Loans jumped 17% to $138 billion, with fintech lending accounting for 38% of the total share. In 2013, fintech-backed financial loans accounted for only 5% of the market share. The average American household must grapple with $133,568 in debt, according to the article.
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Fintech Driving Personal Loan Market to New Highs
As financial technology makes it easier for individuals to take out personal loans, the market has hit a record high. So reports Fortune.
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