Jargon such as AER, APR and IFA are common abbreviations in loan professions, however to customers these can be hard to comprehend. When complex jargon appears in business to consumer contracts, customers will either panic and not complete the contract or sign it without understanding what the terms mean. The worst situation for companies, such as Cash Genie, is for customers to drop out at this stage in the application when phrases are not understood by the target audience. In order to counteract this problem Cash Genie have provided a direct link to a ‘Cash Genie: defining the Jargon’ page where customers can view all complicated names, abbreviations and terms to better understand the terms and conditions. Cash Genie have stated that “by better informing the customer and offering a transparent service in defining technical jargon, this will reduce the drop out rate when customers are signing the loan agreement online”. Cash Genie hopes this will increase sales of instant cash advances, which can be deposited in customer’s accounts the same day as application.
Cash Genie prides itself in its responsible lending policy. By offering a transparent service, trust between customer and company will increase and sales will increase. In-turn, this promotes good practice in the short-term loan market creating a competitive advantage for the company and good word-of-mouth advertising. The ‘defining the jargon’ page is another step in promoting this responsible lending policy, this page can be found at:
http://www.cashgenieloans.co.uk/
