How Fintech Serves The ‘Invisible Prime’ BorrowerKnowledge Wharton
For decades, the main recourse for cash-strapped Americans with less-than-stellar credit has been payday loans and their ilk that charge usury-level interest rates, in the triple digits. But a slew of fintech lenders is changing the game, using artificial intelligence and machine learning to sift out true deadbeats and fraudsters from “invisible prime” borrowers — those who are new to credit, have little credit history or are temporarily going through hard times and are likely repay their debts. In doing so, these lenders serve people who don’t qualify for the best loan deals but also do . . .
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