Offer finance for online learning platforms

Introduction to Finance for Online Learning Platforms

The demand for online learning platforms has skyrocketed in recent years, especially with the shift towards digitalisation and the growing need for flexible education options. Whether it's upskilling, acquiring new knowledge, or pursuing a degree, online learning platforms offer unprecedented convenience and accessibility. However, one of the main challenges for both learners and platform providers is affordability. Offering finance for online learning platforms can provide a solution that benefits both parties.

In this article, we will explore the various ways online learning platforms can offer finance options to their users. We’ll also discuss how companies like Kandoo, a UK-based retail finance broker, can assist in making education more accessible to a broader audience by offering flexible finance solutions.

The Growing Importance of Online Learning Platforms

A Shift in Education

Online learning platforms are rapidly becoming a staple in modern education. The flexibility of these platforms allows students to learn at their own pace, from any location, and often at a more affordable rate than traditional brick-and-mortar institutions. This has made online education appealing to a wide range of demographics, from working professionals to stay-at-home parents, and even retirees looking to acquire new skills.

However, while online learning platforms offer flexibility and convenience, the cost can still be a barrier for many individuals. Courses, certifications, and even degrees offered online can sometimes carry a hefty price tag, especially for more specialised or accredited programmes.

Why Offer Finance for Online Learning?

Offering finance for online learning platforms is a win-win situation. For students, it provides an opportunity to pursue education without the immediate financial burden. For platform providers, it expands their customer base, as more people are likely to enrol if they have the option to pay over time.

Some of the key benefits of offering finance for online learning include:

• Accessibility: Finance options make education more accessible to a larger group of people who may not be able to afford a lump-sum payment.
• Increased enrolment: Flexible payment plans can encourage more people to sign up for courses, thereby increasing revenue for the platform.
• Customer retention: Students who are offered finance options are more likely to stay committed to their course, as they have already made a financial commitment.

Types of Finance Options for Online Learning Platforms

There are several finance options that online learning platforms can offer to make education more accessible. These include instalment plans, loans, and third-party finance solutions like those offered by Kandoo.

1. Instalment Plans

Instalment plans allow students to pay for their courses over a set period, typically in monthly payments. This can make it easier for students to budget for their education, as they don't need to pay the full amount upfront.

Advantages of Instalment Plans:

• No credit checks: Many instalment plans do not require a credit check, making them accessible to a broader range of students.
• Interest-free options: Some platforms offer interest-free instalment plans, making this a cost-effective way to finance education.

2. Personal Loans

Another option is offering personal loans through third-party lenders. These loans are typically repaid over a longer period than instalment plans and may come with interest. While this may not be the most cost-effective option for students, it does provide a way to finance more expensive programmes.

Advantages of Personal Loans:

• Larger loan amounts: Personal loans can cover the cost of more expensive programmes or certifications.
• Flexible repayment terms: Students can often choose repayment terms that suit their financial situation, making this a flexible option.

3. Third-Party Finance Solutions

Third-party finance brokers like Kandoo offer tailored finance solutions for online learning platforms. Kandoo connects students with a range of lenders who can provide finance options that suit their needs. This allows online learning platforms to offer finance without taking on the risk themselves.

How Kandoo Can Help:

Kandoo is a UK-based retail finance broker that specialises in providing finance solutions for various sectors, including online learning platforms. By partnering with Kandoo, online learning platforms can offer their students access to a variety of finance options, including loans and payment plans, without having to manage the finance process themselves.

Here’s how Kandoo can help online learning platforms:

• Access to multiple lenders: Kandoo works with a network of lenders, giving students access to a variety of finance options that suit their individual needs.
• Tailored finance solutions: Kandoo offers tailored finance solutions that can be customised to the specific needs of the platform and its students.
• Simple application process: Kandoo’s application process is straightforward, making it easy for students to apply for finance and get a decision quickly.

Benefits of Offering Finance for Online Learning Platforms

1. Attracting a Broader Audience

Offering finance options can significantly increase the number of students enrolling in courses. Many potential students may be interested in a course but are unable to pay the full amount upfront. By offering finance, platforms can attract a wider range of students, including those who may not have considered online learning due to cost constraints.

2. Increasing Revenue

When students are given the option to pay in instalments or secure a loan, they are more likely to enrol in higher-priced courses. This can lead to an increase in revenue for the platform, as more students are able to afford premium courses or certifications. Additionally, offering finance options can encourage students to take multiple courses, as the financial burden is spread out over time.

3. Building Customer Loyalty

Offering finance can also help build customer loyalty. When students are offered flexible payment options, they are more likely to return to the platform for future courses. This can lead to repeat business and long-term relationships with students, which is invaluable for online learning platforms looking to grow.

4. Reducing Dropout Rates

One of the challenges faced by online learning platforms is student retention. Many students drop out of courses due to financial pressures or the inability to pay for the full course upfront. By offering finance options, platforms can reduce dropout rates, as students are more likely to stay committed to a course if they have already made a financial commitment.

The Role of Kandoo in Supporting Online Learning Platforms

As mentioned earlier, Kandoo is a retail finance broker that specialises in providing finance solutions for various sectors, including education. By partnering with Kandoo, online learning platforms can offer their students access to a range of finance options without taking on the financial risk themselves.

How Kandoo Works

Kandoo operates as a finance broker, meaning they work with a variety of lenders to find the best finance options for students. Here’s how the process works:

1. Partnership with the platform: Online learning platforms can partner with Kandoo to offer finance options to their students.
2. Student application: Students who are interested in finance can apply through Kandoo’s online platform.
3. Lender matching: Kandoo matches the student with a lender that offers the best finance option for their needs.
4. Decision and funding: Once approved, the student receives the funds, and the online learning platform receives payment for the course.

Why Partner with Kandoo?

There are several reasons why online learning platforms should consider partnering with Kandoo:

• Risk-free: Kandoo takes on the financial risk, meaning platforms don’t need to worry about managing loans or payment plans.
• Customisable solutions: Kandoo offers tailored finance solutions that can be customised to the specific needs of the platform and its students.
• Wide range of options: Kandoo works with multiple lenders, ensuring that students have access to a variety of finance options.

How to Implement Finance Options on Your Online Learning Platform

If you’re an online learning platform looking to offer finance options, here are some steps to get started:

1. Assess Your Audience

Before implementing finance options, it’s important to understand your audience. Are they likely to benefit from instalment plans or loans? What is their average income level? Understanding your audience will help you choose the best finance options to offer.

2. Partner with a Finance Provider

Partnering with a finance provider like Kandoo is the easiest way to offer finance options to your students. Kandoo will handle the finance process, from application to funding, allowing you to focus on providing quality education.

3. Promote Your Finance Options

Once you’ve implemented finance options, it’s important to promote them to your audience. Make sure students are aware of the finance options available to them and how they can apply. This can be done through your website, email marketing, and social media.

4. Monitor and Adjust

After offering finance options for a few months, monitor the impact on enrolment and revenue. Are more students enrolling in courses? Are they choosing higher-priced courses? Use this data to adjust your finance offerings as needed.

Conclusion

Offering finance for online learning platforms is a great way to make education more accessible, increase enrolment, and boost revenue. By partnering with a finance provider like Kandoo, platforms can offer their students flexible payment options without taking on the financial risk themselves.

With the demand for online learning continuing to grow, now is the perfect time for platforms to consider offering finance options. Whether it’s through instalment plans, personal loans, or third-party finance solutions, offering finance can help attract a broader audience and ensure that more students have the opportunity to access quality education.