Under a state proposal, annual percentage rates would have to be disclosed on nonbank commercial loans of $500,000 or less. Lenders' responses have been mixed depending on their business model.
The findings of a new survey suggest that banks risk becoming irrelevant unless they match the speedier processes that are a key selling point for online lenders.
The online lender's recent completion of a $700 million securitization provided Jonathan Ebinger at BlueRun Ventures an opportunity to reflect on what he has learned about the power of alternative data.
Neptune Financial, an online business lender, will help the global bank reach commercial customers it was missing before and could ultimately be a $1.5 trillion opportunity, an HSBC executive says.
Invesments in software can speed up decision-making and help traditional lenders better compete with fintechs for creditworthy customers who want their loans quickly.
