Tier 2 Credit Lenders
To find information on tier 2 credit lenders in Australia. Examples of these lenders include Nimble, Credit24, and Wallet Wizard. Information to be searched for will include the demographics of category consumers, their motivations, the marketing that drives their behaviour, what they use the loans they get from tier 2 lenders for, and any recent communications/campaigns within the market
Major Tier 2 Credit Lenders
- Nimble, Credit24, and Wallet Wizard all offer a variety of loans to consumers in Australia.
- For instance, loans offered by Nimble are divided into a few categories i.e. small loans, medium loans, personal loans, and car loans. The terms offered for these loans vary depending on the loan type and typically start at 62 days to a maximum of 84 months.
- The Wallet Wizard websites contains information on the potential consumer use cases for the loans they get from the lender. These use cases include vacations/taking a break, buying a car (using car loans), and handling emergencies.
- The Nimble website also presents some reasons why consumers would consider taking loans from the lender. These include paying for weddings, car repair, going on holiday, financing education (students), and to handle personal emergencies.
- Credit24's loan offerings include holiday and travel loans, debt consolidation loans, home improvement and renovation loans, medical loans, student loans, wedding loans, household goods loans, and car repair loans. From the names given to these loans, it can be concluded that the use cases of the loans includes taking vacations, paying off debts, doing home renovations and improvements, paying for medical services, paying for education, facilitating weddings, buying household goods, and paying for car repairs.
- Wallet Wizard claims that part of its competitive advantage is in offering loans that are up to 70% cheaper than companies.
- On the other hand, Credit24 identified some of its competitive advantage features in the fact that the company: offers flexible loan options, is a responsible lender, offers fast approval, does not have a lock-in contract, and is 100% online.
- Nimble's competitive advantage lies in the fact that the company offers flexible repayment options, an application process that is 100% online, and flexible loan payments of up to 60 minutes.
Proposed next steps:
You need to be the project owner to select a next step.