//Personal Loan Marketplace Study

Personal Loan Marketplace Study

Key takeaways from a personal loan marketplace study

Supermoney put out a detailed and well discussed state of the personal loan marketplace.  Key take-aways from the study are as follows:

  • The consumer lending market is a favorite source of credit for millions of consumers and it’s growing.
  • Household expenses, debt consolidation, and medical expenses are the main reasons consumers get a personal loan.
  • However, the growth rate of new loan originations is stagnating.
  • Nevertheless, the consumer lending market still shows solid economic fundamentals.
  • The access to credit for consumers has increased and so have personal loans’ balances.
  • Delinquency rates are low.
  • Interest rates are rising, which could reduce consumers appetite for credit.

 

There’s a dramatic shift going on in consumer finance. What was once dominated by brick and mortar banks and credit unions is quickly being taken over by alternative digital lending sources. The ease, availability, credit profiles, and terms of loans using FinTech lending sources, such as SweetPay and its lending affiliates, is the major driver of this shift. We only see the shift towards FinTech lending continuing through the end of the decade.

 

~ David Weyher

By | 2019-02-18T15:13:17-04:00 February 12th, 2018|SweetPay|3 Comments

About the Author:

David has developed extensive experience in technology, retail, and consumer finance. SweetPay is his latest venture in these areas, designed specifically to help small businesses compete more effectively with consumer finance offerings. Previously, David founded and is currently Chairman of LendPro LLC, the innovator and leader in consumer credit waterfall technology platforms. LendPro was conceived in 2011 from his retail showroom floor kiosk business, Showroom Technology. He has worked with and sold consumer lending solutions to thousands of retailers, from Top 100 home furnishings chains to small regional stores. David also has held leadership positions with several large, publicly-traded software companies.

3 Comments

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