Community Banks Big Opportunity with Personal Loans for Purchases in Minutes

The Economist documents this week in the big and growing opportunity with personal loans.  Such loans used to be controlled by credit cards or merchants, but the Economist points out that technology has provided efficient and real-time delivery of loans at the point of sale.  A financial institution today can allow a customer to complete an application, have a loan approved, received funds directly to their checking account or a virtual prepaid card for a specific loan amount in minutes.  They then can complete a purchase transaction action in minutes online or in-store with their mobile wallet. 

Such service allows consumer, particularly millennials who avoid credit cards, to buy now and pay later.  It is one of the factors driving the rapidly growing personal loan markets.  Only unsecured, personal loans can provide the turn-key funding in minutes on a smart device.

For more information about how your financial can deliver and fund loans in minutes to bank accounts or virtual cards, see our MinuteLender® demos and visit us at RCGILTNER Services, Inc.

MinuteLender®