For some time, we have received feedback from our customer service that borrowers often have trouble describing the loan project.
On the one hand, reasons for this are uncertainty as to how important the scope of the text is for the acceptance by investors. We offer a representation of the right scope in the process, but there are still questions. On the other hand, many borrowers are uncertain as to how their description provides clues as to their identity. Although borrowers know that their data is published anonymously at Fast Credit, many people are cautious at this point. Therefore, some credit projects have deliberately not been given any information. In part, these uncertainties even led to the cancellation of the registration with Fast Credit. As a result, we came to the conclusion that we should offer our borrowers in the process a simplification in the description.
1. What is this simplification?
When creating the loan project, borrowers receive a text proposal that is automatically generated from different text modules. The text proposal is based on criteria such as occupational group (employee or self-employed person, etc.), state, age, user name and the filing date.
For example, a suggestion might look like this: “(TITLE)” The self-employed needs support for their project “- (DESCRIPTION): I want to fulfill my credit wish for Fast Credit. I am self-employed, since April 12, 2010 on Fast Credit and am pleased about numerous bids. “
This ensures that the text suggestion does not allow any conclusion to the person of the user. Borrowers can then replace or adapt this text proposal with their own description. In summary, this text suggestion for borrowers should cause no uncertainty at all – you can concentrate on the content right away.
2. What does this mean for Fast Credit Investor?
We have decided to uniquely identify a loan project if the borrower does not change the text proposal: “The description was generated automatically based on member information.” Even if these loan projects contain an automatic description, they give a brief insight into the loan project. Because the borrower selects the category and the criteria mentioned contain more information about the financing. If the borrower adjusts the text modules or replaces them with their own description, the result is a personal description and no labeling takes place.
As a result, investors have the option to individually select and finance the loan projects that are right for them. For bid assistants, this simplification means no change, as descriptions – as before – are not taken into account.
Based on clear borrower feedback
We believe that this measure represents a significant simplification in the use of Fast Credit. While this may leave some projects with an automatic description on the marketplace, we are confident that the Fast Credit Marketplace will continue to be characterized by exciting and interesting credit projects.