Acabbe Villett

Main Menu

  • Home
  • Creeping inflation
  • Intermediate input
  • Market balance
  • Federal Housing Administration Loan
  • Finance Debt

Acabbe Villett

Header Banner

Acabbe Villett

  • Home
  • Creeping inflation
  • Intermediate input
  • Market balance
  • Federal Housing Administration Loan
  • Finance Debt
Finance Debt
Home›Finance Debt›Key Drivers of Non-Traditional Installment Loans:

Key Drivers of Non-Traditional Installment Loans:

By Mabel Underwood
March 29, 2022
18
0

Key Drivers of Non-Traditional Installment Borrowing by Consumers with Credit Cards:

Don’t miss another episode of Truth In Data! Click on the red bell at the bottom left of your screen to receive notifications as soon as the episode is published.

Data for today’s episode is provided by the Mercator Advisory Group report: Installment Loans: Fintechs Gain Ground on $212 Billion Loan Forecast

Key Drivers of Non-Traditional Installment Borrowing by Consumers with Credit Cards:

  • 309 respondents took out a loan online because it offered a better and more convenient experience than going to a bank.
  • 285 borrowers surveyed took out a loan online because it offered better loan conditions than a bank.
  • 259 borrowers surveyed took out a loan online because it offered lower interest rates than a bank.
  • 231 borrowers surveyed took out a loan online because their bank had refused.
  • 209 respondents took out a loan online because they thought online lenders were more likely to approve their loan than a bank.
  • 166 borrowers surveyed took out a loan online because it was faster to get their approval than from a bank.
  • 56 borrowers surveyed took out a loan online because their bank did not offer the type of loan they needed.

About the report

Mercator Advisory Group has released a report on installment loan trends titled Installment Loans: Fintechs Gain Ground on $212 Billion Loan Forecast. The research explains the state of consumer installment loans in the United States and how fintechs and financial companies are now overtaking banks and credit unions when it comes to installment loans. Additionally, this research examines how companies are offering integrated financial products such as CCaaS to enable customers to offer their own credit card product. Using four evaluation criteria, general guidance is provided for those seeking a relationship with a fintech provider.

“Banks used to dominate consumer lending, with installment loan products priced well below credit cards, but that’s no longer the case,” he said. Brian Riley, Director of Credit Practice at Mercator Advisory Group, and the author of the research report. “Buy Now, Pay Later (BNPL) has been a wake-up call for credit card issuers. BNPL was a revamp of a merchant finance model used long ago by companies like GECC (now Synchrony) and Household Finance Corporation (acquired by Capital One). Now fintechs are moving in the same direction with installment loans,” says Riley.

Related posts:

  1. Pupil Loans and Credit: How Does Tuition Debt Have an effect on Your Skill to Borrow?
  2. Mortgage Cease now gives quick time period installment loans for Colorado and Wyoming with the power to use on-line
  3. Get married in 2021? What it is best to know
  4. What’s the common credit score rating by state?

Recent Posts

  • Contagion only hits companies with ‘poor balance sheet management’ – Kraken Aus boss
  • What credit score do you need to buy a house?
  • Better operating conditions in July amid strong customer demand
  • DolEx and Barri announce their merger
  • Wagestream partners with fintech Blossom to offer employees a targeted return of 3% per year

Archives

  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021

Categories

  • Creeping inflation
  • Federal Housing Administration Loan
  • Finance Debt
  • Intermediate input
  • Market balance
  • TERMS AND CONDITIONS
  • PRIVACY AND POLICY