Why Alternative Credit Data Is Essential for Storefront Installment Lenders
Clarity offers valuable, relevant solutions to help storefront installment lenders assess credit risk before the transaction, and monitor the performance of their portfolio after loans are funded.
Storefront lending is a relationship-driven business. The storefront’s physical presence in a community breeds a sense of familiarity that can impact the way a storefront lender underwrites returning customers.
Unfortunately, if storefront lenders are relying solely on their own internal records, they may be lulled into a false sense of security. Having a first-hand account of how a customer handled debt with you is one thing. But do those same customers have debt with other lenders? Are they stacking loans and jeopardizing their ability to satisfy any and all obligations?
Protecting your business doesn’t need to be complicated. Storefront lenders can use Clarity’s alternative data to offer loans to small-dollar consumers and applicants at more reasonable rates, building a larger customer base and helping borrowers build their credit.
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