Personal loans reached a record high of $138 billion in the US in 2018 — and NSBC's digital lending platform could help it stand out among competitors:
a digital lending platform that streamlines online personal loan applications. Consumers can evaluate loan options, submit applications online, and receive a credit decision within minutes.HSBC will initially lend up to $30,000 with terms ranging from two to five years and it says funds will be available as quickly as the next day. The bank willfixed monthly payments starting 50 days after customers receive the loan.
Fintechs now comprise 38% of all unsecured personal loan balances — eclipsing banks, credit unions, and traditional financing companies. Five years ago, fintechs accounted for just 5% of outstanding balances. Consequently, banks' share decreased from 40% in 2013 to 28% last year.Marcus, Goldman Sachs' digital-only offshoot,
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