Upgrade is a true competitor to EasyFinancial as they offer high-interest rates on loans to subprime borrowers (as is EasyFinancial). Upgrade offers loans with annual percentage rates of up to 35.89% as analyzed on with loan amounts ranging from $1, 000 to $50, 000 as analyzed on NerdWallet.
To find the six true competitors to EasyFinancial (other high-interest financial companies who cater to subprime borrowers) the research team searched through established financial consultancy and analytics web pages this being Credible and NerdWallet. The search proved successful as we identified the above six high-interest financial companies that cater to subprime borrowers. With details of their different rates and amount of loans offered to borrowers.
EasyFinancial Competitors Advertising
Following an exhaustive research on the video and display advertising used by EasyFinancial's competitors, we were able to discover that most of its competitors do not use video advertising. Instead, they mostly use standard ads, programmatic ads and image ads. Easy Financial's main competitors include Upgrade, Upstart, Prosper, Lending Point, One Main Financial and Avant.
Avant publish on one publisher site in the Arts & Entertainment and News categories.
The company ran 256 standard ads and 337 native ads in the last thirty days.
Most of the messaging on their creatives are images of vehicle and home accidents without texts. They have 106 creatives
High-Interest Loan Market Size
The current market size for high-interest loans in the United States is $90 billion. This is a $50 billion increase over the $40 million market size in 2010 and 2015.
Current Market Size
According to the Office of the Comptroller of the Currency, the current U.S. market size for high-interest loans, which are defined as "short-term, small-dollar loans that typically range from $300 to $5,000," is $90 billion.
Additionally, the definition of a payday loan according to Investopedia is a "type of short-term borrowing where a lender will extend high interest credit based on a borrower’s income and credit profile."
Fortune notes that high-interest loans range between $300 and $5,000 and The Economist mentions that the typical payday loan is $350.