Future Finance
Fintech Lenders Tighten Standards, Become More Like Banks
- LendingClub now favoring borrowers with high internal grades
- ‘We’re being selective about who we’re bringing in,’ CEO says
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Lara Briehl had a desperate client who was itching to accept an offer.
The man was struggling to pay his bills, and an online lender had offered him a personal loan to pay off some 10 credit cards. Accepting, he thought, would help him escape crushing debt. The interest rate offered, however, was about 10 percentage points higher than on his plastic.