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See Which 9 Companies Made it to LTP9 Leaderboard in Technology Based Personal Lending

Taking a step further and extending our analyses into the lending space, Let’s Talk Payments hereby announces the launch of its second LTP9 Leaderboard in the technology-based lending space for the PERSONAL LENDING category. TECHNOLOGY-BASED PERSONAL LENDING has marked a prominent place in the lending space and is an emerging trend in the payments domain. Therefore, we found this to be an interesting category to be evaluated under the LTP9 Leaderboard.

This leaderboard presents the nine most promising companies in this category.

For the past two to three years, the technology-based personal lending industry has been experiencing the launch of multiple startups. These companies are positioned to provide generic loans or to offer industry-specialized loans such as education refinancing, house loans, auto loans etc. Companies are evolving with the use of better technological tools and are providing cross-industry lending services. This helps them to leverage the huge market potential of multiple industries under the single umbrella of personal lending. This space is becoming increasingly sophisticated with the adoption of technology-based data-driven underwriting tools over traditional interview-based methods and credit score requirements.

With high interest rates charged by conventional financial institutions, the newly devised models launched by personal lending companies enable consumers to get access to quick and easy loans or refinance at a comparatively lower rate. These models also offer a huge opportunity for consumers to make money as an investor on the respective forums. In addition to this, the technology-based personal lending industry is introducing innovative models for purchase financing, both at online, and retail and point-of sale locations. This is offered as an alternative to credit card usage and high associated monthly interest rates. These differentiations have been successful in gaining a huge market momentum.

The credit needs of low-to-moderate-income individuals are often not fulfilled by most community banks and credit unions. The costs of brick-and-mortar service delivery outl ...

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