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October 2024

Platform Insights from Acorn Finance – Q3 2024

Stay informed with the latest updates on interest rates, terms and more that are available on the Acorn Finance Marketplace of lenders.
Last updated October 29th, 2024

What we’re seeing:

 

  • Average offer amounts continue to trend upward vs. previous quarters
  • Positive trend for APRs on the platform
  • Average terms of loans remained steady compared to Q2

Welcome to the October edition of the Acorn Finance Contractor Newsletter! We’re thrilled to bring you the latest updates and insights from our platform to help you streamline your financing process and grow your business.

Platform Insights

Average Offer Amount
In September 2024, the average offer amount on our platform saw its highest peak YTD of $17,730, representing a 5.4% increase over August. The average offer amount for Q3 also represented the highest average offer amount for a quarter YTD, at $17,286, which translates to 1.9% and 3% increases over Q2 and Q1, respectively. This trend indicates a growing demand for financing solutions among customers, opening up opportunities for contractors to leverage.

Average APR
The average offer APR on the platform saw a positive trend in Q3. The average offer APR for September was 20.02%, which represented a 7.9% decrease from the start of Q3 in July. This reduction represents enhanced affordability for customers seeking financing options, which may result in higher conversion rates for contractors.

Average Term
The average offer term for Q3 was 53 months, remaining flat to the Q2 average. This consistency underscores the reliability of financing terms available on our platform, providing contractors and customers alike with predictable and manageable payment structures.