The Difference Between Lodex’s Marketplace and Comparison Websites

People keep referencing Lodex to a comparison website, however we are actually incredibly different. With comparison sites, you need to trawl through pages of different offers and select one you think will cater to your needs. At Lodex we actually bring the offers to you in the one dashboard. You sit back and then select the offer you think suits you. It’s rather simple.

We wanted to find out some of the areas we can help improve the process and what people actually thought of the current process. So, we did some research amongst 1000 Aussies and the findings were quite eye-opening.

Our findings:

You have to have a good slice of the market

  • 19% believe that comparison sites do not show enough of the market, cutting out the best deals

The advertised rate has to be REAL

  • Only half of all people researched are getting the rates they apply for through comparison sites

Trust is HUGE

  • 75% of people do not trust comparison sites to give them the best deal on financial products such as loans, credit cards and mortgages
  • Amongst the 35-44 age group, distrust was extremely high: almost one third (30%) of people do not trust financial comparison sites as they believe they are getting ‘kick backs’ or commission from the banks

Our co-founder Mic Phillipou thinks, “Financial comparison sites set out to help consumers make informed choices but our new research shows us there are still gaps. Far from helping simplify financial product choice, trust in the industry been eroded due to ownership structure and not all advertised rates being granted, so consumers are skeptical that they truly are getting the best deal.”

At borrowers can enter their loan requirements, anonymously, so lenders and brokers can bid by offering the customer their best rate based on the information they submit. It’s really that easy and all you need to do is sit back and let the lenders and brokers fight for your business.

We launched our business to simplify the process and give the power back to the consumer by making the banks and brokers compete for borrowers’ business with their very best deal.

We are flipping the financial industry on its head and no longer do you, as the consumer, need to search hundreds of deals, on the Lodex Marketplace you can have the deals come to you, obligation and cost free. Give it a go.