How many potential borrowers are lost to cumbersome loan processes and slow disbursements? Today’s consumers expect the speed and convenience they find in other digital services — but traditional loan processes often fall short. According to the latest “Money Mobility Tracker®,” 73% of borrowers are willing to pay extra for instant loan access. This willingness highlights the demand for faster, frictionless disbursement options.
Accounting for 44% of consumer loans in early 2024, instant loan disbursements are on the rise. Still, many financial institutions (FIs) still navigate the challenges. Frustrating delays, complex applications and limited mobile options are common barriers. These issues impact younger consumers especially. Twenty-two percent of borrowers ages 18 to 34 abandon loan applications due to lengthy processes. For lenders, embracing faster payment technology isn’t just a perk — it’s essential to stay competitive.
With demand for fast, flexible access to funds growing every day, understanding the impact of instant disbursements has never been more urgent. Dive into the full report to uncover strategies and data-driven insights for staying ahead in today’s lending landscape.
The “Money Mobility Tracker®,” a collaboration with Ingo Payments, examines how instant loan disbursements can streamline the lending process, build customer loyalty and deliver a competitive advantage for FIs, especially as demand for consumer loans rises.