Payment digitization has transformed how businesses and consumers pay. Consumers, including borrowers, are looking for faster and more convenient payment options and are not afraid to seek out providers who offer their preferred payment technology.
REPAY recently conducted a study of 1,000 American adults with at least one loan and found that digital payment methods provide the loan payment experiences borrowers desire.
- 87% of respondents carry 1-4 loans, spanning from home loans to mortgages to automotive loans
- 65% of consumers reported they are likely to select their loan provider based on the payment options offered
- More than half (52%) of those surveyed prefer to use debit cards when paying a loan
- Web (26%), phone (26%) and mobile apps (23%) are the most preferred payment methods