TransUnion
has just released a study showing FinTech online lenders lead over banks
and credit unions in personal loan balances, as shown by the table below.
At
the same time, LendTrade
research shows HELOC balances, the favored consumer loan option for financial
institutions, are falling. Clearly,
consumers often prefer the speed and simplicity of fully automated digital loans
in minutes to the more cumbersome HELOC process. After all, the market for personal credit is
four times the size of HELOC balances.
That
is why more FIs are following SunTrust’s lead and offering consumers a choice for
the large home improvement market – HELOC loans at a lower rate but more time
consuming, or their Lightstream loan in minutes at a higher rate.
With
MinuteLender,®
you can offer customers a choice for home improvement loans, your current HELOC
or a personal loan in minutes on a computer or smart device. All is delivered under your control, with
your underwriting for loans on your balance with your compliance. FIs can win with technology over Fintechs
because they have the lowest cost of funds, existing customer relationships,
proven underwriting and documented compliance.
You just need the technology like MinuteLender.®
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