Joint and Non-Joint loan application study

Joint loans (issued to 2 co-borrowers, instead of an individual) provide borrowers with a lower APR and are more profitable to the business.

The goal of this research was to understand why people do and don’t apply jointly, and identify ways to redesign the experience to encourage the RIGHT people to apply jointly.

  • Mixed methods: Quant – Qual – Quant.
    • Initial Quant: Simple survey with ~80 responses from joint borrowers and 80 from individuals
    • … From which interview participants were recruited and interviewed, 8 with joint borrowers, and 8 with non-joint (individual) borrowers
    • Leading to final survey with n=1163 participants

Impact: $10M increase in profitability