Online lenders provide reliable credit options to non-prime consumers who have limited access to credit. The largest banks in the US offer great benefits to consumers with large sums of money in their account; however, for those with less capital, the banking becomes costly – even out of reach.
Those banking fees pile up and quickly put the average consumer in the red. Some of the fees include non-sufficient funds, returned check, bankruptcy, minimum balance and so on. The fees, when annualized, can exceed APRs in the triple digits.
Lead Envy believes in the importance of providing people with less-than-stellar credit with credit options. As a technology firm, with a fintech focus, Lead Envy supports lenders in an efficient, safe environment.
Online Lenders Alliance
The Online Lenders Alliance (OLA) represents the growing list of companies who work to provide such credit options. Its members abide by Best Practices – a framework to participate in the lending ecosystem in a legal, transparent and fair way. OLA members also agree to adhere to the Code of Conduct for greater compliance.
Lead Envy’s Role in Online Lending
Financial technology firms have allowed lenders and financial institutions to innovate and introduce products to consumers in a way never seen before. Modern revolutionary methods – powered by big data – have allowed for sophisticated underwriting and artificial intelligence with machine learning under the hood.
Online Lending Podcasts now available
Archives from past podcasts from The Lend, as well as one related to unemployment and its impact on the lending industry are posted on this blog.
Upcoming webinars are in the planning stage starting with one on artificial intelligence and how it will help lenders solve real-time problems. Speakers from Ekata, ASI Group and Oiga Technologies will share valuable information in terms of fintech solutions.