Block / Improving the Credit Journey
Block / Improving the Credit Journey
The Ideal Credit Journey
Helping small businesses feel proactive in applying for a loan that suits their needs best
The Ideal Credit Journey
Helping small businesses feel proactive in applying for a loan that suits their needs best
Overview
The Square Loans product is underwritten through seller eligibility and processing data. We offer two types of loans: flex and term. Flex allows sellers to pay back a percentage of daily sales through their daily processing, while Term, a newer product offering, is paid back in fixed monthly payments, traditional to bank loans. As we introduced more credit products, sellers became confused about their eligibility. I proposed a workshop to help sellers proactively select a loan offer that suits their business best.
Role
Product Designer Workshop Design
Team
UX Research Product Management Engineering
Timeline
2 weeks
Impact
Proposal to Leadership
Overview
The Square Loans product is underwritten through seller eligibility and processing data. We offer two types of loans: flex and term. Flex allows sellers to pay back a percentage of daily sales through their daily processing, while Term, a newer product offering, is paid back in fixed monthly payments, traditional to bank loans. As we introduced more credit products, sellers became confused about their eligibility. I proposed a workshop to help sellers proactively select a loan offer that suits their business best.
Role
Product Designer Workshop Design
Team
UX Research Product Management Engineering
Timeline
2 weeks
Impact
Proposal to Leadership
The Problem
Scaling Square Loans
As our loans product expands its offerings to a loan paid back in daily sales and loans paid back in fixed monthly payments and we identify our target audience for term loans, we want to deliver the best experience for sellers to choose a loan they’re most comfortable with taking. In a future state, we may want to provide sellers flexibility in choosing a loan offer that suits their needs best. We already hear sellers complaining about loan offer repayment confusion and wanting more flexibility.
The Problem
Scaling Square Loans
As our loans product expands its offerings to a loan paid back in daily sales and loans paid back in fixed monthly payments and we identify our target audience for term loans, we want to deliver the best experience for sellers to choose a loan they’re most comfortable with taking. In a future state, we may want to provide sellers flexibility in choosing a loan offer that suits their needs best. We already hear sellers complaining about loan offer repayment confusion and wanting more flexibility.
The Problem
Scaling Square Loans
As our loans product expands its offerings to a loan paid back in daily sales and loans paid back in fixed monthly payments and we identify our target audience for term loans, we want to deliver the best experience for sellers to choose a loan they’re most comfortable with taking. In a future state, we may want to provide sellers flexibility in choosing a loan offer that suits their needs best. We already hear sellers complaining about loan offer repayment confusion and wanting more flexibility.
The Current Experience
Sellers became eligible for loans paid back as a percentage of daily sales and after processing data, after a month, they received an email with eligibility for a loan paid back in fixed monthly payments, causing confusion about loan offers and sellers wanting more flexibility.
The Current Experience
Sellers became eligible for loans paid back as a percentage of daily sales and after processing data, after a month, they received an email with eligibility for a loan paid back in fixed monthly payments, causing confusion about loan offers and sellers wanting more flexibility.
1 month later
Workshop Design
Knowing 85% of sellers typically take out loans when it aligned with timing for their business, whether it was the need for a new appliance or expanding locations, framing the HMW question around this key insight was crucial. During the workshop, we brainstormed ideas to view, evaluate, and choose a loan through a mad-libs exercise, eventually settling on a particular idea they expressed using a Concept Design framework.
Workshop Design
Knowing 85% of sellers typically take out loans when it aligned with timing for their business, whether it was the need for a new appliance or expanding locations, framing the HMW question around this key insight was crucial. During the workshop, we brainstormed ideas to view, evaluate, and choose a loan through a mad-libs exercise, eventually settling on a particular idea they expressed using a Concept Design framework.
Proactive Application
Tailored Credit Recommendations
Previously, sellers would become eligible for loans with an email sent directly to their inbox. In the following exploration, eligible sellers, assessed based on their risk of defaulting can proactively apply for a desired loan amount by a specific date. Collecting information about sellers' intentions for taking out loans helps us recommend appropriate loan offers in the future.
Proactive Application
Tailored Credit Recommendations
Previously, sellers would become eligible for loans with an email sent directly to their inbox. In the following exploration, eligible sellers, assessed based on their risk of defaulting can proactively apply for a desired loan amount by a specific date. Collecting information about sellers' intentions for taking out loans helps us recommend appropriate loan offers in the future.
Proactive Application
Tailored Credit Recommendations
Previously, sellers would become eligible for loans with an email sent directly to their inbox. In the following exploration, eligible sellers, assessed based on their risk of defaulting can proactively apply for a desired loan amount by a specific date. Collecting information about sellers' intentions for taking out loans helps us recommend appropriate loan offers in the future.
Simplified Loan Comparison
Term vs Flex Loans
Sellers can easily compare both types of loans side by side. Assessing repayment timelines, loan fees, and repayment methods for both types of loans facilitated simplified decision making for small businesses.
Simplified Loan Comparison
Term vs Flex Loans
Sellers can easily compare both types of loans side by side. Assessing repayment timelines, loan fees, and repayment methods for both types of loans facilitated simplified decision making for small businesses.
Simplified Loan Comparison
Term vs Flex Loans
Sellers can easily compare both types of loans side by side. Assessing repayment timelines, loan fees, and repayment methods for both types of loans facilitated simplified decision making for small businesses.