Further, fintech lenders that do not have bank charters cannot simply use customer’s checking accounts to fund their loans like traditional banks, illustrating another short-term risk they carry during the heath crisis.
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Fintech Lenders Stare Down Threat as Borrows Face Income Loss
Fintech lenders are among those facing the most substantial risks from the economic slowdown—many are facing imminent income loss—resulting from COVID-19’s rapid spread. So reports Forbes.
Specifically, those that issue personal loans, which are among some of the lowest priorities for borrowers, may be exceptionally at risk.
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