The best user journey for a lengthy task

I'm creating a loan website which involves a bit of a journey (about 10 minutes).

If you take a standard loan comparison website, the journey would be a simple one, something like this:

  1. User selects type of loan
  2. User selects required loan amount and term
  3. We display loans matching user criteria
  4. User clicks through to preferred lenders to view and apply

However, my scenario is slightly different in that all applications are made online via our site. We collect user details then process the loan via an API, passing those details onto the lender so that there is no replication in the data entry process.

If we were to mirror the journey of a traditional comparison site, it would be something like this:

  1. User selects required loan amount and term
  2. User inputs their personal details
  3. We display loans matching user criteria
  4. User chooses to apply with one or more lenders (we do this online in under 60 seconds)

1 and 2. are required in order to go to present accurate results in 3.

1 or 2. may also be bypassed when data is collected elsewhere. For instance, a landing page may contain a 'loan selector' widget, in which case we could go directly to 2. in the process. Or we could collect the personal data on another site, enabling us to go straight to 3.

However, the normal journey would be sequential. The worry I have is that we need the user to complete 1. and 2. before presenting any information back. 2. isn't a short form by any means - 25 pieces of information (5+ minutes) - so potentially it could be a drop off point.

An alternative would be to present all available lenders (it's not a big list) with a degree information first (3.), but with no functionality to apply with them individually. An apply button would lead the user through steps 1. and 2., returning to the then personalised list of lenders where they could then apply.

I'd appreciate any feedback, particularly with regard to:

  • Am I overthinking the original process?
  • Is #2 likely to prove more sticky or more confusing?
  • Can #2 be improved further?
  • Are there any other alternatives to consider?
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