This infographic highlights trends in the online loan market including: loan volume growth, value of loans, market shifts and demographic information.
When was the last time you called your bank to inquire on your account balances? Or used a phone book to find a local handyman? Most of us understand that the world no longer functions this way. The management of our daily lives, including nearly every transaction we perform, is done online. The same is true in the financial industry and online lending.
If it isn’t online, it didn’t
It is widely understood that subprime consumers have fewer opportunities to access credit because the underwriting process is more challenging for lenders. Whether because of low credit scores, or due to a lack of credit history (known as thin-file), these consumers are often forced to use alternative financial services to secure necessary funds.
Here’s the thing you need to know about alternative financial service providers: a large portion of them