How to provide cheaper access to credit

Leveraging Technology To Make Credit Credible

The small-dollar credit (SDC) market — think payday and auto-title lending — is ripe for innovation and disruption. Most of the $44 billion industry consists of high-cost, low-quality products that lead people into cycles of repeat usage and mounting debt. Regulatory burdens, reputational risk and the tough economics of making small loans profitable have limited the supply of high-quality options available in the marketplace today. However, technology-enabled approaches and shifts in the costs of data are creating new opportunities for innovators to serve the millions of Americans seeking access to high-quality, affordable credit. …[READ]

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