Consumers turn to alternative loan platforms for convenience
Implications - Unable to meet the strict requirements of traditional bank loans, consumers are turning to alternative platforms for adaptability. Offering loans through crowdfunded platforms and digital services, businesses are encouraging consumers to bypass the bank in exchange for more favorable, flexible lending options. This reflects a move away from traditionally rigid loan requirements toward more personally customized alternatives.
Trend Themes
1. Alternative Loan Platforms - Businesses are offering loans through crowdfunded platforms and digital services, encouraging consumers to bypass the bank in exchange for more favorable and flexible lending options.
2. Customized Lending Services - Lending services are tailoring loan options to people's specific income and credit history, making lending more accessible to underserved populations.
3. Social Underwriting Platforms - Platforms that use social underwriting to evaluate character and trustworthiness over traditional data-driven analysis are empowering entrepreneurs who might otherwise abandon projects due to lack of funding.
Industry Implications
1. Fintech - These trends all relate to the financial technology sector, which is rapidly transforming the way people access and use financial services.
2. Venture Capital - Venture capitalists could invest in these alternative lending platforms as they become popular and provide a new avenue for funding entrepreneurial ventures.
3. Credit Counseling - With the rise of alternative lending platforms and customized lending services, credit counseling services could evolve to help consumers evaluate their loan options and make informed decisions about their borrowing.
6 Featured, 46 Examples:
81,220 Total Clicks
Date Range:
Dec 14 — Dec 15
Trending:
Untested
Consumer Insight Topics:
