UX Optimization

OppLoans Lifts Loan-App Conversions with Plaid

Client: OppLoans
Industry: Consumer Lending / Non-Prime Personal Loans
Service: Application UX Redesign|Plaid Integration|Conversion Optimization

Overview

OppLoans is a socially responsible online lender of personal loans to credit-challenged consumers. Since 2012, OppLoans has focused on helping consumers, turned away by traditional providers, build a more sound financial path. The Chicago-based company originates or services personal installment loans in 38 states and the District of Columbia. Highly rated and known for its technology and innovation, OppLoans has an average rating of 4.9/5 stars based on over 10,000 customer reviews and an A+ rating from the BBB. OppLoans has been named an Inc. 500 company for four straight years and was named the fourth fastest-growing Chicagoland company by Crain’s Chicago Business.

The Drop-Off Problem

Application Drop Rate

OppLoans had been experiencing a larger-than-desired drop rate in applications — every abandoned applicant was a missed loan and a missed customer.

Cumbersome Bank Verification

The team determined the deterrent in the user experience was a cumbersome step in the process involving bank verification — exactly where momentum mattered most.

Five-Page Registration Flow

The previous registration flow spanned five pages — each page an opportunity to lose an applicant before approval was even possible.

How We Solved It

After discussing with OppLoans, Sphere developers brainstormed a solution to streamline the application process. The fastest, highest-leverage move was integrating Plaid — a third-party platform that lets borrowers verify assets and authenticate bank accounts in real time, in a seamless flow.

1. Plaid for Real-Time Bank Verification
The Plaid integration verified borrower assets and bank balance in real time and authenticated accounts directly inside the application — replacing the cumbersome legacy verification step with a frictionless one.
2. Five Pages → Three Pages
With Plaid in place, Sphere collapsed the five-page registration flow into three pages — fewer screens to fall off, less manual data entry, and a flow that feels modern from the first tap.
3. Smart UX Across the Funnel
Beyond Plaid, the team applied UX improvements throughout the funnel so the path from interest to approval became consistently lighter — every screen earning its place.

Key Outcomes

5 → 3 Pages of Registration

The previous five-page registration flow was reduced to three — fewer abandonment moments along the way.

Lower Mid-Application Abandonment

Borrowers were seen less likely to abandon the workflow mid-application — the bottleneck became a non-issue.

Higher Application Conversions

Application conversions increased after deployment — more applicants reaching the underwriting decision.

Incremental Revenue Growth

Since deployment, overall revenues for OppLoans have increased incrementally — the UX win compounding into the business.

The Results

Sphere’s deployment of the third-party application resulted in a less complicated and more efficient application process. With the addition of Plaid, the previous five-page registration flow was reduced to three pages, application conversions increased, and borrowers were seen less likely to abandon the workflow mid-application. With a smart user-experience enhancement in its application processes, OppLoans is poised to capture prospective clients at a higher rate — and since deployment, overall revenues have increased incrementally.

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Lee Ebreo

VP of Engineering at Credit Ninja

These things would not have been achievable if we did not build our own in-house system and if we did not partner with Sphere to help us achieve our goals.

Selah Ben-Haim

VP of Engineering at Prominence Advisors

Our experience with Sphere and their team has been and continues to be fantastic. We keep throwing new projects at them, and they keep knocking them out of the park (including the rescue of a project that was previously bungled by another vendor).

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Senior Product Manager at Enova Financial

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Mark Friedgan

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René Pfitzner

Co-Founder at Experify

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Chief Information Officer at Integra Credit

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Arthur Tretyak

Founder and CEO at IntegraCredit

With Sphere, we were able to migrate in half the time it would take to train an additional FTE… and for a fraction of the cost. Our experience with Sphere has been exceptional.

Lee Ebreo

VP of Engineering at Credit Ninja

These things would not have been achievable if we did not build our own in-house system and if we did not partner with Sphere to help us achieve our goals.

Selah Ben-Haim

VP of Engineering at Prominence Advisors