3 key traits of borrowers using alternative loans [Video]

Alternative Lending Software

Alternative lending exploded onto the financial services scene among a wave of fintech innovation. As alternative lending continues to grow, many banks and credit unions are exploring ways to get into the market.

Understanding potential customers is a key first step. Here are three noteworthy traits of the typical borrower using alternative loans.

One: They are often sub-prime borrowers, but many are still rated as near-prime or better.

Two: They frequently seek or receive less credit than traditional borrowers, but still take out multiple lines of credit, often including traditional loans.

Three: They use alternative lending for a wide range of loan types.

As alternative lending becomes mainstream, banks and credit unions need tools to help them take advantage of new opportunities. GDS Link can provide the analytics and consulting firms depend on to keep pace with fintech disruption.

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