Personal loans are currently the fastest growing debt category in the US and are expected to grow by at least 11% and 14% for non-prime and prime borrowers, respectively.
Given this growth, lenders are attempting to differentiate services and offerings in an attempt to attract borrowers, particularly across credit card refinance and debt consolidation, with these two categories alone representing well over half of personal loan originations.
Today, it’s challenging to ensure that disbursed funds are paid directly to the appropriate debt and without this assurance, delinquency and default risk skyrockets. Borrowers can use the funds for other purposes, effectively doubling their outstanding debt and leaving lenders with a poorly performing loan portfolio.
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