Platform Insights from Acorn Finance – Q1 2024
- Average project amounts on the platform are steady month-over-month
- Positive shift in APRs on the platform
- Average terms of loans are also steady coming out of last year
Welcome to the April edition of the Acorn Finance Contractor Newsletter! We’re thrilled to bring you the latest updates and insights from our platform to help you better understand what’s happening with rates and terms on the Acorn Finance Lending Marketplace.
Platform Insights
Average Offer Amount
In March 2024, the average offer amount on our platform remained steady at $16,798, maintaining parity with February 2024 figures. Notably, offers in Q1 of 2024 experienced a significant uptick, with a 14.6% increase compared to Q4 of 2023. This trend indicates a growing demand for financing solutions among customers, presenting opportunities for contractors to capitalize on.
Average APR
We’re pleased to report a positive shift in average offer APR, which decreased by 2.75% in Q1 2024 compared to Q3 2023. This reduction signifies improved affordability for customers seeking financing options, potentially leading to increased conversion rates for contractors.
Average Term
The average offer term in March 2024 stood at 50 months, maintaining stability from Q3 2023. This consistency underscores the reliability of financing terms available on our platform, providing contractors and customers alike with predictable and manageable payment structures.
Helpful Resources in Your Acorn Finance Portal
In addition to these insights, we want to ensure you’re leveraging the full potential of your Acorn Finance Contractor Portal. Here are some valuable resources at your disposal:
Application Link
Simplify the application process by integrating your custom application link into your email signature, quotes, estimates, and invoices. This ensures that monthly payment options are readily accessible to your customers, enhancing convenience and expediting the financing process.
Marketing Kit
Access a range of digital assets and marketing materials within your portal. These resources include easy-to-follow instructions and examples for integrating financing solutions into your website, social media channels, and communications. By leveraging these tools, you can effectively promote financing options and attract more customers.
Payment Estimator
Empower your customers with a preliminary estimate of monthly payment amounts using the payment estimator tool. By providing this insight upfront, you demonstrate the value of financing and encourage informed decision-making, ultimately driving conversion and boosting sales.
Application Status Tracker
Stay informed about your customers’ application statuses and outcomes through the application status tracker. This feature enables you to track their progress seamlessly, facilitating proactive communication and ensuring a smooth financing experience for all parties involved.
At Acorn Finance, we’re committed to supporting your business growth and success. By harnessing the resources available in your portal and staying informed about platform insights, you can maximize opportunities, streamline operations, and deliver exceptional service to your customers.
Thank you for being a valued member of the Acorn Finance community. We look forward to continuing our partnership and helping you achieve your business goals.
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