The next personal loan positioning: career development
Lenders have an opportunity to market personal loans for a newly trending consumer need, as traditional positioning models stall because of COVID-19.
Positioning personal loans for specific use cases isn’t new:
Marcus by Goldman Sachs and Discover, among others, began marketing personal loans as a way to pay for the big day or even an engagement ring.
Home improvement loans
Home renovations quickly skyrocketed to the most common digital positioning for personal loans, second only to debt consolidation.
Travel and adventure loans
Lenders including American Express, PNC, Discover, and Barclays positioned loans specifically for travel, or as a dream that could be achieved pursuant to debt consolidation.
While COVID-19 nullified some of these positioning opportunities, it presented others:
Google Trends highlighted a spike in consumer interest for career certificates—aligned to the increase in U.S. unemployment.
Affiliates have tapped into this consumer need with content
Affiliates including LendingTree, Money Under 30, Finder, and Credible wrote FAQ pieces and made recommendations for borrowers.
What we think
Whitespace exists to market career development loans.
Career development loans are a viable positioning opportunity for marketers in a year when many other “go-to” loan needs are null. As consumers delay major events, like weddings and large vacations, a loan that can help consumers invest in themselves or a stronger future will resonate with those looking to make smart choices during unpredictable times.