2nd Look Marketplace (Financial Services Providers)

As the leading search, comparison and recommendation engine for financial services, Engine by MoneyLion powers the largest network of connected premium Financial Institutions and channels. With over 50 Institutions offering unsecured loans, secured loans, lines of credit, debt consolidation, debt repair etc., Engine by MoneyLion specializes in matching consumers with personalized offers that fit their specific needs.

Through Engine by MoneyLion’s 2nd Look offering, we’re presenting partners the opportunity to offer financial products to consumers who were not preapproved for a loan offer. In introducing our 2nd Look Marketplace, we’re giving you the power to determine the value of a consumer and bid for them at a rate that works for your business model.

Platform Flow

In the diagram below we review how our platform will function once the 2nd Look Marketplace is launched. Steps 1-4 mirror our existing 1st Look workflow and functionality. Steps 5 and 6 introduce the new marketplace capabilities.

In the first phase of the 2nd Look Marketplace, we will display your offer if it is the highest bid returned for the lead. In the second phase, we will display it if it is the highest bid for that specific product type (installment loans, debt relief, etc.).

You will only need to pay Engine by MoneyLion as according to your contract (typically either on click, or on conversion)

Workflow Steps

1. A lead submits a common loan application.

2. Applicant’s details are sent to our 1st Look partners.

3. The 1st Look partners do not return any offers.

4. Applicant’s details are sent to our 2nd Look partners.

5. Offers (and their respective recommendation scores) are returned.

6. Displays offers with highest recommendation score per productSubType.

• Each product type (installment loan, credit builder, etc.) will have one winner determined by the highest recommendationScore. For example, we will show one debt relief offer, one installment loan offer, etc.

Terms & Conditions

• The 2nd Look partner only pay Engine by MoneyLion based on the terms of the contract (either click or conversion).

• The 2nd Look partner must not remarket to any lead that DOES NOT click on their offer.

• The lead application data sent to the 2nd Look partner can be anything from our lead specification (see Appendix).

• If the 2nd Look partner’s API does not respond within the recommended response window (12 seconds), the offer may be disregarded.

Request Structure

Some fields in the request will always be present in 2L calls (for supply partners hitting direct to 2L) while some is only sometimes present in 2L calls (for partners hitting 1L/2L waterfall). Below is a quick overview of the data available to be sent to Financial Institution partners for 2nd Look Marketplace.

Available data for 2LM Financial Partners

Approved Offers

Below are some directional examples of how your API can interact with Engine by MoneyLion. In no way should this be viewed as a requirements document; it is meant to help you understand some frameworks of how the 2nd Look marketplace will work.

{
  "status": "approved",
  "lead_id": "123",
  "offers": [
    {
      "name": "Bank ABC",
      "display_name": "Bank ABC",
      "rate": 9.5,
      "click_url": "https://foo.com?approval_id=123",
      "offer_details": "Lorem ipsum",
      "product_type": "unsecured_loan",
      "logo_src": "https://www.yourcdn.com/logo/image1.png"
    },
    {
      "name": "Credit Builder 123",
      "display_name": "Best Credit Builder",
      "rate": 11.0,
      "click_url": "https://foo.com?approval_id=456",
      "offer_details": "Lorem ipsum",
      "product_type": "credit_builder",
      "logo_src": "https://www.bestcbCDN.com/logo/image1.png"
    },
    {
      "name": "Credit Repair for You",
      "display_name": "Fast Credit Repair",
      "rate": 6.0,
      "click_url": "https://foo.com?approval_id=789",
      "offer_details": "Lorem ipsum",
      "product_type": "credit_repair",
      "logo_src": "https://www.fastcreditpairCDN.com/logo/image1.png"
    }
  ]
}

* Required if your API will be returning multiple types of offers, or if you’d like dynamic control over offer presentation. Otherwise, you can work with our Partner Solutions team directly to populate these values manually.

** This information will enable Engine by MoneyLion to appropriately alert the lead of the type of offer they are being shown and provide any educational background needed. It will also enable us to provide you with robust reporting on product performance across all vendors in our marketplace.

Rejected Offers

This is how your platform can provide rejections:

{
  "status": "rejected",
  "lead_id": "456",
  "reason": "credit_score_low"
}

Note: the reason field should include any strings that help us better understand why a lead was rejected and will be in our optimizations and reporting.

Errors

This is how your platform can provide error responses:

{
  "status": "error",
  "lead_id": "789",
  "reason": "missing email address"
}

Note: the reason field contains the cause of the error to help troubleshoot issues.

Downstream Partners and Redirects

Many of our channel partners are sensitive about redirects and do not enable 2nd Look Demand Partners who redirect the consumer from the channel partner’s experience into another company’s website. While not a launch requirement for the initial version of the Second Look Marketplace, your API will ideally return details corresponding to your downstream partner (name, logo, product type, marketing copy, and partner URL as listed in the example API response). If your API can do this, we will be able to enable you on many more channel sources, increasing your request volume. We may also require this in the future.

Reporting

Engine by MoneyLion will provide you with reporting for your offers that includes:

• Number of time we polled your API (requests).

• Number of API responses containing at least one offer (approvals).

• Total number of offers returned by your API (if multiple per consumer).

• Number of your offers displayed.

• Number of unique clicks on your offers.

• Average bid price for each of your product types.

• Lead-level win/loss report.