The private lending agencies in the UK are regulated by the Financial Conduct Authority (FCA). Every British adult is the consumer of one or more financial services; FCA protects the interests of borrowers pertaining to mortgage loans, credit card loans, personal loans, pensions, savings etc. FCA ensures that lending firms give the client appropriate services and products, and put the clients’ protection above their own commercial interests. FCA protection for the borrowers is great and it is hailed worldwide for being effective also. However, the total responsibilities of secured and resonantly priced borrowing can’t be a shift over to FCA; the borrower is also responsible for applying the right approach the get the affordable debt – personal short-term loan or long-term business loan.
How The Social Media Helps Us Buy Right:
The access to the internet in the UK is the highest in Europe; moreover, 85% of British people use the internet. British SMEs use the social media intensively for diverse business purposes – online advertising, branding, developing the loyal clients’ base, introducing new products, increasing sale etc. A term “social influencer” was coined just a couple of years back; the term was introduced to acknowledge the increasing influence of trade specialists who contribute their posts to help the online buyers right products from right source at the right price. The content posted by influencers affects the buying decisions; therefore, the most of businesses use the power of social media to highlight their presence and the impress the potential buyers for possible purchase; and, the private lending agencies are also doing the same.
British People Trust Social Media Reviews by Borrowers:
The more you use social media platforms, more the information you share. Over the free to use communication platforms, people tell friends and relatives about anything new discovered that they liked. At the start of 2017, the numbers of mobile social media platform users in the UK were more than 38 million with an expectation that the figure may touch 42 million users mark by the end of the year; it means 57% British community was using social media in 2017 to remain informed about the latest. The business’ presence over social media platform impacts purchasing behaviour. With strong feeds, businesses attract more potential buyers and followers; it is other key force to drive the purchase decisions in favour.
Role of Social Media in Buying Decision:
Do you know that 5% of influencers providing product information and recommending a particular product or brand are driving force for 45% of social media influence on purchasing decisions? According to an entrepreneur Andrew Molz, brands focus on getting endorsements, referrals, recommendations, positive user experience etc to impress millennials. According to Gartner’ research, almost 84% millennials are more likely to purchase under the influence of user-generated content- review, referrals, remarks. Today, engaging information over social media platforms is major driving force rather than the mere promotion or advertising campaign. According to a study report released in 2017, the businesses can’t screen or stop the negative reviews about their services support or products, therefore, 51 % online shoppers do value to social media referrals and reviews. Approximately 85% online buyers say that they often change the shopping process and decisions because of social media referrals and other content. Borrowing industry is also not an exception.
How The Social Media Can Help You For Cheap Borrowing:
Whatsoever may the need, purpose and reason are for getting the personal loan, payday loan, short-term loan, guaranteed loan, unemployed loan etc, the cost plays a major role in the decision. Apart from this, other vital decisive force is support and service. Service becomes important after deciding a particular loan type, loan amount, repayment period, and lending agency but support comes into the picture just after your first visit to loan store. Once you apply for the required type, support desk professionals start tracking you to turn the bin toss prospect in to a deal. These professionals help you decide right, feel easy during the borrowing process and repay on the time. In case of failure in on the time repayment, these professionals suggest the best solution. When you go through the negative remarks about a loan store, you tend to shift to other one having better ranking over social media platforms.
Here are five valid reasons that make referrals important for cheap borrowing:
• The information provided over social media is unbiased
• It comes from the end user
• It is based on real experience from the start until the end
• Responding to a particular remark reflects the approach of a lender to address customers
• Negative remarks or reviews make you conscious of any possible trap
Importance of Social Media Presence for Lenders:
There are almost 3.196 billion social media users all across the globe in 2018; it means 42% population use social media for different purposes and shopping is the one among these. Can a business working online to catering the distant potential clients afford to miss social media marketing benefits? According to a survey report, almost 93 % of social media users recommend or receive a referral for a brand or a product. If we explore the private lending industry in the UK, we will see that almost all the genuine FCA registered lending agencies have an online presence. These loan stores follow an online process from start until the finish. Online presence brings in transparency in offers and deals. The borrower has complete freedom to say anything about the loan store; therefore, all the loan stores with long-term business goals try to satisfy the borrowers at the most. The social media platforms provide an opportunity to contact the influencer, review poster and remark sender. In addition, you can invite the suggestions also before initiating the borrowing process. The strong presence over multiple social media platforms helps the private lending companies to showcase their user-centric approach. Branding, loyal customer base and search engine promotional advantage make the social media marketing inevitable for every lending agency.
Whatsoever financial help requirement you have, go through different social media platforms essentially to judge the quality of service, support and lending through reviews, referrals and recommendations.