Fintech lenders are outpacing credit unions and other financial institutions when it comes to making loans to near prime and prime consumers, a new TransUnion study said.
These nontraditional lenders originated loans totaling $10.14 billion during the first three quarters of 2015 – a whopping 122% increase over the same time period in 2014.
The study, released Tuesday by the company, showed credit unions made $7.28 billion in loans to prime and near prime borrowers during the first three quarters of 2015, while banks made $7.24 billion and other traditional finance companies made $5.5 billion. That represented an increase among all types of lenders.
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