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Pro Advice: Top Tips on Running a Successful Debt Consolidation Loan Business

Published on August 31st, 2017

Photo: Two Business People Walking Down the StreetRunning a debt consolidation loan business today is different than it was ten or even five years ago. In the past, a loan entity’s interaction with its customers was transactional. Convince someone to consolidate their debt with your firm, sign the paperwork, and move on to courting new customers. That kind of get in, get out relationship is no longer the way things work. Today, customers have become clients, and what clients are looking for with their debt consolidator is a relationship.

That, of course, leads to an important question: What are clients looking to get out of this relationship? In a word: guidance. Oftentimes, a debt consolidation loan is part of a larger picture. People are looking to rehabilitate their financial health, and get it on the right track for the long term. Their debt consolidator plays a large role in making this goal a reality. Here at DebtPayPro, we work hard to maintain strong relationships with all of our clients, and we’ve got some tips on how you can do the same.

Get to Know Your Clients

Debt consolidation is only part of a client’s financial picture. To serve their needs effectively, it’s imperative that you maintain a clear view of the whole picture. Assets, liabilities, insurance policies—all of these play a role in your client’s day-to-day financial activity, and provide insight into how your client approaches their debt.

Another important consideration is your client’s career. In the old days, that meant simply looking at their income. But as you forge a relationship with your clients, it’s important that you dig deeper than that. Has your client worked at the same job for decades, or have they only been there for a few years? The latter case is common among younger clients, who are more likely than previous generations to make numerous career changes. Many debt consolidation loan entities now offer career counseling services, and clear, easy-to-understand plans for pausing loan payments for a set period of time in case of job loss or change.  

DebtPayPro is a comprehensive financial CRM that can help you keep all of this information catalogued and easily accessible.

Take Your Customer Service to the Stars

If there’s one thing people have questions—and sensitivities—about, it’s their debt and their financial health. Making sure your staff is both knowledgeable and patient is crucial when it comes to responding to and respecting these sensitivities. Make no mistake—your customer service will be a defining part of your business. And we’re not referring specifically to job coaching or other specifically client-focused activities. Clients will call with questions, complaints, and—especially in this line of work—panic. People aren’t patient when it comes to their finances, especially their debts. More often than not, by the time a client has picked up the phone, they’re already in a bad mood.

Take extra steps to train your employees in the best ways to handle and help even the most agitated clients. Nobody wants to be the next viral example of customer service gone wrong. More than just avoiding pitfalls, strong customer service is a great way to build your business. It’s often just as important to clients looking for a debt consolidation firm as the services provided by the firm.

Easy-to-use debt management software is an integral part of a strong customer service experience. Contact the experts at DebtPayPro today to see how we can help your company successfully serve your clients.

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