layout doesn't hurt. The layout works great on desktops and ensures great usability for mobile visitors.

Logo

The logo is a prominent part of the screen.

The reason is that the Borrower is about to share quite sensitive information.

If it gets into the wrong hands, it could hurt them.

So we need to do whatever is possible to reassure them.

Logo ensures the experience's continuity and gives them something to identify whether they're in the right place.

Headline

The headline communicates what they get from filling out the form.

The reason is that no one likes to spend time submitting forms.

So we would be better off giving a good reason why they spend their time submitting it here.

In a way, we're selling them eligibility checks and position, submitting a form as a way to get what we offer.

Bullet points

Bullets underneath the headline reverse the risk of submitting a form.

Because submitting a loan application is risky for borrowers.

Borrowers know that it may require a lot of time, that it may take a long time to get a response about the decision, and that it can negatively affect their credit score.

No one wants to spend their time filling out long forms, then wait a long time only to hear denial and get a hit on the credit score.

Any doubt about these in the mind of a borrower will work against lenders looking to get more applications.

Bullet points address directly the 3 concerns:

• High effort → takes 3 minutes to complete

• Slow result → response in less than 60 seconds

• Hurts my credit → won't affect your credit score

Button

Button calls to action: "Check eligibility."

We need a button here to get to the next step of the form.

But it is also a good opportunity to remind them what they're doing here and get a soft commitment from the Borrower by initiating the process themselves.

Widget

The widget shows the company rating on the 3d party review site.

The reason is that borrowers don't submit forms to lenders they don't trust.

Social proof helps to build some of this trust with a borrower.

Image

While not critical, the image can be a good opportunity to visually communicate what the Borrower will get from the eligibility check.

I often see software where images are just used as placeholders.

As a placeholder, it's more of a distraction.

Image, when done right, can effectively communicate the message.

Here's where we can complete the headline with images that visualise:

• Loan purpose (e.g. car, tuition, house, etc.)

• Quote with emphasis on the monthly payment

• Positive eligibility result

Of course, graphical implementation will depend on the branding of the lending company.

Why not mix it into the form?

I've seen some eligibility assessment forms that mix this information into the form itself.

But I strongly prefer a dedicated welcome screen.

Why? Message clarity.

It gets lost when you throw this message in alongside 20 input fields. From seeing a long form, the user is already in "fight or flight" mode. They're not stopping to read.

A separate welcome screen gives the Borrower breathing room to digest the message.

That's it for today.

I hope this gave you some useful ideas for building better lending software.

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