Lenddo & Elevate Customers

Part
01
of two
Part
01

Lenddo

Financial institutions are LenddoEFL's clients. Five of LenddoEFL's clients are Mynt, Orient Commercial Joint Stock Bank, Business Partners, Caja Sullana, and Ctos.

FINDINGS

1. clients, reach, & client satisfaction

  • According to LenddoEFL, its "clients are financial institutions — Banks, insurance companies and other lending/commerce platforms — who want to serve underbanked consumers and small businesses."
  • LenddoEFL has more than 50 total clients that span over 20 emerging markets.
  • Five of LenddoEFL's clients are Mynt, Orient Commercial Joint Stock Bank, Business Partners, Caja Sullana, and Ctos.
  • From the limited, available information available to us, it appears that clients are satisfied with LenddoEFL. As an example, Business Partners stated that "[Lenddo]EFL has been a good investment for us." Caja Sullana has described the assessment offered by LenddoEFL as "powerful."

2. reviews & what clients like about LenddoEFL

  • This link is to a video that includes a review of LenddoEFL by its client, Mynt.
  • This link is to a video that includes a review of LenddoEFL by its client, Business Partners.
  • Clients like the results that LenddoEFL's products/services have helped them achieve. One example is that bank clients have reduced the rate of default by 40% and have simultaneously increased the amount of loans provided. Another example is that "financial institutions using LenddoScore have, on average, increased their approval rates by 50% and decreased their default rates by 12%."
  • Mynt likes that LenddoEFL's products/services have enabled it "to assess credit risk for its clients that were 80% unbanked," are able to be customized to best serve a particular market, and provide competitive advantages through utilization of the strong analytics that it offers.
  • Orient Commercial Joint Stock Bank likes that LenddoEFL's products/services have demonstrated proven performance worldwide, are able to help it grow yet not increase its level of risk, improve the client experience with regard to onboarding, and reduce turnaround times.
  • Business Partners likes that LenddoEFL's products/services identify potential problems that might result if a loan is issued to a particular borrower, identify entrepreneurs that are excellent candidates to issue a loan to, work with a quick process, generate fast results, and feature a simple test.
  • Caja Sullana likes that LenddoEFL's products/services streamline the process for loan applications, decrease the amount of work that is required of its loan officers, and provide insightful data about applicants who otherwise have limited information available to provide for seeking a loan.

YOUR RESEARCH TEAM APPLIED THE FOLLOWING STRATEGY:

We found information about LenddoEFL's clients by looking through articles published about the company in sources such as Banking Tech and on the company's YouTube channel. At the outset of our research, we noted that Lenddo and EFL merged on October 18, 2017. Accordingly, our findings about client opinions pertain to after that merger transpired. The only information we could find about whether clients are satisfied with LenddoEFL was from the four of the clients that we identified (all but Ctos). We included all of the information about client satisfaction that we found throughout our research about the company. With regard to client reviews, two of the reviews are videos from clients (Mynt and Business Partners) talking about the company. That review information is included in section one above. The other reviews were part of articles about LenddoEFL and its clients (Caja Sullana and Orient Commercial Joint Stock Bank). The reviews from those companies, as well as from Mynt and Business Partners, overlapped with the requested information regarding what clients like about LenddoEFL's products/services. As such, that information regarding what clients like about the company is included in section two above, though it applies to the client satisfaction part of section one too.

One data point for which information was not available was client dislikes about LenddoEFL. We looked for that information in three ways. First, we reviewed articles about the company, as we thought such information might be included therein. Some of the sources we reviewed for that were Business Insider and Fast Company, but no such information about dislikes was provided. Second, we checked the company's social media to see if we could find any client dislikes through that method. However, the only reviews we found there were from the people who received loans from lenders that are clients of LenddoEFL, so they are not clients of LenddoEFL. As a third strategy, we watched all of the relevant YouTube videos featuring clients of LenddoEFL to see if any mention was made about anything even remotely connected to a dislike about the company. However, all of the discussion about the company was positive. We included the full extent of information we found about what clients like about LenddoEFL's products/services above, which we found from the articles and YouTube videos previously referenced, among other sources. Together, this research process provided us with all the available, requested information about LenddoEFL.
Part
02
of two
Part
02

Elevate

Elevate's clients are consumers in the UK and US who are non-prime clients, whom the company also refers to as "the new middle class."

findings

1. clients

  • Elevate's clients are consumers in the UK and US who are non-prime clients, whom the company also refers to as "the new middle class."
  • The company defines "the new middle class" as those who are constrained with credit, their credit scores are under 700, and they either have no savings or minimal savings.
  • Elevate believes that the U.S. has about 160 million people in "the new middle class."
  • As of May 2018, the total number of non-prime clients that Elevate had served surpassed two million.
  • Elevate has stated that the number of people in its target market across both the UK and US is 170 million.
  • Five examples of Elevate's clients are Juan P. and Dennis R. (for its RISE product), Amy D. and Jennifer O. (for its Elastic product), and JR (for its Sunny product).

2. client satisfaction

  • Information about Elevate's client satisfaction was segmented among the company's different products (as clients turn to Elevate for different such products), which are RISE, Elastic, Today Card, and Sunny.
  • First, with regard to RISE, clients overall appear to be mostly satisfied, as is demonstrated by its nearly 4-star rating on the Better Business Bureau.
  • A 4-star review of RISE from Juan P. states: "Needed fast cash, got it the next day after approval. Higher interest but affordable for me. Took less than 10 to fill out. I will use again if I need to after I pay them."
  • Second, with regard to Elastic, clients overall appear mainly dissatisfied, as is demonstrated by its 1.5-star rating on the Better Business Bureau.
  • A one-star review of Elastic from Amy D. states: "Be very careful and read ALL THE FINE PRINT. THEY will advertise high amounts of available cash but do not easily disclose the minimum $75 "fee" to make your payment, every 2 weeks. That's $150 a month just to pay your bill. It will take you over 2 years to pay back $2000 borrowed, and pay 3000 in fees, that totals 5000 borrowed!!! Beware!!"
  • Third, with regard to Sunny, clients appear very satisfied overall, as is demonstrated by its 9.1/10 rating on Trustpilot based on 4,812 client reviews.
  • A five-star review of Sunny from JR states: "Straightforward, easy, quick! Clear and structured payments and you can choose how much and long for. Perfect for my needs. Will use again and highly recommend!! 5*."

3. client likes/dislikes about elevate's products/services

  • What clients like about Elevate's RISE product/service are the simplicity of its loan application process and the quick turnaround time for issuing loan funds.
  • What clients dislike about Elevate's RISE product/service are its high interest rates and what is described as poor customer service.
  • Clients didn't mention anything they like about Elevate's Elastic product/service on the Better Business Bureau's review page for the company.
  • What clients dislike about Elevate's Elastic product/service are its outdated/inefficient processes, website complications, pricey fees, and what's described as poor customer service.
  • What clients like about Elevate's Sunny product/service are its simple application, efficiency, quick processing/turnaround times, and easy-to-navigate website.
  • What clients dislike about Elevate's Sunny product/service are what's described as poor customer service/communications and also reported delays with customer service when trying to resolve issues.

YOUR RESEARCH TEAM APPLIED THE FOLLOWING STRATEGY:

We found information about who Elevate's clients are directly from the company's website and from a Business Wire article. We found examples of the company's clients from customer review sites, which included the Better Business Bureau and Trustpilot. The metric we used to determine whether clients are satisfied with Elevate was the star rating for the company's products for which such was available (RISE, Elastic, and Sunny). Clients, reviews, and ratings information was not available for the company's other product, Today Card. We checked for such information in three ways.

First, we checked to see if Today Card has a ratings page through the Better Business Bureau, as the others did. However, there is no such page. Second, we checked Today Card's website to see if any client or review information was included there, but the only information was about the card itself. As a third strategy, we looked for articles about Today Card to see if we could find any such information through that method in sources such as Business Wire and Credit Card Reviews. However, the articles we reviewed only talked about the company and the card's benefits and thus didn't mention client or review-related information. Lastly, we found information about what clients like and dislike about Elevate's products/services from the aforementioned customer review sites (Better Business Bureau and Trustpilot). Together, this research process provided us with all the available, requested information about Elevate.

Sources
Sources