Reimagining the process of applying for a loan online
How do you take the complexity out of applying for a short-term loan whilst also combating fraud?
Founded by short-term loan customers who were unhappy with the service they had received from other lenders, Buffa understands why customers are sceptical about companies like them. Cursor worked closely with the Buffa team with the aim of making short-term loans as simple and transparent as possible.
Buffa aims to reach customers who have endured difficult experiences accessing consumer credit as well as new customers seeking the best deal possible online. For both audiences, creating a positive user experience was key to business development objectives. However, in order to provide a new experience we had to develop new infrastructure and technology to differentiate Buffa from the rest of the crowded online loan market.
Using software to create business opportunities
The Buffa team had identified that loan management software originally developed for quick approval car loans could be adapted to the short term personal loan market. If this was combined with a fast payment process, comprehensive fraud and affordability checks there could be an opportunity to reimagine the experience of applying for a loan online.
However, in order to create this new infrastructure, a number of challenges needed to be addressed;
- Develop a calculator that delivers accurate loan costs in real time based on different loan values and repayment schedules
- Build a custom integration between the website and the Loan Management System (LMS) so that the LMS can be used to make decisions on loan approval
- Automate the process of creating accounts, generating documentation, issuing and tracking digital signatures to remove the need for manual processing
- Integrate a fast payments solution which can deliver funds into a bank account within 5 minutes of a successful application
- Managing customer data for compliance and data warehousing
- Add protections and controls to identify and manage fraud
Although the systems we developed were complex, together they aimed to make the process of receiving a loan as quick and simple as possible. They have helped Buffa to achieve rapid growth to become a well-known payday lender in a short period of time. Even the website interface reflected the values of the company - a black and white palette provides a no-nonsense interface which makes it simple for customers to understand Buffa’s principles and make applications quickly and easily.
Cursor is the gold standard against which we judge all our suppliers.
Matt Bridge
Head of Loans, Buffa