Prosper was founded in 2005 as the first peer-to-peer lending marketplace in the United States. Since then, Prosper has facilitated more than $23 billion in loans to more than 1,400,000 people. Through Prosper, people can invest in each other in a way that is financially and socially rewarding. Borrowers apply online for a fixed-rate, fixed-term loan between $2,000 and $50,000. Individuals and institutions can invest in the loans and earn attractive returns.
Our goal for this project was to increase the application submission rate by creating a simplified, user-friendly application process.
Problem statement
The current application process for personal loans may be too complex or time-consuming, leading to lower submission rates and potential drop-offs. To maximize application submissions, it is essential to streamline the process, ensuring that users experience a simple, intuitive, and efficient journey from start to finish. This project aims to identify and address any barriers within the application flow to enhance user experience and ultimately increase the submission rate.
Design process
The design process begins with research to understand user pain points, competitor analysis for best practices, and data review on drop-offs. We define objectives and identify key barriers, working with stakeholders to set success metrics. In ideation, we simplify the user journey with wireframes and gather feedback to refine the design.
Next, we develop high-fidelity mockups emphasizing clarity and accessibility, followed by usability and A/B testing to validate effectiveness. Iterative improvements are made based on feedback, and the final design is presented for stakeholder approval. During launch, we ensure proper implementation, track key metrics, and use feedback for continuous improvement, aiming to create a streamlined, user-friendly application process.
Prosper: 3-Step Personal Loan application
Insights & pain points
Lengthy process: Seven steps feel overwhelming, leading to drop-offs.
Form fatigue: Repetitive data entry discourages users.
Unclear purpose: Users lose motivation without clear benefits.
Technical & validation issues: More steps mean higher error chances.
With the invaluable insights from user feedback in hand, we moved into the iteration phase. We refined our designs, making necessary adjustments to enhance user experience and functionality.
Design solutions
Create a friendly welcome page for users after they say yes to an offer. This will help them understand what happens next and set clear expectations.
Add a progress module so users can easily see where they are in the application process and what's left to do.
Make the document upload section easier to use. Use simple terms to show if a task needs doing, if it's under review, or if it's all done.
