What Are Storefront Lenders? Are They Better Than Online Lenders

Better Than Online Lenders

There are always times in each of our lives when the unexpected happens: someone in the family gets sick, you suddenly get laid off from your job, you come up with a high-potential business idea, a rare investment opportunity presents itself. There really is no way to tell. One thing’s for sure, though. Most of the time, you’ll need money to see it through. Chances are, that’s what led you to our article in the first place. Well, have you ever considered storefront lenders?

In our online world, it’s not that surprising that a lot of us have not even heard of the term before. If that’s the case for you, then don’t worry. You have stumbled upon the right article. In this post, we are going to talk about what storefront lenders are, how they are different from online lenders, and determine when to seek for help from a storefront lender and when to do so from an online lender. Let’s get started! 

What Are Storefront Lenders?

In a nutshell, storefront lenders are lending companies with an actual brick-and-mortar office that you can visit. This office is their main place of operations. That being said, there are storefront lenders with websites and there are online lenders with offices. The lines can get a little blurry in between. Just remember that as long as the main place of operations of a financial institution is offline, then it’s a storefront lender. And if an online lender’s office just serves as a workspace for their employees, but they don’t really receive clients or applicants there since their processes are mostly done online, then that financial institution is an online lender and not a storefront one. 

Storefront Lenders vs. Online Lenders: Which One Is Better?

With that out of the way, we can now move on and talk about the main differences between the two. We have already mentioned the factor that tells them apart above: the method of their operations. However, there are certainly other differences between the two aside from one being mostly online or the other being mostly offline. Here they are: 

  • Human Interaction. One of the biggest factors that differentiate storefront lenders from online lenders is the human element in the lending experience. Online lending websites usually only have online forms that you can fill out to ask your questions, send your application, or follow-up something. Some of them have a chatbot in place to answer basic questions. And there are cases when they have chat support as well, but it highly depends on your online financial institution’s customer service level.
  • Promptness. In relation to the previous factor, storefront lenders can provide you a faster response to your queries since you’ll be talking to their agents directly. Online lenders, on the other hand, can take quite some time to respond especially if you have sent your query through an online form or via email. As for the promptness of processing your application, that really all boils down to the number of applicants at the time and the length of their process. There are both storefront lenders llc and online lenders that offer 24-hour or same-day approvals. It will depend on your chosen loan provider. 
  • Payment Methods. Here’s another significant difference: the payment methods that they offer. There are a lot of storefront lenders that require you to pay your dues personally, through their office. While most online lenders offer online payment methods. Although there are storefront lenders that also offer online methods as well as online lenders that accept over-the-counter bank payments. 
  • Loan Plans. If the payment methods are different, so are their loan offers. Most online lending companies already have different plans formulated. All you need to do is choose the plan that you think works best for you and that’s it. Storefront lenders, on the other hand, can customize your loan plan for your specific needs and payment preferences. 
  • Relationship. Because storefront lenders have a better idea about your financial state, this opens an opportunity for you to forge a personal relationship with them, and maybe even request for more flexible payment terms. Meanwhile, online lenders can be quite isolated from their clients. They can be very technical and there can, unfortunately, be a lack of empathy.  
  • Convenience. But even so, there are a lot of people who prefer online lending due to the convenience that it brings. You can send your loan application through your digital device without even leaving the comforts of your home. One the other hand, it is really necessary for you to visit your storefront lender and file for a loan in their office which can prove to be an unnecessary hassle for those with really hectic work schedules. 

When Should You Choose Storefront Lending?

As you can see, each has its own pros and cons. However, we do recommend storefront lending for people who are not that well-versed online. If technology confuses you or if you simply want someone to walk you through the application process, especially if it’s your first time lending, then you should definitely give storefront lending a try. 

When Should You Choose Online Lending?

On the other hand, if you find interviews rather daunting, then the “human experience” advantage will certainly work against you. In that case, online lending would prove to be the better option for you. It’s also great if you have unconventional working hours and there really is no way for you to visit a storefront lender during their office hours at the moment. After all, you can visit an online lender’s website and send your queries and requirements at any time, during the wee hours of the morning.  

Conclusion

In the end, it will all boil down to your needs and preferences. Honestly, we personally prefer storefront lending. We have found that it provides a better customer experience in general. We understand, though, that each person is different. How about you, do you find storefront lenders better? Or would you rather file for a loan online? 

Tips to Benefit from Ad Tech Platform as a Storefront Lender

As a storefront lender, you know how difficult it can be to acquire new clients these days especially that the internet technology has given way to alternative lenders.

As you know, relying on traditional advertising such as TV ads, posters, and signage is not enough. Worst, waiting for walk-in customers! To increase your leads, you know you’ve got to do what everybody else is doing – market online.

But how do you get started? What specific advertising techniques should you use to generate more leads? How do you find your target customers? How much will it cost you?

Using Ad Tech Platform as a Storefront Lender

Because of the complex nature of online marketing, more and more storefront lenders are making use of ad tech platforms as their advertising tool because it allows them to reach their marketing goals without spending so much time and money.

How can Storefront Lenders Benefit from Using Ad Tech Platforms?

Find the Right Ad Tech Platform for Your Business

Not all ad tech platforms are the same. Leaning towards a trusted ad tech platform is important to get the most out of every campaign. When choosing a platform, there are a few things that need to be considered. For storefront lenders, ad tech platforms that focus on performance marketing (lead generation) are the most suitable.

Customize the Tools

Storefront lending businesses have varying marketing goals, KPIs, metrics, and campaigns. Ad tech platforms can be customized to suit your advertising needs. As you learn more about the marketing campaigns that are effective for your lending business, you can customize your tools for better results.

Use Ad Tech Insights to Improve Your Marketing

Ad tech platforms allow advertisers to draw helpful insights that will guide them in making marketing decisions. Data analysis is central to ad techs. Built with algorithms that extract and receive data without human intervention, these platforms don’t just facilitate advertising campaigns. More importantly, they track patterns, provide complete results, and provide useful insights that make customer acquisition successful.

Select the Right Landing Pages and Affiliates

Programmatic advertising is a technology-driven process that is designed to help advertisers locate target customers and generate leads with high conversion rates. Ad tech platforms help storefront lenders display ads spontaneously on the publisher’s website.  

Practice Performance Marketing Like a Pro

With ad tech platforms, you can engage in performance marketing without the need to master it. Ad techs have built-in marketing tools that do all the job for your campaigns, from finding affiliates to targeting leads and analyzing conversion rates. You don’t have to dig deeper into how performance marketing works or hire marketing specialists to do certain campaigns for you. All that’s left for you to do is to track your leads and analyze your campaigns through the system’s analytics.

The advertising industry has never been more dynamic now that ad tech platforms are available. More and more advertisers are integrating these platforms into their marketing strategies to manage and ensure the success of their online campaigns. Because ad tech is a powerful platform for programmatic advertising, maximizing its use can ultimately lead to increased customer acquisition for storefront lenders.