Online lending is becoming a disruptive innovation and one that deserves serious consideration from credit union executives.
A recent report in American Banker showed online lending doubling in volume to $25 billion in 2015. While that is still a small portion of the $11 trillion consumer lending market, online lending is poised to grow rapidly and will profoundly alter the way loans are made in the future.
A quick yes or no on the loan application – usually within a few minutes – is a pivotal change agent. For some asset classes, like student loans, this time savings is especially critical as the average student has a small window in which to find a private student loan, typically a matter of weeks. They need to know if they qualify for a loan now, not next week.
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