StepEx and Quotanda both provide deferred payment options, but StepEx’s regulated, tech-driven approach makes it the superior choice for education providers seeking long-term, reliable solutions.
1. Longer Repayment Terms and Regulatory Compliance
Quotanda, operating in an unregulated space, can only offer finance for terms shorter than 12 months. This becomes a significant limitation, especially since many students who need financial support require extended repayment periods. With regulations set to change in the UK in 2025, Quotanda will be unable to operate in this market. StepEx, however, offers regulated, flexible repayment plans that extend over multiple years, catering to a broader range of student financial needs and ensuring long-term compliance.
2. Tech-Driven Efficiency vs. Manual Processing
While StepEx uses an advanced, proprietary tech stack to streamline the application process and ensure quick, accurate decisions, Quotanda relies on manual processing teams based in Spain and Latin America. This dependence on manual workflows leads to longer wait times for approvals, increasing the risk of lost applicants and decreased conversion rates. StepEx’s automated system integrates seamlessly into the admissions process, minimizing delays and boosting conversion rates.
3. Regulated Credit Products with Enforceable Repayments
StepEx provides a fully regulated credit product, which ensures enforceable repayment terms and the ability to impact credit scores. In contrast, Quotanda’s unregulated offering lacks these protections, resulting in unenforceable repayment terms and no impact on credit scores. Moreover, StepEx leverages valuable data such as bank transaction and credit bureau information to better assess affordability, ensuring that providers are working with applicants who are likely to repay. Quotanda, on the other hand, lacks this depth of data-driven analysis.
Conclusion
For education providers seeking a compliant, efficient, and data-backed finance solution, StepEx is the clear choice. With longer repayment terms, advanced technology, and a regulated credit product, StepEx provides more security, faster processes, and a better student experience, ensuring higher conversion and repayment rates.
