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How lending startups are wanting to edge out payday loan providers And a brand new legion of lending startups serving non-prime borrowers like Lend and Elevate are hoping to profit from the room typically held by payday loan providers, an industry projected to be well worth $38.5 billion. ( Other lenders that are online Prosper and SoFi target borrowers with a high fico scores.) “If you are taking out of the fintech lending, which are the choices? With conventional banking, it’s fundamentally charge cards,” stated George Hodges, manager of strategy and fintech innovation at PwC. Many banking institutions and lenders don’t offer loans below a limit, frequently $3,000. The feature...
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