Project
ez payday loans
Payday loans can be predatory and trap users into debt cycles. EZ PayDay Loans is a start-up that will provide better loan solutions for the low-income user.
UX/UI Design
Winter 2019 - 15 days
Collaboration with Mee Kim
Intro
Applying for a payday loan requires the same documentation as applying for a regular loan and has an average interest rate of 390%. EZ PayDay Loans will provide loans around 30-40% interest and uses a machine learning model to determine creditworthiness. The model will require other documents such as rental records and pay stubs to assess loan risk. Enabling users with little or no credit to receive monetary aide and eventually build credit within the app allowing for lower interest rates.
The System
How the service works
Process
Research Methods
We conducted research methods to understand our users and the pain points in the current payday loan industry.
Persona
Our User
Young Adult
Characteristics
Age 29-45
Annual income $0- $25,000
High school to some years of college
Rents
Uses an iPhone
Pain Points
Low-income
Lives paycheck to paycheck
Can’t afford unforeseen emergencies
Needs
Easy application and quick payment options
low interest rates
quick loan money disbursal
Analysis
Competitive Analysis
Compared similar iOS applications such as; Earnin, Brigit, EVEN, Instant Financial, and PayActiv
Insights
Create a login/signup so that users have an easy way to pay their bill
Have an easy way to upload documents and able to store information for future loans
Have funds transferred directly to the users bank account
Have immediate loan approval
Flows
User Flows
We created a user flow that was made up of three smaller flows: sign-up flow, loan application flow and loan approval flow.
Iteration
Skecthes
We focused on the loan application flow and how a user would upload the required documents.
Insight
After preliminary testing with users we discovered the loan application process was confusing to users. We had to figure out a better way for users to input their documents for the loan.
Iteration
Wireframes
Insights
We had problems figuring out the loan application flow and particularly the loans terms and conditions sections and how users would be able to accept those without being confusing and cumbersome.
First Iteration
Second Iteration
Iteration
Visuals
Insights
Continually had problems figuring out the terms and conditions section but we figured out a better solution at the end of this iteration. Also added clarity for the user, by adding information buttons to help the user know exactly which documents would be accepted.
First Iteration
Second Iteration
Colors
Typography
Deliverable
Clickable Prototype
Takeaways
What I Learned
More research can always be done but it is important to know when to move on
Testing is at the core of user experience design
A project is never complete, it can always be refined
