What interest rate do crowdlenders expect to receive? A revised stimulus-organism-response theory-based explanation
Cayetano Medina-Molina, Luca Delbello, Andrea Mara Pimenta Alonso, José María Ferrer
Keywords:
crowdlending, stimulus-organism-response, configural-cue theory, interest rate, qualitative comparative analysis
Abstract:
Crowdlending offers an efficient alternative to traditional financial intermediaries. However, despite its recognised benefits, crowdlending transaction volumes remain stagnant worldwide. In response, securing crowdlending platforms’ competitiveness requires ensuring that they are attractive to lenders and borrowers alike. The core benefits that entice crowdlenders include the interest rates on offer for this type of lending. Therefore, the present study aims to identify the combinations of conditions that explain what interest rate crowdlenders expect to receive. The revised stimulus-organism-response (S-O-R) theory is used, supported by an empirical study using qualitative comparative analysis (QCA) and necessary condition analysis (NCA). The results for a sample of 94 crowdlending investors identify two terms that explain the expectation of high interest rates and three terms that explain the non-expectation of high interest rates. Furthermore, the results show that knowledge acts as a necessary condition for both expecting and not expecting high interest rates. Conditions that are always present in explaining the expectation of high interest rates are having a high level of financial knowledge and not considering information shared by the platform on social media to be useful. Conversely, explanations of the non-expectation of high interest rates always contain lenders’ high green perceived value. These findings can help crowdlending platforms strengthen their competitiveness by allowing them to offer lower interest rates to these lenders. The findings thus underscore the importance of lenders’ financial knowledge and green perceived value. They also provide novel insights regarding the dissemination of information to lenders.
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 What interest rate do crowdlenders expect to receive? A revised stimulus-organism-response theory-based explanation [PDF file] [Filesize: 631.29 KB]
 10.7441/joc.2026.02.08
Medina-Molina, C., Delbello, L., Alonso, A. M. P., & Ferrer, J. M. (2026). What interest rate do crowdlenders expect to receive? A revised stimulus-organism-response theory-based explanation. Journal of Competitiveness 18(2), 207–232. https://doi.org/10.7441/joc.2026.02.08
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